Non-executive directors speak out in favour of stock exchange float of OnTheMarket

Non-executive directors of Agents’ Mutual have voiced their support of the proposed flotation of OnTheMarket.

The four have been at pains to say that the float will still ensure that agent members remain firmly in charge, in line with the original principles.

Paul Smith, CEO of Spicerhaart and a non-executive director of Agents’ Mutual, said: “OnTheMarket’s announcement is fantastic news.

“We hope that the proposals – if successful – will enable OnTheMarket to remain a portal led by agents and allow for greater marketing spend which in turn should deliver significant consumer engagement with the portal.”

Paul Masters, group operations director at KFH, said: “We’re excited about the next stage of Agents’ Mutual and OnTheMarket’s growth. The fundamental principles behind the portal remain and we fully support the proposals being made.”

Trevor Abrahmsohn, managing director of Glentree International and also a non-executive director of Agents’ Mutual, said: “We strongly support the proposals announced by Agents’ Mutual to seek to float OnTheMarket on AIM and we hope that with continued agent control, OnTheMarket achieves its ‘disruptive’ objectives in challenging the status quo.”

Noel Flint, head of London residential at Knight Frank, said: “It is exciting to see OnTheMarket taking the next steps in its evolution with its announcement to seek an IPO.

“Agent ownership has always been central to OnTheMarket’s strategy, as it seeks to deliver fair pricing and promote agent involvement which are at the heart of what makes the portal work.

“We hope that an IPO – if successful – will enable agents on the OnTheMarket portal to have a stake in the business which should draw even greater support from the agent community.

“We very much look forward to being part of what should be exciting times for OnTheMarket.”

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22 Comments

  1. smile please

    What a load of bo##ocks. It cannot be agent owned if it floats.

    These individuals are looking to get rich off other agents and then charge them through the nose on subscriptions.

    Wake up people!

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    1. KemptownAgent

      Wake up and smell the kopi luwak that the “Key management team” and their immediate families will be indulging on after they scamp off with the profits after this float.

      Whatever we vote we’ll end up getting a new board of directors

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      1. AgentV

        How about a new board of directors and a new direction now!

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    2. Cardiff Agent

      I have read with interest all the comments on this matter and agree with many of them. However, the way I see it, is that at present we are going nowhere. We are modestly funded by subscriptions and if we are to make any progress against the other two, positive (and expensive) steps will need to be taken. To attract more Agents to join, we have to have unique qualities and one of these is not accepting on-line only set-ups. We would be the Portal that is unique to real Estate Agents. It would mean a little less subscription, but that would be a small price to pay, to not support these phoneys.  However, on the main matter of the flotation, I don’t think there is a choice, we either do it, or the portal slowly dies. It is going nowhere and losses of membership will continue. I agree that it isn’t all we thought it would be, but it is still the only protection we have from being at the mercy of the other two. If they pushed too far, we could put some of our properties at least, exclusively on OTM and publicise the fact. The public would certainly make sure they checked it out, if that were the only place they could see them. We are Gold members too, so have an investment and still want to see it succeed. However, I see no way that that can happen, without the capital raised in a flotation.

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  2. danny

    We strongly support the proposals announced by Agents’ Mutual to seek to float OnTheMarket on AIM and we hope that with continued agent control ….From agent mutual to agent control , 

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  3. Essjaydee51

    I can’t believe these people have the front to actually serve up this tripe in the hope or perhaps expectation that you will believe it!

    peeps, if you believe it then you deserve all the responsibility to debt and frustration and stress that will surely come your way in bucket loads!!

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  4. PeterFinch24

    Is that agent controlled or board controlled??

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  5. Eamonn

    Controlled by corporate agents on the board.

     

    lol

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  6. DA05

    The cash injection will make no difference to the public awareness of OTM  – in 30 months time or so  i will be leaving  OTM the whole exercise was a costly mistake i will cut my losses and move on – the only winners here are the board who are your competitors do not make them millions of pounds on their balance sheets  – the concept was great but in reality i suspect the board always wanted to float – please say NO.

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    1. AgentV

      Say  NO….and say yes to an alternative direction…to grow the business as a mutual with new impetus and new ideas!

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  7. dave_d

    This should be illegal…

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  8. B6RKY

    Snouts in the trough. Was this the plan all along?

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    1. AgentV

      If it was, it has been done off the backs of other agent’s money….if it gets voted through you can be comforted in the fact that it has made a very few people very happy and very comfortable for the rest of their lives!

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  9. markpne

    Sign me up if anyone got an alternative to taking on rightmove & Zoopla let me know

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    1. AgentV

      We could have! Contact us on in@agentv.co.uk

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  10. J1

    So glad I am not involved in this.  Agents have been royally duped.

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  11. Woodentop

    More cannon fodder for the anti-brigade.   None of which will have the inside details. I want to see the small print and all before saying yes or no. Not blindly shooting from the hip.

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    1. PeeBee

      “More cannon fodder for the anti-brigade.”

      Like they needed more…

      “None of which will have the inside details.”

      I wish I had your confidence on that belief…

      ” I want to see the small print and all before saying yes or no. Not blindly shooting from the hip.”

      Hear hear, Woodentop.  The “all” including some serious discussions with trusted people in the industry – both inside and outside of the AM ringfence.

      Funnily enough, I had someone from AM ring me to check we were still attending our Regional meeting next week – and then proceeded to ask me what our thoughts were.

      He got told exactly that.

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  12. marcH

    This really is the best! As if these guys don’t stand to benefit financially from this proposed course of action……….. Having said this, what appears above should be royally ignored and we need to concentrate on the real business issues before us. As Woodentop says above, read the small print.

    Then look at the big picture.

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  13. s71

    How much will the non-executive director make from this flotation?

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  14. GPL

    As always I’m ignoring the non-OTM Members comments here as they are pretty much valueless….. simply a noisy crowd throwing little balls of noise?

    In my opinion the Quoted Comments from Non-Executive Directors are akin to those emanating from the Non-Executive Directors of Dung Unlimited which is the World’s only Dung Retailer who own a Huuuuuge Dung Factory when Dung is the only thing in Dungtown and they think the people love Dung?!

    Really Gentleman…. I have read the Member Info which I received as an OTM Gold Member and until I see the missing section which details why The Board have failed to achieve their previously stated/advertised objectives….. together with real detail on how the NEW OTM would turn the ship around….. I am not buying your Yes to Dung Vote!

    I have however spent an awful lot of Dungtime reading a lot of pages about how much you will all individually benefit if I vote for Dung!

    I know The Duopoly invented Digital Dung which evolved into Online Dung…. I just didn’t know you went to Dung High School as well!

     

     

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    1. PeeBee

      REALLY? GPL – these people didn’t go to common or garden High Schools. They went to silver spoon private establishments.

      Then all got their Dung Masters at some swanky University… but clearly not Dungdee…

      ;o)

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