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:

To find out more, please visit: www.onwardopportunities.co.uk