Onward Opps Regulatory News (ONWD)

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.

12 January 2026

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

Issue of Equity and Total Voting Rights

Subscription to raise £3.72 million

Onward Opportunities Limited, the investment company that invests in UK smaller companies, is pleased to announce that in response to investor demand it has raised gross proceeds of £3.72 million by way of a direct subscription (the "Subscription"). The Subscription has been made by new and existing investors with the Company for 2,547,827 new ordinary shares (the "Subscription Shares") at a price of 146.13 pence per Subscription Share (the "Subscription Price").

The Subscription Price represents a premium of 1.7 per cent. to the Company's unaudited net asset value per ordinary share at 31 December 2025 of 143.69 pence per existing ordinary share.

In order to facilitate any further demand, the Company may accept further direct subscriptions with the Company at the Subscription Price (the "Additional Subscription"). The Additional Subscription will close at the discretion of the Company and, in any event, by no later than 4.30 p.m. on 16 January 2026. A further announcement may be made, as appropriate, in due course.

The Board and Portfolio Manager continue to believe that there are compelling structural factors underpinning the Company's investment strategy. Prevailing market conditions create an environment in which the Portfolio Manager has the ability to generate aggregated portfolio returns in excess of 15.0 per cent per annum over the long term. The net proceeds of the Subscription, being approximately £3.63 million, will provide the Company with additional resources with which to pursue its stated investing policy.

Laurence Hulse, Lead Fund Manager of Onward Opportunities Limited, commented: "We have started 2026 as we mean to go on; with our largest capital inflow since launch in 2023 of almost £4m. The proceeds are to be invested into specific pipeline targets that the manager has identified and are expected to drive medium term NAV performance. The Company's returns are materially ahead of our 15% per annum target and these additional liquid reserves allow us to lay down tracks for a continuation of this journey. To make such a bold statement of intent in the first week of the year is a reflection of the growing conviction of our investor base. We look forward to a first quarter of potential catalysts across the well invested portfolio. Onwards "

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 15 January 2026 and the Subscription Shares will, on issue, rank pari passu in all respects with the Company's existing ordinary shares.

Related Party Participation in the Subscription

Dowgate Wealth Limited (the "Portfolio Manager"), the Company's Portfolio Manager and a Substantial Shareholder of the Company, has subscribed for 514,027 Subscription Shares. As a result, and on Admission, the members of the Concert Party in the Company will collectively hold an aggregate of 11,580,860 ordinary shares in the Company, representing 35.92 per cent. of the Company's enlarged issued ordinary share capital, of which the Portfolio Manager holds 10,289,745 ordinary shares, representing 31.92 per cent. of the Company's enlarged issued ordinary share capital, on behalf of its discretionary clients*.

In addition, Mark Wharrier, who has recently joined the investment committee of the Company, has subscribed for 68,432 Subscription Shares.

The Portfolio Manager and Mark Wharrier are each deemed to be related parties of the Company pursuant to the AIM Rules for Companies (the "AIM Rules") and therefore the Portfolio Manager's and Mark Wharrier's participation in the Subscription each constitute 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 participation of the Portfolio Manager and Mark Wharrier in the Subscription is fair and reasonable insofar as shareholders are concerned.

Total Voting Rights

On Admission, the Company will have a total of 32,239,015 ordinary shares in issue. No ordinary shares are held in treasury. The figure of 32,239,015 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.

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