Shareholders reach decision on takeover of OnTheMarket

The shareholders of OnTheMarket have reached their decision on the portal's controversial takeover by CoStar. 

A statement released this afternoon says: "The Board of OnTheMarket is pleased to announce that, at the Court Meeting and General Meeting each held earlier today, the requisite majority of Scheme Shareholders voted (either in person or by proxy) to approve the Scheme at the Court Meeting and the requisite majority of OnTheMarket Shareholders (either in person or by proxy) voted to pass the Special Resolution in connection with the implementation of the Scheme, including the amendment to OnTheMarket's articles of association, at the General Meeting.

"The Scheme was approved by 945 Scheme Shareholders, together representing 94.22 per cent. of Scheme Shareholders who voted (either in person or by proxy) and 97.28 per cent. by value of those Scheme Shares voted.

"The Special Resolution at the General meeting was approved by 97.89 per cent. of OnTheMarket Shares voted.

"Overall, shares voted at the Court Meeting and General Meeting represented 66.04 per cent. and 62.89 per cent., respectively, of the issued share capital of OnTheMarket.

"The resolutions were therefore duly passed. 

"The total number of OnTheMarket Shares in issue at the Voting Record Time was 80,207,785. OnTheMarket does not hold any ordinary shares in treasury. Therefore, the total voting rights in OnTheMarket at the Voting Record Time were 80,207,785."