Ian Springett, the now former CEO of OnTheMarket (OTM), who was sacked from his position in March 2020, has earned almost £1.4m out of his shares in the property portal.
Onthemarket shares made their biggest one-day jump on record last Thursday after the UK property portal was acquired by American commercial property giant Costar in a £100m deal.
Springett cashed in after the London-listed stock rose by 53% on Thursday 19th October to 107.5p:
|
Class of relevant security |
Purchase/sale
|
Number of securities |
Price per unit |
|
Ordinary 0.2p |
Sale |
1,300,205 |
107.5p |
Springett was a divisive figure during his time at OTM; banning online agencies, which he described as “parasites”, from listing on the property portal and setting-up the ‘one other portal only’ rule which faced legal action.
OTM declined to comment.
EYE Newsflash: OnTheMarket takeover confirmed as CoStar Group bid accepted
Was always his plan, stick around for a few years being paid well, promising lots, delivering little then taking a huge pay off.
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I thought he would have hung on until they hit the £4 / share he mentioned on the roadshow
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