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OnTheMarket senior team given ‘golden handcuffs’ deal

Four key members of senior team share just over a million OTM shares between them but will have to wait until 2026 to cash in their new stock.

Nigel Lewis

onthemarket

OnTheMarket has granted its four most senior directors ‘golden handcuff’ stock options totalling just over a million shares between them.

This includes its three ‘C-suite’ members (main pic, left to right) Jason Tebb , Clive Beattie  and Helen Whitely, plus Product and Technology Director Morgan Ross.

At the company’s current share price of 95p CEO Jason Tebb gets 418,965 shares worth £398,016, CFO Clive Beattie – who was interim CEO prior to Tebb’s arrival in September 2020 – 266,896 shares worth £253,661 and Chief Commercial Officer Helen Whiteley 206,896 shares worth £196,551.

But these shares will be worth much more if OnTheMarket’s share price can be lifted considerable in the coming months and years.

Five year wait

The share options vest – or become proper shares – in three years’ time although the quartet won’t be able to cash them in for another two years after that.

OnTheMarket has yet to reveal the full ‘performance conditions’ of the options, other than they will be based on ‘the total shareholder return achieved by the company relative to the FTS IM 100 index in the three years to the vesting date’.

The portal has much to achieve before then. At 95p its share price is well below the £1.63p offer price it launched onto the AIM stock market with in February 2018.

Apart from a major share price rally in early 2019 it has been downhill since that peak, reaching a low of 31p as Covid struck but recovering since then to its more recent trading range of between 95p and 1.05p a share.

August 26, 2021

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