3 February 2025

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

Amalgamation of Administrator

The Company announces that, effective 31 January 2025, the Company's appointed Administrator and Company Secretary, Apex Administration (Guernsey) Limited (the "Administrator"), completed an amalgamation of corporate bodies pursuant to Part VI of the Companies (Guernsey) Law, 2008 with Apex Fund and Corporate Services (Guernsey) Limited (the "Amalgamation"). As a result of the Amalgamation, the name of the Administrator and Company Secretary has changed to Apex Fund and Corporate Services (Guernsey) Limited.  There are no further material changes arising from the Amalgamation and all pre-existing contractual arrangements in place between the Company and the Administrator remain in force.

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About Onward Opportunities

Onward Opportunities is an investment company focussed on the UK small cap market, led by an Investment Committee and Lead Manager with over 160 years' combined experience.

Onward has a clear investment strategy, to capitalise on the significant valuation anomalies arising from a lack of investor information on UK small and micro-cap stocks. Through its analysis, experience and deep understanding of the UK Small Cap market, Onward Opportunities is able to identify these anomalies, enabling investment in opportunities with superior potential upside.

The investment philosophy is to focus on companies with competitive advantage, strong management track record, balance sheet asset backing, attractive cash flow potential and visibility of earnings. Investee companies will also have scope for material potential valuation upside that can be delivered from catalysing strategic, operational or management initiatives. Onward Opportunities helps its portfolio companies realise this potential through active engagement.

Since IPO in March 2023, the investment strategy and philosophy have proven successful, consistently outperforming the AIM All Share Index. Onward Opportunities' investment objective is to deliver a return on investments of at least 2.0x invested capital over a three-to-five-year hold period, aggregating into a total annualised return of at least 15% per annum.