OnTheMarket has been notified of the sale of a total of just over 3.1m shares in the online property portal by eligible agent shareholders and Morgan Ross, the group’s product and technology director.
The sales, which follow the end of a five-year lock-up period, will be carried out through a bookbuild exercise to institutional investors at 76p per share.
Ross will be selling shares via Intertrust Employee Benefit Trustee Limited, the trustee of the company’s employee benefit trust, said the statement.
The shares being sold represent approximately 4.1% of the issued share capital.
The trade date of the placing is 16 February 2023 and settlement of the placing is expected to take place on 20 February 2023, subject to the satisfaction or waiver of certain customary conditions.
The company will not receive or retain any proceeds from the placing.
OnTheMarket Group is keen to point out that despite a number of shareholders opting to sell their shares in the portal ahead of the expiry of their lock-in arrangements, OnTheMarket has retained its majority agent owned status.
Jason Tebb, CEO of OnTheMarket, commented: “Agents are at the heart of everything we do and we are pleased that an overwhelming majority of them have chosen to continue to support OnTheMarket and remain as shareholders for the next stage of our journey.
“Our strategy to become a tech enabled property business is working and we are making significant progress. We continue to have a unique position as a majority agent-owned business and look forward to working with agents to continue to develop our offering in the future.”
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