OTM issues latest tranche of shares to sweeten long-term listing deals

first_imgProperty portal OnTheMarket (OTM) has issued a further 220,319 ordinary shares to distribute to several estate agents in return for signing long-term deals.Based on the current share price, the stock is worth £209,300 and will go live on the London AIM stock exchange on Thursday.The new listing will value the company at £61 million. OTM’s share price has been sliding dramatically over the past either weeks after hitting a high of £1.40p a share in late February and sinking to a current price of 95p, a drop of a third.The issue of the shares is part of a concerted campaign this year by OTM to sign agents up to long-term deals and is part of a range of offers available to sweeten ‘paid-for’ listing agreements.War chestOTM has plenty of shares to give away – this latest tranche is part of a war chest of over 36.4 million ‘recruitment shares’ at its disposal.“Such equity issuance alongside long-term listing agreements enables agents to support the only major agent-backed portal with a view to creating a fairly-priced alternative to Rightmove and Zoopla and to share in any increase in the value of the company,” says OTM.Since it listed on AIM in January 2018 OTM’s agency branch base consisted almost entirely of paying contracts but since then its growth strategy has been predominantly to offer free listings under short-term introductory trial offers, with a view to conversion to full-price contracts “when the value of the portal has been demonstrated”.OnTheMarket OTM April 1, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Marketing » OTM issues latest tranche of shares to sweeten long-term listing deals previous nextMarketingOTM issues latest tranche of shares to sweeten long-term listing dealsSeveral hundred thousand new shares have been issued this morning by the portal to be distributed to agents.Nigel Lewis1st April 20190751 Viewslast_img read more

Date Set for 71st Annual Tony Awards

first_imgTony Award Save the date! The 71st Annual Tony Awards will take place on Sunday, June 11, 2017. The ceremony, which honors theater professionals for distinguished achievement on Broadway, will once again air on CBS. The ceremony has been broadcast on the network since 1978.The official eligibility cut-off date will be April 27, 2017 for all Broadway productions opening in the 2016-2017 season. Productions which meet all other eligibility requirements and open on or before the eligibility date are considered eligible for 2017 Tony Award nominations. The nominations for the 2017 Tony Awards will be announced live on May 2 from New York City.No word yet on where the Great White Way’s biggest night will be held; its usual locale, Radio City Music Hall, was occupied this year, so Hamilton ended up sweeping the board at the Beacon Theatre. We also don’t know who will host, but after his performance this past year, Tony winner James Corden has to be in the running once again.The Tony Awards are presented by The Broadway League and the American Theatre Wing. View Commentslast_img read more