Annuncio • Dec 14
CoStar UK Limited completed the acquisition of OnTheMarket plc (AIM:OTMP) from a group of shareholders. CoStar UK Limited entered into a scheme of arrangement to acquire OnTheMarket plc (AIM:OTMP) from a group of shareholders for £88.2 million on October 19, 2023. The offer price per share is £1.1. The cash consideration payable by CoStar to OnTheMarket Shareholders under the terms of the Acquisition will be funded through the existing cash resources of CoStar. The OnTheMarket Directors, who have been so advised by Zeus as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. Accordingly, the OnTheMarket Directors intend to recommend unanimously that Scheme Shareholders vote in favor of the Scheme at the Court Meeting and that OnTheMarket Shareholders vote in favor of the Resolution at the General Meeting and subject to anti trust approval. The Scheme is currently expected to become Effective during Q4 2023, subject to the satisfaction or, where applicable, waiver of the Conditions. As on November 20, 2023, Brett Stone sends a letter to proxy advisers ISS and Glass Lewis regarding the transaction. As of November 24, 2023, the Board's unanimous recommendation for Shareholders to vote in favor of the Acquisition at forth coming Court Meeting and General Meeting to be held on December 4, 2023, to approve the transaction. As of December 4, 2023, OnTheMarket Shareholders voted to pass the Special Resolution in connection with the implementation of the Scheme, including the amendment to OnTheMarket's articles of association, at the General Meeting. As on December 7, 3,the Boards of OnTheMarket and CoStar UK announced, amongst other things, that the Court had sanctioned the Scheme.
Goldman Sachs acted as a financial advisor, Latham & Watkins (London) LLP acted as a legal advisor to CoStar. Eversheds Sutherland acted as a legal advisor, Shore Capital, and Zeus Capital Limited acted as financial advisors to OnTheMarket Plc. Tom Mercer of Ashurst LLP acted as legal advisor to Goldman Sachs International.
CoStar UK Limited completed the acquisition of OnTheMarket plc (AIM:OTMP) from a group of shareholders on December 12, 2023. Scott Wheeler, Catherine Bland, Matthew Green and Robin Rossmann have been appointed as directors of the OnTheMarket. Recent Insider Transactions • Oct 26
Insider recently sold UK£1.4m worth of stock On the 19th of October, Ian Springett sold around 1m shares on-market at roughly UK£1.08 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of UK£1.4m more than they bought in the last 12 months. Reported Earnings • Oct 22
First half 2024 earnings released: UK£0.001 loss per share (vs UK£0.005 profit in 1H 2023) First half 2024 results: UK£0.001 loss per share (down from UK£0.005 profit in 1H 2023). Revenue: UK£16.9m (flat on 1H 2023). Net loss: UK£79.0k (down 121% from profit in 1H 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Annuncio • Oct 21
CoStar UK Limited entered into a scheme of arrangement to acquire OnTheMarket plc (AIM:OTMP) from a group of shareholders for £88.2 million. CoStar UK Limited entered into a scheme of arrangement to acquire OnTheMarket plc (AIM:OTMP) from a group of shareholders for £88.2 million on October 19, 2023. The offer price per share is £1.1. The cash consideration payable by CoStar to OnTheMarket Shareholders under the terms of the Acquisition will be funded through the existing cash resources of CoStar. The OnTheMarket Directors, who have been so advised by Zeus as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. Accordingly, the OnTheMarket Directors intend to recommend unanimously that Scheme Shareholders vote in favor of the Scheme at the Court Meeting and that OnTheMarket Shareholders vote in favor of the Resolution at the General Meeting. The Scheme is currently expected to become Effective during Q4 2023, subject to the satisfaction or, where applicable, waiver of the Conditions.
