The way has now been cleared for OnTheMarket to float on the stock market.
Tomorrow the new members scheme – demutualising Agents’ Mutual – becomes effective.
Ian Springett, chief executive of OnTheMarket, said: “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 note holders at the Court Meetings on September 6.
“We will now continue to the next stage of the process.”
Comments (11)
I expect all the adverts noting ‘agents mutual’ to change today then, if they do not, I guess that will be false advertising! Isn’t that illegal???!
Which “adverts” are you referring to, 1TB?
A post of thanks for the acknowledgement re my effort to give the Vote No perspective a voice…. and thanks to Ros & PIE for giving room for both sides. I genuinely tried to speak on behalf of many, not just my view.
One would find it hard in this forum & elsewhere to find many as committed to Agents Mutual pre & post inception as I was. I am honourable to my core so when I feel one party is not living up to their part of a “deal, contract, commitment” then I have no interest in being taken for a ride, hence Taxi for GPL from Agents Mutual.
The only acceptable behaviour from Ian Springett and his Board is to let Vote No Members walk away as we have no wish to be part of this unrelated New Company.
Having communicated with Ian Springett both face to face and by email I have zero expectation of IS and his Board “doing the right thing” …..this sorry post OTM V1 Scenario is shameful, lacks respect, lacks honour towards the Original Mutual Members who didn’t want to take the OTM V2 journey.
I wonder if my fellow Estate & Letting Agents who have embraced “Yes” are 100% in support of the behaviour of IS and The Board towards those wishing to leave. If so, then I’m afraid Our Industry has a chasm sized “fracture”.
Thankfully many will cheer to the rafters that they will not need to suffer me and my OTM Vote No Bandwagon…. just remember that I was one of their most vocal supporters pre/post the launch of OTM.
As I noted on my teai.co.uk website…Looney Tunes signed off with “That’s all folks”….indeed it is.
I won’t waste my time and energy seeking IS & The Board to action the right thing “LET NO GO!”. I would be wasting my time and those responsible are not worthy of further time, energy & effort …from me.
As Dave Allen concluded ” Goodnight, Thank You and may your God go with you”
Good effort Graeme, our company have no skin in this game, adopted wait and see ( probably a large part of the problem ) and never got past letter of intent as it all unfolded, not proud of that but looking back can see why we made the decisions we did, only felt in the slightest passionate about OTM as it cratered this last few weeks, these pages have described what it could’ve been far better than any sales pitch I received from them in person, media or the solitary roadshow I attended as they were pitching/launching 🙁
Ivory tower:
a state of privileged seclusion or separation from the facts and practicalities of the real world.
INTERESTING DATE TO RUBBER STAMP A SUCCESSFUL IPO?
How I wish above all else that there had been time for a few of us to get together with Graeme and be allowed on the roadshows to present an alternative plan. I will always remain convinced the mutual OTMv1 could have worked with drive from believers behind it, rather than self financial gain for the directors being against it.
And to Graeme….a Valiant effort that deserved more…there was just too little time allowed to put forward an effective counter plan.
Sad day.
Ian played a blinder and took the industry for mugs. he was right.
Pushed agents into a corner feeling they only had one chance to get their loan notes back and voting yes for shares.
I personally would like to say to GPL – Well done for the last few weeks, it was a great effort and you should be proud of yourself. I also would like to apologise to Danny who called this from the start (still not sure his motive).
Lastly i will say “I told you so” – Always maintained it was a good idea but would never work.
Still looking at most comments on other stories today the future is online or hybrid……… agents never learn ………..
NEWSFLASH…
I didn’t get an email from Ian with his Newsflash so just in case he doesn’t get mine, he can read it here….
Amazing?
Well Ian, you pulled it off.
It’s like a caper to end all capers.
In the real world I was out today taking on a Gentleman’s House, he is terminally ill and his wife has dementia. Their existing agent just lost interest after several years marketing and I was asked if I could help. So today, on my day off I popped out to do my bit.
It’s a far cry from your world Ian.
Sadly I’ve been conned by you Ian and forced to remain with a New Company which I hold no interest in. You should be ashamed, however I fear you lack the conscience to regret how you have treated those who supported what they thought you were apparently selling …..when you were actually selling something else.
Everything has its price Ian however life seeks to balance matters.
Enjoy whatever the future holds for you, I’ll just continue ploughing my furrow.
Don’t forget to send that Postcard.
Kind regards, Graeme
Do we now refer to it as OTSM (OnTheStockMarket)?
Jings Crivens Help ma Boab…. whatever next?
To the Majority, my best wishes with your OTMV2.
Now I need to get back to work without the baggage of OTM.
I look forward to my Champagne Farewell when I leave OTMV1, 2 or whatever it is, Ian Springett is buying apparently! …..he is coming into some money I believe.
Fiction becomes Fact.
Tally Ho.
“I look forward to my Champagne Farewell when I leave OTMV1, 2 or whatever it is…”
Too late for that I fear, GPL – as the famous saying goes…
‘Laydeez and gentlemen – OTM has already left the building.’
Quite some time ago at that.