RCS - Brett Stone - Open letter to OnTheMarket stakeholders

OnTheMarketAnnouncement

09/11/2023 08:15

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RNS Number : 8155S  Brett Stone  09 November 2023

 

Letters to OnTheMarket shareholders, employees, and all UK estate agents

 

Brett Stone sends letters to all OnTheMarket shareholders, OnTheMarket
employees and all UK estate agents regarding CoStar's proposed acquisition of
OnTheMarket

 

London, 9 November 2023 - Today Brett Stone sent three letters to all
OnTheMarket shareholders, all estate agents in the United Kingdom, and all
OnTheMarket employees regarding CoStar Group's (Nasdaq: CSGP) opportunistic
offer to acquire OnTheMarket (LSE: OTMP).

 

Brett Stone asserts that:

·    Washington D.C. based CoStar Group's proposed acquisition of
OnTheMarket plc is not in the United Kingdom's national interest.

·    If the CoStar transaction is approved by shareholders it is likely to
result in significantly higher total portal costs for UK estate agents, more
than 10,000 of which are small businesses.

·    CoStar's opportunistic offer significantly undervalues OnTheMarket
and institutional and estate agent shareholders should both VOTE AGAINST
CoStar's offer.

·    No deal is better than a bad deal, ending estate agent's ownership in
the agents' portal is not the right answer to solve OnTheMarket's problems.

 

Brett Stone's letters can be read here:
www.linkedin.com/in/brett-stone-ab8909172
(http://www.linkedin.com/in/brett-stone-ab8909172)

 

Contacts

 

Brett Stone

onthemarket@bnstone.com (http://mailto:onthemarket@bnstone.com/)

 

TB Cardew, PR advisers to Brett Stone and media
contact

Ed Orlebar / Olivia Rosser

brettstone@tbcardew.com (http://mailto:brettstone@tbcardew.com/)

+44 7738 724 630 / +44 7552 864 250

 

Notes for editors and the media

Weblinks, emails and titles are correct at the time of publication but may
since have changed.

About Brett Stone

Brett Stone is the managing partner of Edengen, a private investment
partnership with a long-term, value-orientated and financially disciplined
approach.  Edengen's founding purpose is to be a responsible custodian of
organisations.  Focusing on the long-term success of investees' customers,
employees, communities, products, and industries.  As opposed to equity or
debt instruments, young or old businesses, or public or private companies.
Prior to Edengen, Brett spent 16 years at the brokerage and marketplace
conglomerate Cantor Fitzgerald, becoming a partner in 2009 age 27.   At
Cantor Fitzgerald Brett worked in the Office of the Chairman on principal
investments, group strategy and creating value across the groups' more than
150 brokerage and marketplace businesses, employing approximately 10,000
people.

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