OnTheMarket agents wanting to make representations at the sanction hearing on September 11 can do so in writing, including emails.
The hearing reviews all the processes, including the voting process, which Agents’ Mutual has implemented in the process to demutualise and gain a 75% vote to float OnTheMarket.
It has now been confirmed that any agent wanting to make representations can do so without having to attend the hearing.
Representations can be sent to the senior Chancery listing officer, who says he will ensure these are passed on to the Judge dealing with the matter.
The email address is: doug.bell@hmcts.gsi.gov.uk
Comments (7)
In order for Agents to make their representations in time for the September 11 hearing, some news of the actual vote could be quite helpful…
I actually forgot who otm were for about 1.5 years. Seems they can make a noise when there’s a big pot of gold at the end. Where you been ??
I shall email to broadly agree with the float proposal but to object to 2 things, both in the Management Incentive Plan:
1. The seemingly very high allocation to management of over 7m shares (at £4-£5 each) of which 3.9m shares to IS
2. Members being locked in at 80% for 5 years but management having let out clauses at 2.4, 2.6 & 2.7 of Part 2 D&M interests.
I have voted Yes but these items rankled for me.
3. The remarkable fact that members in arrears are able to vote yes but not no!
Is that true?
I suggest all agents against this float send an email.
Power in numbers, that was the whole idea regarding OTM.
My advice to all is to keep all representations brief, factual and to the point. Run them past your legal advisers if possible.
We would not want to ‘flood’ the judge so that he ends up ignoring the bulk of them.