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OnTheMarket – I having warned in October… now “Directorate Change and Trading Update”…

By Steve Moore | Monday 9 March 2020

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Previously writing on agent-backed property portal company OnTheMarket (OTMP), in October with the shares at 83.5p I concluded so it’s a ‘supplemented offering’ as a result of conditions deteriorating, with the company’s cash already squeezing and brand awareness important for growth. There’s dilution as “we continue to convert agents to full-tariff, long-term contracts with share issuance” but I suggest there could also be much more dilution required not too far down the line due to the financial position. Thus, in all, certainly not one I’d want to own currently. Today a “Directorate Change and Trading Update” announcement including a “pleased to provide” update on trading – so positive then? Er…

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