Issue of Equity

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:

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.