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.
26 March 2024
Onward Opportunities
Limited
("Onward
Opportunities" or the "Company")
Issue of Equity
Subscription to raise approximately
£1.66 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 £1.66 million by way of a direct subscription (the
"Subscription"), by new and existing investors, for 1,513,240 new
ordinary shares (the "Subscription Shares") at a price of 110 pence
per new ordinary share (the "Subscription Price"). The Subscription
Price represents a premium of 2.0 per cent. to the Company's
unaudited net asset value per ordinary share as at 29 February 2024
of 107.8 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 £1.61 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 its Q4 Factsheet for
the period to 31 December 2023, noting a rewarding first financial
year of investment performance (NAV growth) for the Company of
11.3% since inception.
Laurence
Hulse, Lead Fund Manager of Onward Opportunities Limited,
commented: "We are establishing encouraging
early signs that Onward Opportunities has a strategy to generate
absolute returns for our shareholders. We are delighted to have
been able to raise additional capital for the second time in twelve
months. This will enable the company to capitalise on an exciting
pipeline of opportunities and will be deployed into additional
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 27
March 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
17,540,530 ordinary shares in issue. No ordinary shares are held in
treasury. The figure of 17,540,530 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 696,470 Subscription Shares. As a
result, and on Admission, the members of the Concert Party in the
Company will collectively hold an aggregate of
9,719,826 ordinary shares in the Company,
representing 55.4 per cent. of the
Company's enlarged issued ordinary share capital.
The directors of the Company, having consulted
with the Company's nominated adviser, consider that the terms of
the participation of the Portfolio Manager in the Subscription are
fair and reasonable insofar as shareholders are
concerned.
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 /
Hamish Waller
Michael Johnson / George Budd
(Sales)
|
Tel: +44 (0) 207 220
0500
|
Dowgate
Capital Limited (Joint Broker)
Russell Cook / Nicholas Chambers
|
Tel: +44 (0)20 3903
7715
|
|
|
To find out more, please visit:
www.onwardopportunities.co.uk