TIDMONWD
RNS Number : 5927O
Onward Opportunities Limited
04 October 2023
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.
4 October 2023
Onward Opportunities Limited
("Onward Opportunities" or the "Company")
Issue of Equity
Subscription to raise GBP3.4 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 GBP3.4 million by
way of a direct subscription (the "Subscription") by new and
existing investors with the Company for 3,277,280 new ordinary
shares (the "Subscription Shares") at a price of 102.5 pence per
new ordinary share (the "Subscription Price").
The Subscription Price represents a premium of 1.5 per cent. to
the Company's unaudited net asset value per ordinary share as at 15
September 2023 of 101 pence per existing ordinary share and a
premium of 6.3 per cent. to the Company's unaudited NAV per share
of 96.4 pence per existing ordinary share as at the Company's half
year on 30 June 2023.
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 Board is delighted to welcome a
number of new institutions to the share register as well as to have
received ongoing support from Investment Committee members and
directors. The net proceeds of the Subscription of approximately
GBP3.4 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 half year results to 30 June 2023, noting
gross portfolio IRR (annualised return) of 20.7% to the end of
August.
Andrew Henton, Non-Executive Chairman of Onward Opportunities,
commented:
"Onward Opportunities launched at a time when the Portfolio
Manager believed smaller growth companies in the UK were
undervalued by the market. Whilst we believe this remains the case,
the Company's NAV performance since launch evidences both the
Manager's capability in identifying attractive companies and
growing investor recognition of hidden value.
The new money raised will increase the opportunity set for the
Company. We hope to continue tapping investor demand for new shares
as the Company develops over coming months and years."
Laurence Hulse, Investment Director of Dowgate Wealth Limited,
commented:
"We are pleased to see early recognition of the investment
opportunity we are capturing with new investor interest in the
company at this early stage, allowing us to grow the business by
c.25% after 6 months of operations. Markets remain fickle, but this
is exactly why it is so important to be able to raise additional
firepower - the drivers of a tough fundraising environment are the
same reasons why now makes for an attractive buying opportunity in
UK equities."
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 6(th) October 2023 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 16,027,290
ordinary shares in issue. No ordinary shares are held in treasury.
The figure of 16,027,290 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.
Director and Related Party Participation in the Subscription
The Directors, PDMRs and Persons Closely Associated ("PCAs")
have subscribed for Subscription Shares in the amounts set out
below.
Director Number % Number Ordinary %
of existing of existing of Subscription shares held of enlarged
ordinary issued Shares subscribed on Admission issued ordinary
shares ordinary for share capital
share capital on Admission
Henry Freeman 0 0.0 15,000 15,000 0.1
------------- --------------- ------------------- -------------- -----------------
Susan Norman 20,000 0.2 4,878(1) 24,878 0.2
------------- --------------- ------------------- -------------- -----------------
(1) 4,878 Subscription Shares subscribed for pursuant to the
Subscription by Adrian Norman, spouse and PCA of Susan Norman, a
Non-Executive Director.
In addition, Dowgate Wealth Limited (the "Portfolio Manager"),
the Company's Portfolio Manager and a Substantial Shareholder of
the Company, and its affiliates have subscribed for 2,138,134
Subscription Shares. As a result, and on Admission, the members of
the Concert Party in the Company, details of which were disclosed
in full in the Company's AIM Admission Document dated 23 March
2023, will collectively hold an aggregate of 9,008,043 ordinary
shares in the Company, representing 56.2 per cent. of the Company's
enlarged issued ordinary share capital.
The Directors of the Company and the Portfolio Manager are each
deemed related parties of the Company pursuant to the AIM Rules for
Companies ("AIM Rules") and, as a result, the participation of the
Directors, their PCAs and the Portfolio Manager in the Subscription
is deemed to be a related party transaction under Rule 13 of the
AIM Rules. The independent directors of the Company, being Andrew
Henton and Luke Allen consider, having consulted with the Company's
nominated adviser, that the terms of the participation of the
Directors, their PCAs and the Portfolio Manager in the Subscription
are fair and reasonable insofar as shareholders are concerned.
The notifications below, provided in accordance with the UK
Market Abuse Regulation, provide further details.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Broker
has changed its name to Cavendish Securities plc following
completion of its own corporate merger.
FOR FURTHER ENQUIRIES:
Onward Opportunities Limited Via Share Communications
Andrew Henton, Chairman
Dowgate Wealth Limited (Portfolio Manager) Via Share Communications
Laurence Hulse, Investment Director
Cavendish Securities plc (Nominated Adviser Tel: +44 (0) 207
and Joint Broker) 220 0500
Ben Jeynes / Camilla Hume / Dan Hodkinson
/ Hamish Waller
Michael Johnson / George Budd (Sales)
Dowgate Capital Limited (Joint Broker) Tel: +44 (0)12 9351
Russell Cooke / Nicholas Chambers 7744
Share Communications (PR Adviser) Tel: +44 (0)20 7071
Zoe Powell / Eleanor Mitchell 3932
team@sharecomms.co.uk
To find out more, please visit:
www.onwardopportunities.co.uk
The following notifications are intended to satisfy the
Company's obligations under Article 19(3) of the Market Abuse
Regulation.
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name 1. Henry Freeman
2. Adrian Norman
------------------------------- --------------------------------------------
2 Reason for notification
------------------------------- --------------------------------------------
a) Position/Status 1. Non-Executive Director
2. PCA of Susan Norman, Non-Executive
Director
------------------------------- --------------------------------------------
b) Initial notification/amendment Initial notification
------------------------------- --------------------------------------------
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 Ordinary shares of no par value
financial instrument, ISIN: GG00BMZR1514
type of instrument
and identification
code
------------------------------- --------------------------------------------
b) Nature of transaction Subscription for new ordinary shares
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1. 102.5 1. 15,000
2. 102.5 2. 4,878
------------------------------- --------------------------------------------
d) Aggregated information n/a
------------------------------- --------------------------------------------
e) Date of transaction 1. 4 October 2023
2. 4 October 2023
------------------------------- --------------------------------------------
f) Place of transaction Outside of a trading venue
------------------------------- --------------------------------------------
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END
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