OnTheMarket PLC (AIM:OTMP) has been notified of the sale of a total of just over 3.1mln shares in the online estate agent by eligible agent shareholders and Morgan Ross, the group’s product and technology director.
The sales, which follow the end of a five-year lock-up period, were carried out through a bookbuild exercise to institutional investors at 76p per share.
Ross sold shares via Intertrust Employee Benefit Trustee Limited, the trustee of the company's employee benefit trust, said the statement.
The shares represented approximately 4.1% of the issued share capital.
Jason Tebb, OnTheMarket's chief executive, said: "Agents are at the heart of everything we do and we are pleased that an overwhelming majority of them have chosen to continue to support OnTheMarket and remain as shareholders for the next stage of our journey.
"Our strategy to become a tech-enabled property business is working and we are making significant progress.
"We continue to have a unique position as a majority agent-owned business and look forward to working with agents to continue to develop our offering in the future."
AIM-listed OnTheMarket shares were trading unchanged at 77.5p today.
-adds sale confirmation, CEO comment --