REG - Onward Opportunities - Issue of Equity

Onward OpportunitiesAnnouncement

06/11/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251106:nRSF3833Ga&default-theme=true

RNS Number : 3833G  Onward Opportunities Limited  06 November 2025

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.

 

6 November 2025

 

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

 

Issue of Equity and Total Voting Rights

 

Subscription to raise £0.75 million

 

Onward Opportunities Limited, the investment company that invests in UK
smaller companies, is pleased to announce that in response to investor demand
it has raised gross proceeds of £0.75 million by way of a direct subscription
(the "Subscription"). The Subscription has been made by existing investors
with the Company for 538,500 new ordinary shares (the "Subscription Shares")
at a price of 139.3 pence per Subscription Share (the "Subscription Price").

 

The Subscription Price represents a premium of 1.7 per cent. to the Company's
unaudited net asset value per ordinary share at 31 October 2025 of 136.96
pence per existing ordinary share.

 

In order to facilitate any further demand, the Company may accept further
direct subscriptions with the Company at the Subscription Price (the
"Additional Subscription"). The Additional Subscription will close at the
discretion of the Company and, in any event, by no later than 4.30 p.m. on 21
November 2025. A further announcement may be made, as appropriate, in due
course.

 

The Board and Portfolio Manager continue to believe that there are compelling
structural factors underpinning the Company's investment strategy. Prevailing
market conditions create an environment in which the Portfolio Manager has the
ability to generate aggregated portfolio returns in excess of 15.0 per cent
per annum over the long term. The net proceeds of the Subscription, being
approximately £0.74 million, will provide the Company with additional
resources with which to pursue its stated investing policy.

 

Laurence Hulse, Lead Fund Manager of Onward Opportunities Limited, commented:

"Onward Opportunities has grown by 30% in AuM year to date following today's
capital raise, and is a £40m fund for the first time, having launched at
£12.75m just under 3 years ago. Both the Company's investment returns and its
ability to raise funds for investment have been some of the strongest in the
UK market. Credit must go to my colleagues for their support in executing our
plans and the portfolio companies for delivering success in some of the
toughest economic and market conditions the UK market has seen in 50 years. We
take comfort from the fact we have been able to deliver for our shareholders
in such circumstances, and our growing permanent capital base will be in place
when conditions improve. Onwards."

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 12 November 2025 and the Subscription Shares will, on issue, rank
pari passu in all respects with the Company's existing ordinary shares.

 

Total Voting Rights

 

On Admission, the Company will have a total of 29,291,239 ordinary shares in
issue. No ordinary shares are held in treasury. The figure of 29,291,239 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.

 

 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, Lead Fund Manager                                           hello@dowgate.co.uk

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

 Ben Jeynes - Corporate Finance

 Chris West / Matt Lewis - Sales and Corporate Broking

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

 Russell Cook / Daniel Ingram

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  IOEDELFBEFLZFBK



            Copyright 2019 Regulatory News Service, all rights reserved