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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 a million new shares to agents who have signed long term listings deals with the portal.

The new shares will go live on Friday 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.

Last month a report to OTM shareholders and the City said that only around 1,000 of its existing members on free deals had converted to paying contracts an average revenue per agency of £337 per month. The report also suggested that OTM was owed £6.8m by agents who had not paid subscriptions.

Of the new contracts who up to the end of June had switched from cut-rate to full-rate, 57 per cent were long-term commitments of three or five years with shares and the majority of the balance were on one year contracts with an option to convert to a longer-term contract with shares.

Although OTM’s share price has flatlined in recent trading days it is well above the record lows it recorded early in 2019. 

Following this latest issue of shares, the total number of ordinary shares and voting rights in the company will be 63,746,913.

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