OnTheMarket, the online property firm set up to challenge Rightmove and Zoopla, on Monday launched a shares giveaway to entice estate agents to sign up in a torrid time for the housing market.
The AIM-listed company, majority-owned by estate agents, said shareholders authorised it to issue shares to firms that commit to sign listing deals on the website.
OnTheMarket has around 70 million shares worth about £45 million. The authorisation is to issue up to 32 million new shares.
Contracts on offer include firms getting shares and free-property listings until September, after which they will pay to advertise homes. Estate agents are struggling after the Government told people to avoid moving in lockdown.
Last year political uncertainty also hurt the industry.
Clive Beattie, acting chief executive of OnTheMarket, said: "It is in the interests of existing shareholders and the industry alike that as many agents as possible stand together and fully support OnTheMarket.”
