OnTheMarket distributes shares to long-term agents

April 3, 2019
Share this Post: 

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.

Read more here

Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.

Miami Flash Sale 2019

April 3, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Product Roundup 29.11.22
Product Roundup: Rightmove, Casavo, AVIV Group

There have been some noteworthy product updates across the portal space recently. Interestingly, some big names are investing heavily in...

Read More
Ringier Ag
Ringier (Switzerland) Agrees to Acquire 100% of Shares in Ringier One Africa Media

Swiss-based media company Ringier AG—owner of around 130 subsidiary businesses including real estate online marketplaces—has agreed to acquire almost 100%...

Read More
Funding Roundup Wynwood Homesfy
More Funding Rounds Closed as Wynwood House and Homesfy Plan Major Expansions in LATAM and India Respectively

Hot after news that UK-based Giraffe360 and Finnish iBuyer Rive each completed multi-million funding rounds, two more companies have announced...

Read More
Boomin Chain
Mortgage Advice Bureau Writes off Boomin Investment as the Failed Portal Publicises its £10M Debts

The Mortgage Advice Bureau (MAB) has written off its £2.5m investment in Boomin, the UK portal that went bust last...

Read More

Editor's Pick