REG - Onward Opportunities - Issue of Equity/Director/PDMR Shareholding

Onward OpportunitiesAnnouncement

26/04/2024 07:00

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RNS Number : 0889M  Onward Opportunities Limited  26 April 2024

26 April 2024

 

Onward Opportunities Limited

("ONWD" or the "Company")

 

Issue of Equity and Total Voting Rights

 

Director/PDMR Shareholding

 

Onward Opportunities Limited (AIM: ONWD), the investment company targeting
opportunities in smaller companies within the UK, announces that it has made
application for 16,848 new ordinary shares in the Company ("New Ordinary
Shares") to be admitted to trading on AIM ("Admission").  Admission is
expected to occur at 8.00 a.m. on or around 30 April 2024 and the New Ordinary
Shares will, on issue, rank pari passu in all respects with the Company's
existing ordinary shares.

 

On Admission, the Company will have a total of 17,557,378 ordinary shares in
issue. No ordinary shares are held in treasury. The figure of 17,557,378 may
be used by the Company's shareholders as the denominator in the calculations
by which they will determine if they are required to notify their interest in,
or a change to their interest in, the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.

 

The New Ordinary Shares will be issued to Dowgate Wealth Limited (the
"Portfolio Manager") at an effective issue price per New Ordinary Share of
109.04 pence, being the net asset value per ONWD ordinary share at 31 March
2024, in respect of the Portfolio Manager's performance fee for the year ended
31 December 2023 and pursuant to the Portfolio Management Agreement between
the Company and the Portfolio Manager (the "PMA") first disclosed in the
Company's AIM Admission Document dated 23 March 2023.

 

In accordance with the terms of the PMA, the Portfolio Manager has agreed to
transfer 7,800 New Ordinary Shares issued to the Portfolio Manager to Laurence
Hulse, Investment Director of the Portfolio Manager and a PDMR of the Company.
The notification below, provided in accordance with the UK Market Abuse
Regulation, provides further details in this regard.

 

All of the New Ordinary Shares are subject to an 18-month lock-in period
following Admission.

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

 

 

 Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
 596/2014
 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Laurence Hulse
 2   Reason for notification
 a.  Position/Status                                              Investment Director of Dowgate Wealth Limited and PDMR
 b.  Initial notification/                                        Initial Notification

     Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Onward Opportunities Limited
 b.  LEI                                                          213800OP1Q2B3EO9LE92
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Ordinary Shares of nil par value each

Identification Code
ISIN: GG00BMZR1514
 b.  Nature of the transaction                                    Issue of new ordinary shares in respect of 2023 portfolio manager performance
                                                                  fee
 c.  Price(s) and volume(s)

Price(s)  Volume(s)
                                                                                                           109.04p   7,800

 d.  Aggregated information                                        Not applicable (Single transaction)

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                      25 April 2024
 f.  Place of the transaction                                     Outside of a trading venue

d.

Aggregated information

- Aggregated Volume

- Price

 Not applicable (Single transaction)

 

e.

Date of the transaction

25 April 2024

f.

Place of the transaction

Outside of a trading venue

 

 

-ENDS-

 For further information, please contact

 Onward Opportunities Limited                                            Tel: +44 (0)20 3416 9143

 Andrew Henton, Chairman                                                 hello@dowgate.co.uk

 Dowgate Wealth Limited (Portfolio Manager)                              Tel: +44 (0)20 3416 9143

 Laurence Hulse, Investment Director                                     hello@dowgate.co.uk

 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 7397 8900

 Ben Jeynes/Camilla Hume

 Dowgate Capital Limited (Joint Broker)                                  Tel: +44 (0)20 3903 7715

 Russell Cooke / Nicholas Chambers

 

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