REG - Onward Opportunities - Issue of Equity

Onward OpportunitiesAnnouncement

26/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240326:nRSZ2292Ia&default-theme=true

RNS Number : 2292I  Onward Opportunities Limited  26 March 2024

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended. Upon the publication of this announcement
via a Regulatory Information Service, this inside information is now
considered to be in the public domain.

 

26 March 2024

 

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

 

Issue of Equity

 

Subscription to raise approximately £1.66 million

 

Onward Opportunities Limited, the UK smaller company focussed investment
company, is pleased to announce that in response to investor demand it has
raised gross proceeds of approximately £1.66 million by way of a direct
subscription (the "Subscription"), by new and existing investors, for
1,513,240 new ordinary shares (the "Subscription Shares") at a price of 110
pence per new ordinary share (the "Subscription Price"). The Subscription
Price represents a premium of 2.0 per cent. to the Company's unaudited net
asset value per ordinary share as at 29 February 2024 of 107.8 pence per
existing ordinary share.

 

The Board and Portfolio Manager continue to believe that there are compelling
structural factors underpinning the investment strategy and that prevailing
market conditions create an environment in which the Portfolio Manager has the
ability to generate aggregated portfolio returns in excess of 15 per cent. per
annum over the long term. The net proceeds of the Subscription of
approximately £1.61 million will provide the Company with additional
resources with which to pursue its stated investing policy.

 

Onward Opportunities was launched on 30 March 2023 and was the first
investment company to list on AIM since November 2021. The Company recently
reported its Q4 Factsheet for the period to 31 December 2023, noting a
rewarding first financial year of investment performance (NAV growth) for the
Company of 11.3% since inception.

 

Laurence Hulse, Lead Fund Manager of Onward Opportunities Limited, commented:
"We are establishing encouraging early signs that Onward Opportunities has a
strategy to generate absolute returns for our shareholders. We are delighted
to have been able to raise additional capital for the second time in twelve
months. This will enable the company to capitalise on an exciting pipeline of
opportunities and will be deployed into additional investments for the
portfolio."

 

Application has been made for the Subscription Shares to be admitted to
trading on AIM ("Admission").  Admission is expected to occur at 8.00 a.m. on
or around 27 March 2024 and the Subscription 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 17,540,530 ordinary shares in
issue. No ordinary shares are held in treasury. The figure of 17,540,530 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.

 

Related Party Participation in the Subscription

 

Dowgate Wealth Limited (the "Portfolio Manager"), the Company's Portfolio
Manager and a Substantial Shareholder of the Company, and its affiliates have
subscribed for 696,470 Subscription Shares. As a result, and on Admission, the
members of the Concert Party in the Company will collectively hold an
aggregate of 9,719,826 ordinary shares in the Company, representing 55.4 per
cent. of the Company's enlarged issued ordinary share capital.

 

The directors of the Company, having consulted with the Company's nominated
adviser, consider that the terms of the participation of the Portfolio Manager
in the Subscription are fair and reasonable insofar as shareholders are
concerned.

 

FOR FURTHER ENQUIRIES:

 

 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

 Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0) 207 220 0500

 Ben Jeynes / Camilla Hume / Dan Hodkinson / Hamish Waller

 Michael Johnson / George Budd (Sales)

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

 Russell Cook / Nicholas Chambers

To find out more, please visit: www.onwardopportunities.co.uk
(http://www.onwardopportunities.co.uk)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEVELFLZXLBBBL