OnTheMarket Remains Majority Agent Owned as Shareholders Stick with the UK Challenger

OnTheMarket has announced that it has retained its majority agent owned status as only a small minority of agent shareholders opted to sell their shares in the challenger portal at the end of their initial five-year lock in period.

Selling agent shareholders placed 1.9m shares representing approximately 2.5% of the total share capital of OnTheMarket. As a result, OnTheMarket will remain majority agent owned.

Chief Executive Jason Tebb has already gone on record to communicate his delight.

In a post shared on LinkedIn, Tebb wrote:

I am proud and humbled to share this news. Since our launch, we have been committed to a fair and sustainably priced portal offering. More recently, we have embarked upon an ambitious journey to become much more than a property portal, with a whole host of products, features and functionality to help our estate agents do their job more quickly, efficiently and cost effectively too.

We are delighted to announce that in a share placing this morning, a tiny proportion of just 1.9m shares representing approximately 2.5% of the share capital of OnTheMarket was placed by our agent shareholders.

Agents are at the heart of everything we do and I am grateful for their continued support, with the overwhelming majority choosing to remain as shareholders as we progress with our strategy to become a differentiated, tech-enabled property business.

John Ennis, CEO at founder member Chestertons, commented: “The fact that agents up and down the country are holding onto their shares of OnTheMarket clearly show that they believe in the portal and are committed to the partnership for the long-term.