OnTheMarket (OTM) has announced it has applied to the London Stock Exchange for the release of more than one million new shares for agents who have signed long-term listing deals with its property portal, OneTheMarket.com.
The new shares will go live on Friday if the Exchange agrees.
No details have been revealed as to the identities or numbers of agents involved but in recent months OTM has used shares as an incentive for agents - previously listing on discounted or free deals - to become customers paying at market rates.
Last month a report to OTM shareholders and the City said that only around 1,000 of its existing members on free deals had converted to paying contracts an average revenue per agency of £337 per month. The report also suggested that OTM was owed £6.8m by agents who had not paid subscriptions.
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