19 July 2024
Onward Opportunities Limited
("Onward Opportunities" or the "Company")
Acquisition of Interest in The Mission Group plc
Onward Opportunities Limited (AIM: ONWD), the investment company targeting opportunities in smaller companies within the UK, announces the acquisition of a minority equity interest in The Mission Group plc ("TMG"), an AIM-quoted digital marketing and communications group.
On 10 July 2024, the Company acquired 5,797,261 existing ordinary shares of TMG in an on market purchase for an aggregate consideration of £1.16 million (the "Acquisition"). The acquired ordinary TMG shares represent 6.3 per cent. of TMG's issued ordinary share capital.
TMG (AIM: TMG) is a group of digital marketing and communications agencies that employees more than 1,100 people across 25 locations on 3 continents representing a blue-chip client base. In the year ended 31 December 2023, TMG reported revenues (operating income) of £86.3 million and adjusted profit before tax* of £4.2 million. As at 31 December 2023, TMG had audited net assets of £76.4 million.
The Acquisition, in line with Onward Opportunities' stated investing policy, was funded from the Company's existing cash balances.
*adjusted profit before tax calculated and reported by TMG prior to acquisition adjustments, start-up costs and exceptional restructuring costs.
For further information, please contact:
|
Onward Opportunities Limited Andrew Henton, Chairman
Dowgate Wealth Limited (Portfolio Manager) Laurence Hulse, Investment Director
|
Tel: +44 (0) 203 5303 150 ool@apexgroup.com
Tel: +44 (0) 203 5303 150 ool@apexgroup.com
|
| 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 - Corporate Finance Michael Johnson / Chris West / Charlie Combe - Sales and ECM
| Tel: +44 (0)20 7220 0500 |
| Dowgate Capital Limited (Joint Broker) Russell Cook / Nicholas Chambers
| Tel: +44 (0)12 9351 7744 |
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