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Wednesday 15 November, 2017

On The Market Ltd

OnTheMarket appoints Ian Francis as NED

RNS Number : 5086W
On The Market Limited
15 November 2017
 

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. This announcement is an advertisement and not an admission document or a prospectus. 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 (the "Admission Document") which may be published in due course by OnTheMarket Limited (to be re-registered as OnTheMarket plc in connection with the IPO) ("OnTheMarket" or the "Company") in connection with the proposed admission of the ordinary shares in the capital of the Company to trading on AIM, a market operated by London Stock Exchange plc, as announced on 4 August 2017 (the "ITF Announcement"). Defined terms used in this announcement shall have the meaning ascribed to them in the ITF Announcement unless the context suggests otherwise.

This announcement constitutes a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 and has been approved by Zeus Capital Limited ("Zeus Capital"), which is authorised and regulated by the Financial Conduct Authority.

 

 

OnTheMarket announces appointment of Ian Francis as Non-Executive Director

 

15 November 2017 - OnTheMarket is pleased to announce the appointment of Ian Francis to its Board of Directors as Non-Executive Director with immediate effect as the Company prepares for its proposed Placing and IPO on AIM.

 

Ian Francis has extensive listed Board experience both from his executive career as a senior audit partner with Ernst & Young and from his subsequent roles at Umeme Limited and at Paysafe Group plc.

He was appointed to the Board of Paysafe Group plc (previously Optimal Payments plc) in 2010 as a Non-Executive Director and has served since then as Chairman of the Audit Committee.

He also served as a Non-Executive Director of Umeme Limited, the privatised national power distribution company of Uganda, from 2009 to 2014. Ian established and chaired Umeme's Audit Committee.

Prior to this, he was a senior audit partner with Ernst & Young London until 2009, specialising in FTSE-listed and multinational companies.

Mr Francis is also an active mentor at Board Mentoring, supporting Executive and Non-Executive Directors stepping into new situations and roles.

 

Commenting on the appointment of Ian Francis, OnTheMarket Non-Executive Chairman Chris Bell said:

"I am extremely pleased that Ian has agreed to join the Board of OnTheMarket. He brings substantial experience based on advising and chairing both consumer-facing and business-facing listed organisations. He has a demonstrable record with growth businesses in transition. His insight, his rigorous approach to issues of corporate governance and his experience as Chairman of key Committees will ensure that our financial structures, process and governance are fit for purpose as we develop the business. We greatly look forward to working with him."

Commenting on his appointment as Non-Executive Director, Ian Francis said:

"I am delighted to be joining the Board of OnTheMarket at such a strategically important phase in its development. I have been attracted by the opportunity which the team has identified and by the combination of entrepreneurial spirit and seasoned management within the leadership team. I look forward to supporting the team in preparing for IPO and in adapting to its new environment to achieve its growth strategy with the appropriate blend of rigorous governance and commercial drive."

The IPO

 

As announced on 4 August 2017, the Company will seek to offer a minority stake to investors as part of a proposed IPO on AIM. The objective is to raise approximately £50 million of new equity capital which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider.

The Company has engaged Zeus Capital as Nominated Adviser and Broker to manage the proposed Placing and IPO.

 

 

For further information, please contact:

 

  OnTheMarket

  Ian Springett, CEO

 

 

[email protected]

 

  Temple Bar Advisory (Financial PR adviser)

0207 002 1510

  Ed Orlebar or Tom Allison

 

07738 724 630 or 07789 998 020

 

  Zeus Capital (Nominated Adviser/broker)

  Martin Green, Giles Balleny, Pippa Underwood

  (Corporate Finance)

  Ben Robertson, John Goold (Broking)

0203 829 5000

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-controlled 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.

 

After only two full years of operations, OnTheMarket.com is already 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.

 

In order for the IPO to proceed, Agents' Mutual asked its members to vote in favour of a resolution to convert their membership interests in Agents' Mutual into ordinary shares in a new company, OnTheMarket Limited (to be re-registered as OnTheMarket plc as part of the IPO). Holders of loan notes were also asked to vote in favour of resolutions exchanging their loan notes in Agents' Mutual for convertible loan notes in OnTheMarket. All resolutions were passed with a large majority and each of the schemes of arrangement were sanctioned by the Court on 11 September 2017.

 

The Board believes that the proposed changes and the planned IPO provide the opportunity for a transformational step-change in the portal's position and for development of new consumer and agent products and services, new segments of the property market and new strategic partnerships.

 

Zeus Capital Limited is authorised and regulated by the Financial Conduct Authority and its registered address is 82 King Street, Manchester M2 4WQ.

 

This information is provided by RNS

The company news service from the London Stock Exchange

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This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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