OnTheMarket plans 1M share issues for agents

OnTheMarket plans to offer 1 million shares to agents who have signed up for its long-term listing agreement. The property portal giant just has to wait for the London Stock Exchange to give the go ahead

No details have been revealed as to the identities or numbers of agents involved but in the past year OnTheMarket (OTM) has used shares as an incentive for agents - previously listing on discounted or free deals - to become customers paying at market rates.

It is thought that this week’s shares give-away is the eighth of its kind in the past 12 months. 

However, the frequency of such give-aways has slowed: there was one announced in December last year, two in February and three in April. There followed another in late July and now the latest in November.

This latest application is for 1,071,035 ordinary shares; that will mean that from the time they begin the process, the total number of ordinary shares and voting rights in the company will be 64,817,948.  

Figures released by the portal last month, relating to the six months to the end of July this year, showed more losses.

Revenue was up 14 percent on the same stage of 2018, but the operating loss was up from £5.7 million to £7.2 million; its costs had risen substantially, by 23 percent, thanks to sales personnel and IT spending. Cash in hand held by the portal was £8.8 million - well down on the £15.7 million it reported in January. 

At the end of July branch membership stood at 12,434 – a big rise on the 7,788 in summer 2018 - but it is unknown how many of those were on discounted deals. 

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