OnTheMarket’s former chief executive cashes in shares

Clive Beattie, a former chief executive of OnTheMarket, has sold 16,515 shares of the company’s stock.

The transaction, which took place on  Tuesday 10 May, saw the shares sold at an average price of 70p, for a total value of £11,560.50.

It was announced earlier this year that Beattie had shares worth £92,000 as part of the property portal’s employee share option plan.

Beattie, OnTheMarket’s chief financial officer, took over as chief executive for a few months after Ian Springett was dismissed from the role.

Beattie, who earns around £255,000 a year at OnTheMarket, also has additional vested share options and existing shares worth about £200,000 and unvested options worth an additional £725,000.

The news regarding Beattie came in a statement to shareholders yesterday, which you read below:

 

Exercise of Options and PDMR interests

OnTheMarket plc, the majority agent-owned company which operates the OnTheMarket.com property portal, announces that Clive Beattie, Chief Financial Officer, exercised nil-cost options over 16,515 ordinary shares of £0.002 in the Company (“Ordinary Shares”) on 9 May 2022. These options were granted under the Company’s Employee Share Option Plan in September 2017.

The Company has also been notified that these shares were sold on 10 May 2022 at 70p per Ordinary Share to meet personal financial obligations, which included personal taxes arising on exercise.

The beneficial holding of ordinary shares by Clive Beattie following the exercise and sale is therefore unchanged at 30,303 Ordinary Shares. In addition, Clive has 50,000 vested options and 671,658 unvested options.

The options were satisfied using shares held as assets for this purpose within the Company’s employee benefit trust. No new equity was issued and there has been no change to total voting rights.

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation as part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and set out more details of the transactions.

 

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