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 |
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| Onward Opportunities Limited Andrew Henton, Chairman
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Tel: +44 (0)20 3416 9143 |
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| Dowgate Wealth Limited (Portfolio Manager) Laurence Hulse, Lead Fund Manager
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Tel: +44 (0)20 3416 9143 |
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| Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker) Ben Jeynes - Corporate Finance Chris West / Matt Lewis - Sales and Corporate Broking
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Tel: +44 (0)20 7220 0500 |
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| Dowgate Capital Limited (Joint Broker) Russell Cook / Daniel Ingram
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Tel: +44 (0)20 3903 7715 |
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To find out more, please visit: www.onwardopportunities.co.uk