High Court gives OnTheMarket.com flotation green light

first_imgThe final hurdles that OnTheMarket.com faced in order to float on the London Stock Exchange have been cleared after the High Court of Justice Chancery Division (pictures, right) sanctioned the two key votes on demutualisation completed last week.The court approved the Members Scheme – which enables  agents to turn their membership of Agents’ Mutual into shares, and the Loan Notes Scheme, which will see the Notes originally issued to the agents who helped fund the OTM start-up turned into equity.The court decision follows last Friday’s member vote, during which they voted overwhelmingly to convert their existing membership interests into shares, ushering in both a new company to replace Agents’ Mutual – OnTheMarket Ltd – plus the dropping of the ‘one other portal’ rule.“The High Court of Justice Chancery Division this morning sanctioned the Members Scheme and the three Loan Note Schemes which were overwhelmingly endorsed by our Members and Loan Noteholders at the Court Meetings on 6 September,” says Ian Springett, Chief Executive of OnTheMarket.We will now continue to the next stage of the process.OnTheMarket flotationThe court decision clears the way for demutualisation, a process that will begin tomorrow before an Initial Public Offering (IPO) is prepared to float the new company on the London Stock Exchange’s Alternative Investment Market (AIM).North London agent Trevor Abrahamsohn, who is a non-exec director of Agents’ Mutual, says he is glad the process of demutualisation is finally over after the delays caused by the Connells court case.“Finally we will have the structure and money to really challenge the duopoly of Rightmove and Zoopla,” he said. Ian Springett OnTheMarket Trevor Abrahamsohn September 11, 2017Nigel 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 Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » High Court gives OnTheMarket.com flotation green light previous nextHigh Court gives OnTheMarket.com flotation green lightVotes taken last week by members to agree demutualisation of Agents’ Mutual ahead of AIM listing are approved by judges.Nigel Lewis11th September 20170948 Viewslast_img read more