OnTheMarket Looking to Hold Onto Leadership Team with 'Golden Handcuffs' Deal

August 27, 2021
Share this Post: 

British #3 property portal OnTheMarket has given its four most senior employees stock options which combined are worth around £1 million.

The four employees receiving stock options include the company's three non-independent Board Members as well as its Product and Technology Director.

The shares are due to vest in three years and once vested are subject to another two-year holding period. According to a statement issued on the company's investor relations site, the options are subject to performance conditions based on the total shareholder return achieved by the Company relative to the FTSE AIM 100 Index in the three years to the vesting date.

OnTheMarket is clearly keen to tie down a leadership team that in many people's eyes has started to turn around the fortunes of the majority agent-owned portal. The firm recently reported its first profitable full year as it successfully migrated many agents off free listing packages.

The company was famously involved in a high profile legal battle against one of its customers regarding the infamous “one other portal rule” in 2018 and in March 2020 controversial CEO Ian Springett was let go.  Springett was eventually replaced by ex-agent Jason Tebb who has been forthright in his communication with agents and has won over many doubters with his 'townhall' style face to face meetings with agents.

OnTheMarket's share price has been languishing at around £0.95 - 1 for some time, well short of the £1.63 it went public at back in 2018. So there is clearly plenty of hard work left for the fortunate executives to get stuck into before they can enjoy their pay-day.


With thanks to The Negotiator which first broke the story.

August 27, 2021
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Cian Going Public On Nyse
Russian Market Leader Cian Files for IPO on the NYSE

Russian market-leading real estate vertical Cian has filed with the SEC for an initial public offering on the NYSE with...

Read More
Onthemarket Coaching
OnTheMarket Offering Free Leadership Coaching to Agents

OnTheMarket has announced a partnership with business coaching firm Property Academy which will see some of the British portal's agent...

Read More
Mygate Homes And Housing Partnership
REA-Owned Housing.com Ties Up Listings Syndication Deal With MyGate Homes in India

Indian property portal Housing.com has announced a listings syndication deal with the newly launched FSBO marketplace MyGate Homes. The deal...

Read More
Daniel Bignold Ceo Of Propps
Ten Questions With Daniel Bignold, Founder & CEO of Propps

Like most markets right now, the Australian real estate market is super competitive. There are big bidding battles with all...

Read More

Popular News