REG - Onward Opportunities - Issue of Equity

Onward OpportunitiesAnnouncement

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RNS Number : 4032O  Onward Opportunities Limited  12 January 2026

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.

 

12 January 2026

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

 

Issue of Equity and Total Voting Rights

 

Subscription to raise £3.72 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 £3.72 million by way of a direct subscription
(the "Subscription"). The Subscription has been made by new and existing
investors with the Company for 2,547,827  new ordinary shares (the
"Subscription Shares") at a price of 146.13 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 December 2025 of 143.69
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 16
January 2026. 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 £3.63 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:
"We have started 2026 as we mean to go on; with our largest capital inflow
since launch in 2023 of almost £4m. The proceeds are to be invested into
specific pipeline targets that the manager has identified and are expected to
drive medium term NAV performance. The Company's returns are materially ahead
of our 15% per annum target and these additional liquid reserves allow us to
lay down tracks for a continuation of this journey. To make such a bold
statement of intent in the first week of the year is a reflection of the
growing conviction of our investor base. We look forward to a first quarter of
potential catalysts across the well invested portfolio. 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 15 January 2026 and the Subscription Shares will, on issue, rank
pari passu in all respects with the Company's existing ordinary shares.

 

 

 

Related Party Participation in the Subscription

 

Dowgate Wealth Limited (the "Portfolio Manager"), the Company's Portfolio
Manager and a Substantial Shareholder of the Company, has subscribed for
514,027  Subscription Shares. As a result, and on Admission, the members of
the Concert Party in the Company will collectively hold an aggregate of
11,580,860 ordinary shares in the Company, representing 35.92 per cent. of the
Company's enlarged issued ordinary share capital, of which the Portfolio
Manager holds 10,289,745  ordinary shares, representing 31.92 per cent. of
the Company's enlarged issued ordinary share capital, on behalf of its
discretionary clients*.

 

In addition, Mark Wharrier, who has recently joined the investment committee
of the Company, has subscribed for 68,432 Subscription Shares.

 

The Portfolio Manager and Mark Wharrier are each deemed to be related parties
of the Company pursuant to the AIM Rules for Companies (the "AIM Rules") and
therefore the Portfolio Manager's and Mark Wharrier's participation in the
Subscription each constitute a related party transaction under Rule 13 of the
AIM Rules. The directors of the Company consider, having consulted with the
Company's nominated adviser, that the participation of the Portfolio Manager
and Mark Wharrier in the Subscription is fair and reasonable insofar as
shareholders are concerned.

 

Total Voting Rights

 

On Admission, the Company will have a total of 32,239,015  ordinary shares in
issue. No ordinary shares are held in treasury. The figure of  32,239,015 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

 Houston (PR advisers)                                                   Tel: +44 (0)77 3303 2695

 Charlie Barker / Nick Jackman                                           Onward@houston.co.uk

 

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

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