Notice of General Meeting

OnTheMarket

03/05/2022 07:00

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RNS Number : 9374J  OnTheMarket plc  03 May 2022

3 May 2022

ONTHEMARKET PLC

("OnTheMarket", the "Group" or the "Company")

Notice of General Meeting

 

OnTheMarket plc, the majority agent-owned company which operates the
OnTheMarket.com property portal, today announces that a General Meeting of the
Company will be held at 33 St James's Square, London SW1Y 4JS on 26 May 2022
at 2pm.

 

The General Meeting is being held to seek shareholder approval for a proposed
cancellation of capital that, if approved by shareholders at the General
Meeting and by the courts, would create additional distributable reserves
within the Company. These additional distributable reserves would provide the
Company with greater flexibility to pay dividends to shareholders and/or
introduce a share buyback programme, should the Board consider it appropriate
in the future.

 

Hard copies of a circular outlining the proposal and the actions required will
be posted today to shareholders who elected to receive these. Electronic
copies are available on the Company's website at https://plc.onthemarket.com
(https://plc.onthemarket.com) within the Investors section. The expected
timetable in relation to the proposal is:

 

 

 

 Latest time and date for receipt of Forms of Proxy or CREST Proxy Instruction:  14:00 on 24 May 2022
 Date of General Meeting:                                                        14:00 on 26 May 2022
 Expected date for final hearing and confirmation of the cancellation by the     21 June 2022
 Court:
 Expected date that the cancellation becomes effective:                          7 July 2022

ENDS

 

For further information, please contact:

 OnTheMarket                                  0207 353 4200

 Clive Beattie, Chief Financial Officer

 Tulchan Communications                       0207 353 4200

 Giles Kernick

 Oliver Norgate

 Zeus (Nominated Adviser and Joint Broker)    0203 829 5000

 Jamie Peel, Martin Green, James Hornigold

 (Investment Banking)

 Benjamin Robertson (Corporate Broking)

 Shore Capital (Joint Broker)

 Daniel Bush, John More (Corporate Finance)   0207 408 4090

 Fiona Conroy (Corporate Broking)

 

Background on OnTheMarket:

OnTheMarket plc, the majority agent-owned company which operates the
OnTheMarket.com property portal, is a leading UK residential property portal
provider.

Its objective is to create value for shareholders and property advertiser
customers by delivering an agent-backed, technology enabled portal - offering
a first-class service to agents and new homes developers at sustainably fair
prices and becoming the go-to portal for serious property-seekers.

OnTheMarket provides a unique opportunity for agents to participate in the
equity value of their own portal. Agent backing and support enable OnTheMarket
to display 'Only With Us' properties which are either exclusive properties
advertised at OnTheMarket.com by customers who do not list their properties
with either Rightmove or Zoopla, or properties listed 24 hours or more before
agents release these properties to Rightmove or Zoopla.

 

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