Goldman Sachs acted as a financial advisor, Latham & Watkins (London) LLP acted as a legal advisor to CoStar. Eversheds Sutherland acted as a legal advisor, Shore Capital, and Zeus Capital Limited acted as financial advisors to OnTheMarket Plc. Annuncio • Oct 20
CoStar Group Seeks to Acquire UK OnTheMarket US commercial property firm CoStar Group Inc. (NasdaqGS:CSGP) has agreed to offer to acquire UKproperty portal OnTheMarket plc (AIM:OTMP) for about GBP 99 million (USD 120.8 million/EUR 114.3 million), it was announced on October 19, 2023. CoStar has agreed to pay 110 pence in cash for each share in OnTheMarket, which is 56% higher than the company's closing price on October 18, 2023. On the news, OnTheMarket's shares shot up, trading at 107.51 pence at midday in London, 52% higher on the day. The acquisition will provide CoStar with access to the residential property market in the UK, according to the buyer, speeding up its expansion across the UK and Europe. At present, shareholders that own 29.51% of OnTheMarket back the offer. New Risk • Oct 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Market cap is less than US$100m (UK£56.5m market cap, or US$68.7m). Reported Earnings • Jul 10
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: UK£0.002 loss per share (down from UK£0.001 profit in FY 2022). Revenue: UK£34.4m (up 13% from FY 2022). Net loss: UK£167.0k (down 255% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Annuncio • Jul 06
OnTheMarket plc, Annual General Meeting, Jul 31, 2023 OnTheMarket plc, Annual General Meeting, Jul 31, 2023, at 09:30 Coordinated Universal Time. Location: 2-6 Boundary Row, London, SE1 8HP London, Uk United Kingdom Annuncio • Jun 16
OnTheMarket plc Launches Your Property Services OnTheMarket plc announced the launch of Your Property Services ("YPS") a sales and lettings data nurturing service to help estate agents generate additional revenue and win more instructions through valuations. YPS provides a dedicated team of specialists to act as an extension of an estate agency's in-house team, nurturing their database to deliver valuations and create a pipeline of well-qualified and motivated leads. The YPS team is briefed by each agency on the details of their business so that engagement is tailored to their tone of voice. In addition, the YPS team uses a local area number that matches to the branch to provide for familiarity and consistent service. YPS was piloted last year, receiving positive feedback, and already counts Carter Jonas and Dawsons, amongst others, as customers. Annuncio • Jan 25
OnTheMarket plc Provides Earnings Guidance for the Year Ending 31 January 2023 OnTheMarket plc provided earnings guidance for the year ending 31 January 2023. The Group has continued to deliver strong growth and expects to report revenues of between £34 million and £34.5 million (Fiscal year 2022: £30.4 million). Price Target Changed • Nov 16
Price target decreased to UK£1.44 Down from UK£1.87, the current price target is an average from 2 analysts. New target price is 101% above last closing price of UK£0.71. Stock is down 30% over the past year. The company is forecast to post earnings per share of UK£0.023 for next year compared to UK£0.0015 last year. Annuncio • Oct 14
OnTheMarket plc to Report Q2, 2023 Results on Oct 13, 2022 OnTheMarket plc announced that they will report Q2, 2023 results on Oct 13, 2022 Reported Earnings • Oct 13
First half 2023 earnings released: EPS: UK£0.005 (vs UK£0.007 in 1H 2022) First half 2023 results: EPS: UK£0.005 (down from UK£0.007 in 1H 2022). Revenue: UK£17.0m (up 14% from 1H 2022). Net income: UK£366.0k (down 25% from 1H 2022). Profit margin: 2.2% (down from 3.2% in 1H 2022). Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Annuncio • Oct 13
OnTheMarket plc Provides Revenue Guidance for the Year 2022 The Board of OnTheMarket plc remains confident in the Group meeting its full year expectations. The Group has continued to trade well and expects revenue growth, strategic progress and operational discipline to continue, with full year adjusted operating profit weighted towards H2 22/23 as revenue growth, including from existing and newly launched products, combined with a largely fixed cost base, contribute to increased operating margins. Price Target Changed • Aug 11
Price target decreased to UK£1.44 Down from UK£1.87, the current price target is an average from 3 analysts. New target price is 53% above last closing price of UK£0.94. Stock is down 3.6% over the past year. The company is forecast to post earnings per share of UK£0.035 for next year compared to UK£0.0015 last year. Annuncio • Aug 01
OnTheMarket plc Announces the Resignation of Clive Beattie as Chief Financial Officer OnTheMarket plc announced that Clive Beattie has resigned as Chief Financial Officer to pursue another opportunity. The Board has appointed Korn Ferry, who has commenced a formal recruitment process for a permanent replacement and Clive will remain with OnTheMarket as Chief Financial Officer and a board director until Friday 27 January 2023 to ensure an orderly handover. Major Estimate Revision • Jul 19
