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
|
|
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
Identification Code
|
Ordinary Shares of nil par value
each
ISIN: GG00BMZR1514
|
b.
|
Nature of the transaction
|
Issue of new ordinary shares in
respect of 2023 portfolio manager performance fee
|
c.
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
109.04p
|
7,800
|
|
d.
|
Aggregated information
- Aggregated Volume
- Price
|
Not applicable (Single
transaction)
|
e.
|
Date of the transaction
|
25 April 2024
|
f.
|
Place of the transaction
|
Outside of a trading
venue
|
-ENDS-
For
further information, please contact
|
|
Onward Opportunities Limited
Andrew Henton, Chairman
Dowgate Wealth Limited (Portfolio Manager)
Laurence Hulse, Investment
Director
|
Tel: +44 (0)20 3416
9143
hello@dowgate.co.uk
Tel: +44 (0)20 3416
9143
hello@dowgate.co.uk
|
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
|