26 April 2024
Onward Opportunities Limited
("ONWD" or the "Company")
Issue of Equity and Total Voting Rights
Director/PDMR Shareholding
Onward Opportunities Limited (AIM: ONWD), the investment company targeting opportunities in smaller companies within the UK, announces that it has made application for 16,848 new ordinary shares in the Company ("New Ordinary Shares") to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on or around 30 April 2024 and the New Ordinary 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 17,557,378 ordinary shares in issue. No ordinary shares are held in treasury. The figure of 17,557,378 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.
The New Ordinary Shares will be issued to Dowgate Wealth Limited (the "Portfolio Manager") at an effective issue price per New Ordinary Share of 109.04 pence, being the net asset value per ONWD ordinary share at 31 March 2024, in respect of the Portfolio Manager's performance fee for the year ended 31 December 2023 and pursuant to the Portfolio Management Agreement between the Company and the Portfolio Manager (the "PMA") first disclosed in the Company's AIM Admission Document dated 23 March 2023.
In accordance with the terms of the PMA, the Portfolio Manager has agreed to transfer 7,800 New Ordinary Shares issued to the Portfolio Manager to Laurence Hulse, Investment Director of the Portfolio Manager and a PDMR of the Company. The notification below, provided in accordance with the UK Market Abuse Regulation, provides further details in this regard.
All of the New Ordinary Shares are subject to an 18-month lock-in period following Admission.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
| Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | |||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||||||
| a. | Name | Laurence Hulse | |||||
| 2 | Reason for notification |
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| a. | Position/Status | Investment Director of Dowgate Wealth Limited and PDMR | |||||
| b. | Initial notification/ Amendment | Initial Notification | |||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||
| a. | Name | Onward Opportunities Limited | |||||
| b. | LEI | 213800OP1Q2B3EO9LE92 | |||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||||
| a. | Description of the financial instrument, type of instrument | Ordinary Shares of nil par value each | |||||
| b. | Nature of the transaction | Issue of new ordinary shares in respect of 2023 portfolio manager performance fee | |||||
| c. | Price(s) and volume(s) |
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| d. | Aggregated information - Aggregated Volume - Price | Not applicable (Single transaction)
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| e. | Date of the transaction | 25 April 2024 | |||||
| f. | Place of the transaction | Outside of a trading venue | |||||
-ENDS-
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For further information, please contact
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Onward Opportunities Limited Andrew Henton, Chairman
Dowgate Wealth Limited (Portfolio Manager) Laurence Hulse, Investment Director
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Tel: +44 (0)20 3416 9143 hello@dowgate.co.uk
Tel: +44 (0)20 3416 9143 hello@dowgate.co.uk
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| Apex Administration (Guernsey) Limited (Company Secretary) Martin Baxter / Harry Rouillard
| Tel: +44 (0) 203 5303 150 ool@apexgroup.com |
| Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker) Ben Jeynes/Camilla Hume
| Tel: +44 (0)20 7397 8900 |
| Dowgate Capital Limited (Joint Broker) Russell Cooke / Nicholas Chambers
| Tel: +44 (0)20 3903 7715 |
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