OnTheMarket to Pay Less for Teclet

British property portal OnTheMarket is set to pay less for its acquisition of lettings platform Teclet.

The majority agent-owned platform has announced that the initial consideration paid for the 80% of shares in Glanty Limited, the owners of Teclet, it acquired in May 2021 is being reduced with the return by the vendors of 163,154 ordinary shares.

According to the company, this is equivalent to a reduction of £147,000 (US$ 200,000) based on the share price used in the initial purchase of the 80% of Glanty Limited. It reported that it arises under the previously announced post-completion adjustment mechanism based on Glanty Limited's net cash/net debt and actual working capital position as at completion.

Of the balance of 1,365,678 shares received by the vendors of Glanty Limited, 423,589 are locked-in for three-years and 942,089 are locked-in for four-years from May 28, 2021.

An application has been made for the 163,154 shares to be cancelled by OnTheMarket with effect from November 2, 2021. Accordingly, the total number of ordinary shares and voting rights in the Company will be 74,351,144.

OnTheMarket was launched in January 2015 by leading U.K. estate and lettings agents as an alternative to existing property portals, and is one of the largest residential property platforms in terms of visitor traffic.

Teclet is a platform that allows agents to automate the process for management and lettings listing.