OnTheMarket to create ‘industry-owned portal’ with issue of 32 million shares
Property platform OnTheMarket is set to issue millions of shares to agents in a bid to create a nationwide industry-owned portal.
The firm, which is around 65 per cent agent-owned, has released 32 million shares for agents who sign listing agreements with the online portal.
The contracts launched today will issue either £1,000 of welcome shares per office with flexible portal choices, or £2,500 of welcome shares per office if an agent commits to list exclusively for a minimum of 12 months.
Listing will be free until 1 September 1, with agents set to receive additional shares that equate to a percentage of the amount that they pay up until August 31, 2022.
Clive Beattie, acting chief executive officer of OnTheMarket, commented: “We are ready to issue shares to agents who sign one of these latest agreements and to welcome them alongside the thousands of existing agent shareholders in OnTheMarket.
“Our offering provides a unique opportunity for agents to participate in the equity value of their own portal.
“This is a defining moment for agents as they make their short-term and longer-term portal choices.
“We are inviting the industry as a whole to join together, get through this period of crisis and emerge stronger than ever with a portal that’s industry-owned. Agents have never been so strongly galvanised to take decisive action - the power is really in their hands.”
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