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Agents' Mutual to float - big majority on 70% turnout

Agents' Mutual has told the London Stock Exchange that it is going to float after winning support from 89 per cent of the members who voted on the issue.

At the formal ‘Court Meeting of the Members’ held yesterday, the vote was 89 per cent for and 11 per cent against with 60 per cent attending in person or by proxy. 

In addition, a further 10 per cent of Members appointed proxies who did not attend the Court Meeting. 


“When their voting intentions are taken with those of Members who did attend, the result of the Court Meeting would have remained the same with 89% voting for and 11% voting against” according to a statement this morning.

As we reported yesterday, there will on Monday be a formal ‘Court Hearing’ - the usual procedure in a process of this kind - to sanction the Members Scheme. 

Agents’ Mutual’s statement to the LSE today says: “It is expected that, should the Court sanction the Members Scheme, it will become effective on 12 September 2017 following filing of the relevant court order with the Registrar of Companies. In addition, at the Court Meetings of the three different classes of Agents’ Mutual loan notes, a majority in number of those Loan Noteholders present in person or by proxy also voted overwhelmingly in favour of the resolutions to approve each of the Loan Noteholder Schemes.”

Ian Springett, chief executive of Agents’ Mutual - and reported to be in line for a £20m personal windfall if the float is successful - says: “I am very pleased at such a resounding demonstration of broad Member support for our strategic proposals for the business. We firmly believe that should we be successful in raising external capital, we will secure the resources we need to take the business to a new level in the interest of property advertisers, consumers and shareholders alike." 

  • icon

    Wow - didn't see that one coming. Silent majority hits home again.

  • Simon Shinerock

    Oh well, if that's what the members want that's what they want. I personally would have liked to see the mutual thing done properly but money talks

  • Algarve  Investor

    Who predicted that? Quite a few people with eggs on their faces now, although they'd argue that this is just one last desperate throw of the dice from a desperate company (and they'd have a point).

    Still, though, with all the bad press and publicity AM has received in recent weeks, to secure that amount of the vote on a high turnout is impressive. Sure plenty of lobbying has been going on to get this over the line.

    What now, though? What if there is no big investment when the float happens? Could prove to a disastrous move, but they must have some confidence in their proposal. At the same time, there is a strong argument that they are now going against everything they stood for by floating in this way.

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    Simon - I don't know what I'll do with my time now I'm not going to respond back on your thoughts xx

    Simon Shinerock

    Oh I'm sure you'll think of something ;)

  • Rob  Davies

    The guy in the Evening Standard described the OnTheMarket float as like a dog with fleas - i.e. no-one with any sense should go anywhere near it. Will be interesting to see what happens when it floats. Like Algarve, I think this looks like one last throw of the dice for something that has simply failed to live up to expectations. Rather than admit failure, they are trying to save face.

    Meanwhile, Zoopla recover their market share and Rightmove are bigger than ever - remind me, what was the initial purpose of AM and OTM again?

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    • N W
    • 07 September 2017 13:02 PM

    Very Pleasantly Surprised but the actual numbers who said yes - Well done! As about 46% of my leads come from OTM and Rightmove is only just above that by a couple of %, I'm happy with the result and the leads that we get. Our OTM enquiries actually on balance also turn out to be better leads.......

    Just Sayin!

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    NW my sentiments exactly. This is my experience too

  • Paul Singleton

    I know we could set up a property website to destroy the tri-opoly and have a 'two other portals rule' and we'll all save money and we'll encourage our members to list on the new portal 48 hours before the others and ...............etc.

  • icon

    Well knock me down with a feather!
    Total shock at the strength of the vote - I always thought you cant fool all of the people all of the time.........?

  • Simon Shinerock

    As I said, money talks but the bit that sticks in my craw is that the board of OTM all stand to be better off from the failure of V1 than if it succeeded.

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    What a surprise Springett in line for a personal £20 million pound windfall!! They are all crooks who run that shambolic portal! And this is the view of all the agents who got mugged off into signing a 5 year contract! The point of the portal was to stop the monopoly of rightmove! But it looks to me they had this intention all along! We were paying £495 a month! Supposedly getting a discount rate for signing up early! Although other agents are getting it for £50 per month and only signing a 1 year contract! Personally hope it crashes and burns! Kevin Booth Director at Greystones Estate Agents

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    it will Kevin - they couldn't organise a proverbial p*** up in a brewery


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