OnTheMarket issues share options to retain senior staff

OnTheMarket (OTM) has issued a new round of share options to its senior staff.

The challenger portal and property platform announced on Friday that it has granted 3,010,484 of ordinary shares worth £0.002.

The share options have been awarded to chief executive Jason Tebb, chief commercial officer Helen Whiteley, chief financial officer Tom Carter and product and technology officer Morgan Ross.

Tebb has received the most, made up of 103,116 ordinary shares that transfer to him in equal tranches on 20 July 2025 and 20 July 2026.

Another 812,315 become Tebb’s on 20 July 2026 but must be held for two years before they can be sold.

He has also received another 551,543 of options that vest on 20 July 2026 but are also subject to a two-year holding period.

Tebb and others receiving the options must stay employed with the business to get the shares.

It comes as OTM revealed in its latest annual results last week that the cancellation of agent contracts has been “higher than expected”.

In results from the company for the year to the end of January 2023, there was a 14% rise in revenue, coming in at £34.4m; the ARPA or average revenue per advertiser - a key portal indicator - was up 12%.

The adjusted operating profit was up 59% to £4.3m and the balance sheet showed year-end cash of £11.3m and no borrowings.