Members of Agents’ Mutual, the parent company of U.K. property portal OnTheMarket, have voted yes to float the portal on the London Stock Exchange.
The majority of members – 89 per cent – voted on the issue and Agents’ Mutual has now informed the London Stock Exchange that it will float, reports Estate Agent Today.
At the formal ‘Court Meeting of the Members’ held last week, the vote was 89 per cent for and 11 per cent against with 60 per cent attending in person or by proxy.
In addition, a further 10 per cent of Members appointed proxies who did not attend the Court Meeting.
“When their voting intentions are taken with those of Members who did attend, the result of the Court Meeting would have remained the same with 89% voting for and 11% voting against” according to a statement published on EAT.
A statement from Agents’ Mutual’s to the London Stock Exchange read:
“It is expected that, should the Court sanction the Members Scheme, it will become effective on 12 September 2017 following filing of the relevant court order with the Registrar of Companies. In addition, at the Court Meetings of the three different classes of Agents’ Mutual loan notes, a majority in number of those Loan Noteholders present in person or by proxy also voted overwhelmingly in favour of the resolutions to approve each of the Loan Noteholder Schemes.”
OnTheMarket was launched in 2015 by the chief executive of Agents’ Mutual, Ian Springett alongside a a group of agents including Savills and Knight Frank.
The portal recently won a longstanding competition battle after a UK tribunal ruled that its ‘one other portal’ rule, which bans agents advertising on its competitors Rightmove and Zoopla, was allowed within competition laws.
