The industry today awaits the result of Agents’ Mutual’s formal Members’ Court in which agents will vote on the organisation’s proposed demutualisation and stock market float.
The vote requires 75% of those who vote to say ‘yes’ in order to trigger the proposal into action.
It is not currently clear what will happen in the event of a majority ‘no’ vote or if the 75% threshold is not met.
The voting system allows one vote per member firm with quoted membership of around 2,700 firms. Any agents that have chosen not to vote will not be counted in the final result.
Agents in breach of their OnTheMarket contracts were given until August 31 to vote (if voting) by proxy, with the deadline extended until Monday September 4 for those not in breach.
Members are also entitled to vote in person at the Members’ Court meeting today – when it is expected that the result will become clear.
Agents' Mutual has told EAT that following today’s meeting, there will be a sanction hearing on Monday September 11 where agents will be able to make their last representations.
The sanction hearing is seen as the final stage of the process as voting and other processes are reviewed.
According to reports, if the hearing gives its sanction to Agents’ Mutual’s proposals it will become legally effective almost immediately.
A high-profile campaign against OnTheMarket’s flotation plans has been run by Graeme Lumsden, a Scottish agent and Gold Member of Agents’ Mutual.
On his website - theestateagencyindustry.co.uk - Lumsden states: “The clock stops 06-09-2017.”
“A Vote Yes or NO will bring change.”
“Those that Vote NO do so NOT because they want OnTheMarket to fail, they are Voting for Change.”
Agents' Mutual has told the press that court hearings in respect of the Member and Loan Noteholder Schemes taking place on September 11 mark the end of the judicial process.
Agents' Mutual says, therefore, that it can't confirm if an official announcement on the overall float result will be made ahead of next Monday's proceedings.