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from UK£35.3m to UK£40.0m. EPS estimate unchanged from UK£0.039 at last update. Interactive Media and Services industry in the United Kingdom expected to see average net income growth of 79% next year. Consensus price target broadly unchanged at UK£1.87. Share price rose 2.9% to UK£0.88 over the past week. Reported Earnings • Jun 15
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: UK£0.002 (down from UK£0.038 in FY 2021). Revenue: UK£30.4m (up 32% from FY 2021). Net income: UK£108.0k (down 96% from FY 2021). Profit margin: 0.4% (down from 12% in FY 2021). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 94%. Over the next year, revenue is forecast to grow 18%, compared to a 10% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annuncio • May 20
OnTheMarket plc to Report Fiscal Year 2022 Results on Jun 14, 2022 OnTheMarket plc announced that they will report fiscal year 2022 results on Jun 14, 2022 Annuncio • May 03
OnTheMarket plc, Annual General Meeting, May 26, 2022 OnTheMarket plc, Annual General Meeting, May 26, 2022, at 13:00 Coordinated Universal Time. Location: 33 St James's Square London United Kingdom Recent Insider Transactions • Feb 05
CFO & Director recently sold UK£85k worth of stock On the 3rd of February, Clive Beattie sold around 85k shares on-market at roughly UK£1.00 per share. This was the largest sale by an insider in the last 3 months. This was Clive's only on-market trade for the last 12 months. Annuncio • Jan 22
OnTheMarket plc Provides Revenue Guidance for the Full Year Ended January 31, 2022 OnTheMarket plc provided revenue guidance for the full year ended January 31, 2022. For the year, the company expects revenues to be slightly ahead of market consensus. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 18% share price gain to UK£1.27, the stock trades at a trailing P/E ratio of 37.6x. Average forward P/E is 29x in the Interactive Media and Services industry in the United Kingdom. Total returns to shareholders of 37% over the past three years. Reported Earnings • Oct 14
First half 2022 earnings released: EPS UK£0.007 (vs UK£0.009 in 1H 2021) The company reported a mediocre first half result with weaker earnings and profit margins, although revenues improved. First half 2022 results: Revenue: UK£14.9m (up 46% from 1H 2021). Net income: UK£485.0k (down 27% from 1H 2021). Profit margin: 3.2% (down from 6.5% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 05
Full year 2021 earnings released: EPS UK£0.038 (vs UK£0.18 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£23.0m (up 22% from FY 2020). Net income: UK£2.68m (up UK£14.1m from FY 2020). Profit margin: 12% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 10
Full year 2021 earnings released: EPS UK£0.038 (vs UK£0.18 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£23.0m (up 22% from FY 2020). Net income: UK£2.68m (up UK£14.1m from FY 2020). Profit margin: 12% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Annuncio • May 29
OnTheMarket plc (AIM:OTMP) completed the acquisition of remaining 80% stake in Glanty Limited. OnTheMarket plc (AIM:OTMP) exercised its call option to acquire additional 80% majority stake in Glanty Limited for £15.1 million on March 22, 2021. OnTheMarket will enter into a share purchase agreement ("SPA") pursuant to which it will acquire the remaining shares in Glanty for an initial consideration of approximately £1.5 million (on a cash and debt free basis, subject to adjustment and payable in cash or shares at OnTheMarket's option, currently expected to be in shares) plus a revenue and EBITDA1 based earnout arrangement. OnTheMarket will also be required to repay shareholder loans of approximately £1.4 million on completion. The earnout arrangement could result in maximum deferred consideration of up to £12 million (payable in cash or shares at OnTheMarket's discretion) and shall be payable if certain revenue and EBITDA targets are met by Glanty. In the event that the approximately £1.5 million consideration payable on completion of the call option is to be satisfied by the issue by OnTheMarket of consideration shares, the majority of shares issued in respect of the £1.5 million consideration payment will be subject to lock-in arrangements which restrict their sale save in limited circumstances for either 3 or 4 years post completion of the call option (4 years for certain sellers actively involved in the business). There is then an orderly market arrangement in place in each case for a further 12 months thereafter. For the year ended on December 31, 2020, Glanty reported revenue of £0.876 million, loss after tax of £0.172 million and Net assets at £0.785 million. The transaction is subject to the satisfaction of certain conditions. The transaction is expected to close on May 28, 2021. Jamie Peel, Martin Green, and Daniel Harris of Zeus Capital acted as financial advisor for OnTheMarket.
