OnTheMarket distributes shares to long-term agents

OnTheMarket looks to release shares to agents signing long term deals with the portal from the London Stock Exchange

Specifics on the identities or number of agents involved are still under wraps, but the move implies that they have signed onto the portal as paying customers.

The shares are worth around £210,000 at OnTheMarket's (OTM) current share price, which has been sliding in recent weeks. The company is now valued at around £61 million according to the share issue value.

For around a year OTM has been signing up agents on discounted or free deals, with recent trading statements saying a key objective was to turn these into customers paying at market rates.

In recent months the portal has stepped up its criticism of Rightmove in particular.

Ian Springett, OTM’s chief executive, said it was nearing “a crunch point” for agents considering their portal costs; he pointed to Rightmove’s latest trading statement which revealed its Average Revenue per Advertiser - the amount agents pay - had gone through the £1,000 per month average for the first time.

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