ONWD Onward Opportunities Limited

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 December 2024

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

Issue of Equity

Subscription to raise not less than £1.63 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 not less than £1.63 million by way of a direct subscription (the "Subscription"), in doing so increasing the Company's equity base by a further 6.1 per cent. The Subscription has been made by new and existing investors with the Company for 1,358,835 new ordinary shares (the "Subscription Shares") at a price of 119.75 pence per new ordinary share (the "Subscription Price").

In order to facilitate any further demand, the Company may accept further direct subscriptions with the Company at the Subscription Price prior to 5.00 p.m. on 5 December 2024.

The Subscription Price represents a premium of 1.7 per cent. to the Company's unaudited net asset value per ordinary share as at 30 November 2024 of 117.74 pence per existing ordinary share.

The Company remains committed to increasing its capital base on attractive terms for the Company's existing shareholders, providing greater scale for new investment opportunities and diluting the impact of overheads.

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 which Onward Opportunities has so far exceeded since its launch. The net proceeds of the Subscription of approximately £1.58 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 117.74 pence per existing ordinary share as at 30 November 2024 reflects investment performance ("NAV growth") over the last 12 months of 17.5 per cent. (30 November 2023: 100.24 pence per ordinary share).

Laurence Hulse, Lead Fund Manager of Onward Opportunities Limited, commented: "We are facing the 41^st consecutive month of outflows from UK equity markets and such extremes make for profitable opportunities to the contrarian, value investor with a permanent capital mindset. Our early investment returns ahead of target are testament to this, as is the additional investment into the Company by team members. The manager set themselves a stretch target at the start of the year to double the size of the fund to £30m and this latest raise leaves us within touching distance of that target, having raised £9.3m so far in 2024 and supplemented this with investment performance ahead of our target returns. 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 9 December 2024 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, and its affiliates have subscribed for 345,673 Subscription Shares. As a result, and on Admission, the members of the Concert Party in the Company will collectively hold an aggregate of 11,263,308 ordinary shares in the Company, representing 47.4 per cent. of the Company's enlarged issued ordinary share capital.

In addition, Laurence Hulse, the Portfolio Manager's Lead Fund Manager, and Luke Allen, a Non-Executive Director of the Company, have subscribed for 4,175 Subscription Shares and 25,052 Subscription Shares, respectively, 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.

Each of Laurence Hulse and Luke Allen are related parties of the Company pursuant to the AIM Rules and their 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 Susan Norman, consider, having consulted with the Company's nominated adviser, that Laurence Hulse's and Luke Allen'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 Laurence Hulse's and Luke Allen's participation in the Subscription, provides further details.

FOR FURTHER ENQUIRIES:

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.