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.
3 July 2024
Onward Opportunities
Limited
("Onward
Opportunities" or the "Company")
Issue of Equity
Subscription to raise approximately
£3.12 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 £3.12 million by way of a direct subscription (the
"Subscription"), growing the Company by 15 per cent. The
Subscription has been made by new and existing investors with the
Company for 2,606,733 new ordinary shares (the "Subscription
Shares") at a price of 119.50 pence per new ordinary share (the
"Subscription Price").
The Subscription Price represents a premium of
2.50 per cent. to the Company's unaudited net asset value per
ordinary share as at 24 June 2024 of 116.57 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 £3.03 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's unaudited net asset value of 116.57
pence per existing ordinary share as at 24 June 2024 reflects
investment performance (NAV growth) over a 12 month period of 20.90
per cent. (30 June 2023: 96.42 pence per ordinary
share).
Laurence
Hulse, Lead Fund Manager of Onward Opportunities Limited,
commented:
"It augurs
well that Onward Opportunities continues to deliver both its
investment strategy of absolute
investment
returns and an ability to grow through new fundraises against a
backdrop of equity fund outflows. We are delighted to have been
able to raise additional capital for the third time in twelve
months, being one of the very few investment companies to do so on
the UK market. This will enable the Company to capitalise on an
exciting pipeline of identified opportunities and will be deployed
into
new
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 4 July 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
20,164,111 ordinary shares in issue. No ordinary shares are held in
treasury. The figure of 20,164,111 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
1,041,858 Subscription Shares. As a result, and on Admission, the
members of the Concert Party in the Company will collectively hold
an aggregate of 10,769,484 ordinary shares in the Company,
representing 53.4 per cent. of the Company's enlarged issued
ordinary share capital.
In addition, Susan Norman, a non-executive
director of the Company, has subscribed for an aggregate of 25,104
Subscription Shares at the Subscription Price pursuant to the
Subscription.
The Portfolio Manager is deemed a related party
of the Company pursuant to the AIM Rules for Companies (the "AIM
Rules") and the Portfolio Manager's participation in the
Subscription constitutes 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 Portfolio
Manager's participation in the Subscription is fair and reasonable
insofar as shareholders are concerned.
Susan Norman, a non-executive director of the
Company is a related party of the Company pursuant to the AIM Rules
and her participation in the Subscription also constitutes a
related party transaction under Rule 13 of the AIM Rules. The
independent directors of the Company, namely Andrew Henton, Henry
Freeman and Luke Allen, consider, having consulted with the
Company's nominated adviser, that Susan Norman's participation in
the Subscription is fair and reasonable insofar as shareholders are
concerned.
The notification below, provided in accordance
with the UK Market Abuse Regulation in respect of Susan Norman's
participation in the Subscription, provides further
details.
FOR FURTHER
ENQUIRIES:
Onward
Opportunities Limited
Andrew Henton, Chairman
|
Tel: +44 (0)20 3416
9143
hello@dowgate.co.uk
|
Dowgate Wealth
Limited (Portfolio Manager)
Laurence Hulse, Investment Director
|
Tel: +44 (0)20 3416
9143
hello@dowgate.co.uk
|
Cavendish
Capital Markets Limited (Nominated Adviser and Joint
Broker)
Ben Jeynes / Camilla Hume / Dan Hodkinson -
Corporate Finance
Michael Johnson / Chris West / Charlie Combe -
Sales and ECM
|
Tel: +44 (0) 207 220
0500
|
Dowgate
Capital Limited (Joint Broker)
Nicholas Chambers
|
Tel: +44 (0)20 3903
7715
|
|
|
To find out more, please visit:
www.onwardopportunities.co.uk
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
|
1.
Susan Norman
2.
The Susan Norman 2010 Retirement Annuity Trust
Scheme
3.
Susan & Adrian Norman
|
2
|
Reason for notification
|
|
a.
|
Position/Status
|
1.
Non-Executive Director (PDMR)
2. PCA of
Non-Executive Director
3.
Non-Executive Director (PDMR) and her PCA
|
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 financial
instrument, type of instrument
Identification Code
|
Ordinary Shares of nil par value
each
ISIN: GG00BMZR1514
|
b.
|
Nature of the transaction
|
Purchase of Ordinary
Shares
|
c.
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
1. 119.5p
2. 119.5p
3. 119.5p
|
1. 8,368
2. 8,368
3. 8,368
|
|
d.
|
Aggregated information
- Aggregated Volume
- Price
|
Not applicable (Single
transactions)
|
e.
|
Date of the transaction
|
1. 2 July
2024
2. 2 July
2024
3. 2 July
2024
|
f.
|
Place of the transaction
|
Outside of a trading
venue
|