Issue of Equity

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.

16 July 2025

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

Issue of Equity and Total Voting Rights

Concert Party Update

Subscription to raise not less than £1.4 million

Onward Opportunities Limited, the investment company that invests in UK smaller companies, is pleased to announce that in response to significant investor demand it has raised gross proceeds of not less than £1.4 million by way of a direct subscription (the "Subscription"). The Subscription has been made by new and existing investors with the Company for not less than 1,118,199 new ordinary shares (the "Subscription Shares") at a price of 126.64 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 as at 11 July 2025 of 124.52 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 prior to 4.30 p.m. on 18 July 2025 and may make a further announcement as appropriate.

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 not less than approximately £1.37 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: "In the headwinds of domestic and international political volatility, it is more important than ever to demonstrate demand for our high touch, specialist investment strategy. We are sanguine about the valuation opportunities such volatility produces. 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 23 July 2025 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 339,681 Subscription Shares. As a result, and on Admission, the members of the Concert Party in the Company will collectively hold an aggregate of 11,434,384 ordinary shares in the Company, representing 42.7 per cent. of the Company's enlarged issued ordinary share capital, of which the Portfolio Manager holds 10,013,269 ordinary shares, representing 37.4 per cent. of the Company's enlarged issued ordinary share capital, on behalf of its discretionary clients*.

The Portfolio Manager is deemed a related party of the Company pursuant to the AIM Rules for Companies (the "AIM Rules") and the Portfolio Manager's participation in the Subscription constitutes 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 Portfolio Manager's participation in the Subscription is fair and reasonable insofar as shareholders are concerned.

Total Voting Rights

On Admission, the Company will have a total of 26,798,823 ordinary shares in issue. No ordinary shares are held in treasury. The figure of 26,798,823 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.

Concert Party Update

Effective 7 July 2025, and with confirmation from the Takeover Panel, Lorna Tilbian's holding of 200,000 ordinary shares has been aggregated within the interests of the Portfolio Manager's discretionary clients, as these shares are managed on her behalf under a discretionary mandate. IN addition, following a reassessment of the relationships among the Concert Party, Harry Hyman is no longer considered to be a member of the Concert Party.

*Per the Concert Party Update, this figure includes Lorna Tilbian's holding of 200,000 ordinary shares.

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