OnTheMarket plc (AIM:OTMP) completed the acquisition of remaining 80% stake in Glanty Limited on May 28, 2021. The initial consideration of £1,533,477 required to be paid by OnTheMarket under the share purchase agreement is being satisfied by way of the issue of 1,528,832 ordinary shares of 0.2 pence each in the capital of OnTheMarket in aggregate and a cash payment of £156,000. OnTheMarket also paid £1,355,317 in cash in respect of the settlement of shareholder and certain third party debt in Glanty at completion. The Consideration Shares are subject to lock-in arrangements which restrict their sale save in limited circumstances. 474,194 Consideration Shares are locked-in for 3 years post-completion and 1,054,638 Consideration Shares are locked-in for 4 years post-completion, relating to certain sellers actively involved in the business. All Consideration Shares are subject to orderly market arrangements for a further 12 months after the above initial lock-in periods have expired. The Initial Consideration is subject to adjustment post-completion (with such adjustment based on Glanty's actual net cash/net debt and actual working capital position as at completion), which may result in additional payments or recoveries depending on whether OnTheMarket or the selling shareholders of Glanty are liable in respect of any balancing payment. Additional consideration may become payable under earn-out arrangements based on revenue and EBITDA performance in the 12-month period commencing on the day following the second anniversary of completion (capped at £12m and payable in shares or cash at the Company's discretion) and in the event that Glanty receives R&D tax credits from HMRC which relate to periods prior to completion (capped at £150k). Is New 90 Day High Low • Mar 12
New 90-day low: UK£0.95 The company is down 22% from its price of UK£1.23 on 11 December 2020. The British market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is down 7.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: UK£1.34 The company is up 53% from its price of UK£0.88 on 04 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Nov 16
New 90-day high: UK£1.14 The company is up 23% from its price of UK£0.93 on 18 August 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Oct 19
New 90-day high: UK£1.05 The company is up 20% from its price of UK£0.88 on 21 July 2020. The British market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Reported Earnings • Oct 14
First half earnings released Over the last 12 months the company has reported total losses of UK£3.84m, with losses narrowing by 76% from the prior year. Total revenue was UK£21.0m over the last 12 months, up 38% from the prior year. Annuncio • Oct 06
OnTheMarket plc to Report First Half, 2021 Results on Oct 13, 2020 OnTheMarket plc announced that they will report first half, 2021 results on Oct 13, 2020 Annuncio • Sep 02
OnTheMarket plc Announces Executive Changes OnTheMarket plc announced the appointment of Jason Tebb as Chief Executive Officer ("CEO"). Jason will start his role and join the board on 14 December 2020 subject to completion of the normal regulatory due diligence. Jason, 45, brings extensive property and estate agency experience across digital and physical markets, having been Group COO of Ultimate Holdings for the last three years. Since 9 March 2020, Clive Beattie has been Acting CEO in addition to his role as Chief Financial Officer ("CFO") until the formal recruitment process for a permanent CEO was completed. Clive will continue as Acting CEO until Jason joins the Group, at which point he will resume his role as CFO.