REG - Onward Opportunities - Acquisition of Interest in The Mission Group plc

Onward OpportunitiesAnnouncement

19/07/2024 14:45

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RNS Number : 1264X  Onward Opportunities Limited  19 July 2024

19 July 2024

 

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

 

 

Acquisition of Interest in The Mission Group plc

 

 

Onward Opportunities Limited (AIM: ONWD), the investment company targeting
opportunities in smaller companies within the UK, announces the acquisition of
a minority equity interest in The Mission Group plc ("TMG"), an AIM-quoted
digital marketing and communications group.

 

On 10 July 2024, the Company acquired 5,797,261 existing ordinary shares of
TMG in an on market purchase for an aggregate consideration of £1.16 million
(the "Acquisition"). The acquired ordinary TMG shares represent 6.3 per cent.
of TMG's issued ordinary share capital.

 

TMG (AIM: TMG) is a group of digital marketing and communications agencies
that employees more than 1,100 people across 25 locations on 3 continents
representing a blue-chip client base. In the year ended 31 December 2023, TMG
reported revenues (operating income) of £86.3 million and adjusted profit
before tax* of £4.2 million. As at 31 December 2023, TMG had audited net
assets of £76.4 million.

 

The Acquisition, in line with Onward Opportunities' stated investing policy,
was funded from the Company's existing cash balances.

 

*adjusted profit before tax calculated and reported by TMG prior to
acquisition adjustments, start-up costs and exceptional restructuring costs.

 

 

For further information, please contact:

 

 Onward Opportunities Limited                                            Tel: +44 (0) 203 5303 150

 Andrew Henton, Chairman                                                 ool@apexgroup.com

 Dowgate Wealth Limited (Portfolio Manager)                              Tel: +44 (0) 203 5303 150

 Laurence Hulse, Investment Director                                     ool@apexgroup.com

 Apex Administration (Guernsey) Limited (Company Secretary)              Tel: +44 (0) 203 5303 150

 Martin Baxter / Harry Rouillard                                         ool@apexgroup.com

 Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0)20 7220 0500

 Ben Jeynes / Camilla Hume  - Corporate Finance

 Michael Johnson / Chris West / Charlie Combe - Sales and ECM

 Dowgate Capital Limited (Joint Broker)                                  Tel: +44 (0)12 9351 7744

 Russell Cook / Nicholas Chambers

 

 

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