OnTheMarket plans to give 400k shares to agents extending their memberships

Sources say OnTheMarket is gearing up to issue over 400,000 shares to agents who have signed new long-term listing agreements, extending their memberships.

No details have been revealed as to the identities or numbers of agents involved but in the past year OnTheMarket has used shares as an incentive for agents - previously listing on discounted or free deals - to become customers paying at market rates.

This give-away is thought to be the ninth of its kind over the past 15 months. Most recently, OnTheMarket shares finished at 80.5p, down from a high of about 181p in May 2018, after launching that year in February with a price of 165p.

Two weeks ago the portal published more video testimonials on its website as part of its long-running recruitment push. And at the end of last week OnTheMarket tweeted a sharply critical comment about Rightmove, in a message quoting the Surrey agency Grosvenor Billinghurst.

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