Admission to AIM and First Day of Dealings

RNS Number : 3656E

OnTheMarket plc

09 February 2018

 

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. 

This announcement is not an offer to sell, or a solicitation of an offer to subscribe for or to acquire, securities in the United States or in any other jurisdiction, including in or into the United States, Australia, Canada, Japan or South Africa. It does not constitute or form part of, and should not be construed as, an offer to sell or issue, or a solicitation of any offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. Investors should not subscribe for or purchase any securities referred to in this announcement except on the basis of information in the admission document published by OnTheMarket plc ("OnTheMarket" or the "Company") in connection with the admission of the ordinary shares in the capital of the Company to trading on AIM, a market operated by London Stock Exchange plc.

9 February 2018

Admission of OnTheMarket plc to Trading on AIM and First Day of Dealings

OnTheMarket plc, the agent-backed company which operates the OnTheMarket.com property portal, is pleased to announce its admission to trading on the AIM market of the London Stock Exchange ("AIM") at 8:00 a.m. (London time) today ("Admission"). The Company's ordinary shares will trade under the ticker OTMP with the ISIN GB00BFN3K335.

Zeus Capital acted as Nominated Adviser and Broker on the Placing and IPO.

ENDS 

For further information, please contact:

OnTheMarket     Ian Springett, CEO	0207 930 0777
TB Cardew (Financial PR adviser)	0207 930 0777
Ed Orlebar or Tom Allison	07738 724 630 or 07789 998 020
Zeus Capital (Nominated Adviser/Joint Broker)     Martin Green, Giles Balleny, Pippa Underwood     (Corporate Finance)     Benjamin Robertson, John Goold (Broking)	0203 829 5000
Stockdale Securities (Joint Broker)     Daniel Harris, Owen Matthews	0207 601 6100

Background on OnTheMarket:

Launched in January 2015, the OnTheMarket.com property portal was created by Agents' Mutual Limited, a company limited by guarantee and founded in January 2013 by a small group of agent firms, with the objective of creating a new portal to challenge the dominance of Rightmove and Zoopla. Both groups were felt to be using their strong positions relative to their agent customers to impose significant price increases for their portal services.

The Agents' Mutual proposition of an agent-backed portal offering a premier search service to consumers whilst charging fair prices to agents quickly found support among a very wide group of leading independent agents across the UK. These firms funded the venture by way of loan note subscriptions and committed to list with the portal once it went live.

OnTheMarket is the third biggest UK residential property portal provider in terms of traffic and has, with backing from its agent owners, developed unique sources of competitive advantage such as the "New and Exclusive" property listings.

The Board believes that OnTheMarket's £30 million capital raise alongside its Admission to AIM and its established revenues provide the opportunity for a transformational step-change in the portal's position and for the development of new consumer and agent products and services and the targeting of revenues from new segments of the property market and new strategic partnerships.

 

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