Issue of Equity/Director/PDMR Shareholding

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.

-ENDS-