OnTheMarket Issues Shares for Agents Signing Longer deals

OnTheMarket has issued new shares to go to agents who have signed new long-term listings agreements with the portal.

The listed portal, the third largest portal in the UK—and the largest agent-owned portal—said in a stock market update yesterday that it has applied to issue 170,041 new ordinary shares, each worth 0.2p, effective 29 July 2022.

OnTheMarket's deal comes comes as many agents—who signed five year contracts with OnTheMarket during its initial public offering (IPO) in February 2018— are nearing the expiration dates of their current deals (in February 2023).

OnTheMarket said the shares have been issued to agents “following them having earlier signed new long-term listing agreements in accordance with the strategy set out in the admission document published on 26 January 2018.”

The admission will bring the total number of ordinary shares and voting rights in OnTheMarket to 75,123,326.

The company revealed investment in converting agents to paying customers had dented its financial results in the 12 months to 31 January 2022, with numbers down 5% to 11,171.

Meanwhile, OnTheMarket recently brokered a deal with London-based Foxtons to publish each of the struggling agent's listings, and also offered golden handcuffs to some of its senior management team to solidify the company's future.