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TODAY'S OTHER NEWS

OnTheMarket offering more shares to long-term agency sign-ups

OnTheMarket has applied to the London Stock Exchange for the release of over 528,000 new shares to agents who have signed long term listings deals with the portal.

The new shares will go live on Thursday if the exchange agrees.

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

A month ago Ian Springett, OTM’s chief executive, said it was nearing “a crunch point” for agents considering their portal costs; he pointed to Rightmove’s latest trading statement which revealed its Average Revenue per Advertiser - the amount agents pay - had gone through the £1,000 per month average for the first time.

Although OTM’s share price has dipped in recent trading days it is now well above the record lows it recorded early in 2019. It now has an estimated market capitalisation of around £70m.

Following this latest issue of shares, the total number of ordinary shares and voting rights in the company will be 62,715,369.

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