AIM market
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Purplebricks CEO sells off shares worth £16m
Read how Purplebricks CEO Michael Bruce has sold off shares worth nearly £16 million as part of his company's recent investment deal with Axel Springer.
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Latest property news
OnTheMarket shares finally exceed original AIM launch share price
If you’re an agent who holds OnTheMarket shares then it may be time to celebrate. The company’s share price has finally recovered and today exceeded its original offer price of £1.63p from ten days ago. Trading in OnTheMarket shares peaked at £1.70p late this afternoon, the highest the share price has reached to date. At launch the share price dropped to a low of £1.40p but has since been climbing slowly to today’s high, helped by an upbeat announcement on Friday that included details of its strategy to both target smaller agents and tie-in larger agent groups to long-term deals. “The more agents who join now, the more we believe all agents and property-seekers will benefit in terms of the increased property stock at OnTheMarket.com,” CEO Ian Springett said in Friday’s statement. “We are focused on reaching out to agent firms across the country which can see the disruptive appeal of our proposition of sustainable fair pricing from an agent-backed portal.” Excited Springett is currently refusing all interview requests, but has been busy doing the rounds at agent gatherings, including at agent Jackson-Stops’ annual conference, at which he said he was “excited by progress”. During today’s session on AIM nearly…
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Latest property news
OnTheMarket shares drop by 14% following last week’s AIM launch
Shares in the property industry’s newest public limited company OnTheMarket have dropped by nearly 15% since it floated on the Alternative Investment Market (AIM) on Friday morning, including an almost 6% fall today. The share price for the company, which trades as OTMP on the junior stock market, has tumbled by 24p from its initial offer price of £1.63p a share to £1.39p (at the time of writing) cutting the company’s market capitalisation from an initial £100m to £89.59 million, according to Bloomberg. The Financial Times said the portal’s share launch, which offers investors a minority stake in the company, had ‘failed to shine’. These are nerve-wracking times for many of the portal’s 2,700 agent members, who last year voted overwhelmingly to trade in their membership for shares which they are hoping, once their lock-in period ends, they will be able to sell. This is equally true for the company’s key directors including co-founder and CEO Ian Springett (pictured, left). He now holds approximately 90,000 shares in the new PLC allocated to him at entry to AIM, plus nearly three and a half million share options, on top of his £170,000 salary. Several high-profile investors have taken substantial stakes in…
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Agencies & People
Hunters takes aim at London float
Hunters is preparing to float on the AIM market of the London Stock Exchange to take advantage of the improving residential property market. The large estate agency firms, which has over 150 branches, the vast majority of which are franchised, has already appointed Numis Securities as Nominated Adviser and Broker with a view to start trading on AIM by the end of next week. Kevin Hollinrake (left), the Chairman of Hunters, who was recently elected as a Conservative MP, said, “Hunters is a highly ambitious company. Our success to date has been born out of our focus on providing our customers with an exceptional service combined with local market knowledge. The Group is excited about its next chapter as a public company. This status will help to further enhance the Hunters brand and provide access to capital to accelerate business growth.” Hunters last week welcomed Norfolk-based Kudos Residential to its fast growing network estate agents. All seven of Kudos Residential’s branches, located across the county, including the main towns and cities of Norwich and Great Yarmouth, have all been rebranded. Glynis Frew (right), Managing Director of Hunters Property Group, said, “This is another exciting milestone for Hunters. As we continue…
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