Login
iscover
An ASX-listed property portal is one step closer to being taken over by a group of investors led by Macquarie Group, after announcing a cash consideration for the remaining shares in the company.
Onthehouse Holdings Limited (Onthehouse) announced last week that it had entered into a scheme implementation deed with a consortium of investors comprising PIQ1 Pty Ltd and Macquarie Corporate Holdings Pty Limited (both wholly owned subsidiaries of Macquarie Group Limited) as well as 77 Victoria Street Trust and Sandrift Pte Limited.
The Scheme Implementation Deed provides for the acquisition by the consortium of all of the equity in Onthehouse not already owned by members of the consortium, through a scheme of arrangement for cash consideration of $0.85 per Onthehouse share.
“We are pleased to have agreed to recommend a transaction that offers a significant premium to shareholders of Onthehouse,” said Tony Scotton, chairman of Onthehouse.
“The consortium’s proposal, if implemented, provides shareholders with an immediate and significant increase in value without the risks inherent in transitioning our Console platform to become a cloud, software-as-a-service offering – something that we believe is critical for the platform to retain its strong position in the market,” Mr Scotton said.
On 11 May Onthehouse sold its consumer online division, including Onthehouse.com.au, Residex and REAN, to CoreLogic for $3 million.
Following the sale, Onthehouse has focused on growing the revenue and profitability of its real estate software division. With the additional funds, the group is looking to grow Console’s share of the real estate software market. The group is also looking to leverage new revenue opportunities by integrating or building other services for real estate agents and their clients.
[Related: Onthehouse receives revised takeover offer]
Newsletter
