NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF AOUTH AFRICA OR ANY EUROPEAN ECONOMIC AREA ("EEA") STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL. PLEASE SEE SECTION ENTITLED "IMPORTANT NOTICES" AT THE END OF THIS ANNOUNCEMENT.

16 April 2026

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

Admission to trading on the Main Market of the London Stock Exchange and AIM cancellation

Onward Opportunities Limited (TIDM: ONWD), the investment company targeting opportunities in UK smaller companies, is pleased to announce that its ordinary shares ("Ordinary Shares") will be admitted to the closed-ended investment funds segment of the Official List and commencement of trading on the Main Market of the London Stock Exchange (the "Admission") will take place today at 8:00 a.m. At that point, the Group's existing admission to trading on AIM will be cancelled.

The Company is not offering any new Ordinary Shares nor any other securities in connection with Admission. Following Admission, the Ordinary Shares will continue to be registered with their existing ISIN of GG00BMZR1514 and the TIDM will remain ONWD.

Laurence Hulse, Founder & Lead Fund Manager, said:

"Our move to the Main Market is another major landmark for Onward Opportunities, reflecting the success of our strategy and our ambition to continue to grow. Since launch just over three years ago we're proud of the support shown by existing and new shareholders alike as the Company has consistently raised new capital at a premium to target what remain highly attractive UK smaller company valuations.

To date, the Company has raised over £30m through its Initial Public Offering on AIM and eleven follow-on capital raises, being recognised as 'AIM IPO of the year' at the 2024 Small Cap Awards and for 'Best Use of AIM' at the 2025 AIM Awards.

A Snow Leopard features in the Company's branding and has never been more apt. They are a crepuscular creature and an endangered species, typically occupying cliffs and ridges. As we look ahead, we now have the added agility that will come with a Main Market listing, enabling us to tap new capital more quickly to capitalise on opportunities.

We take comfort from what we have been able to achieve as an active UK equity fund through the conditions in our first three years and look ahead with confidence in delivering growth and returns for our shareholders."

For further information, please contact:

About Onward Opportunities

Onward Opportunities is a closed-end investment company listed on London's Main Market.

Onward was launched by lead fund manager Laurence Hulse on AIM in March 2023 to target a structural market opportunity in UK-listed smaller companies, with the aim of generating absolute returns of 15% or more per annum. The fund migrated to the Main Market in April 2026.

Onward has been an outperforming and one of the fastest growing UK Smaller Companies funds since launch, with significant outperformance against its benchmark UK AIM All-Share TR indices.

Onward has an investment committee (IC) that has a combined experience of c.160 years and a history of value creation for clients. The team uses an active investment approach for identifying investment opportunities and driving those investments to an outcome with the aim of generating higher returns by capitalising on market inefficiencies.

For more information please visit: www.onwardopportunities.co.uk

About Dowgate Wealth (Onward Opportunities Portfolio Manager):

Dowgate Wealth is a fast-growing independent UK wealth management business, providing a bespoke and personalised investment service to over 3,000 clients. Founded in 2019, the Group has expanded to a team of 19 investment managers, with over £2 billion of assets under management. 

Dowgate Wealth is proud to be a firm where employees own a stake in the company. This underpins the firm's culture of entrepreneurialism and long-term thinking, which is further supported by taking an asset agnostic approach to investing.

Important Notices

This announcement does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, shares in the Company in any jurisdiction. The distribution of this announcement outside the United Kingdom may be restricted by law. No action has been taken by the Company that would permit possession of this announcement in any jurisdiction outside the UK where action for that purpose is required. Persons outside the United Kingdom who come into possession of this announcement should inform themselves about the distribution of this announcement in their particular jurisdiction. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This document is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

Moreover, the Ordinary Shares have not been, nor will they be, registered under the applicable securities laws of Australia, Canada, the Republic of South Africa Japan or any member state of the EEA (other than a member state of the EEA where the Ordinary Shares are lawfully marketed). Subject to certain exceptions, the Ordinary Shares may not be offered or sold in the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA or to, or for the account or benefit of, any national, resident or citizen of, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA. The Placing Programme and the distribution of this announcement, in certain jurisdictions may be restricted by law and accordingly persons into whose possession this announcement is received are required to inform themselves about and to observe such restrictions.

Cavendish Capital Markets Limited ("Cavendish"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively as sponsor and broker for the Company and for no one else in relation to Admission, the Placing Programme and the other arrangements referred to in this announcement.  Cavendish will not regard any other person (whether or not a recipient of this announcement) as its client in relation to Admission, the Placing Programme and the other arrangements referred to in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing any advice in relation to Admission, the Placing Programme, the contents of this announcement or any transaction or arrangement referred to in this announcement.

Apart from the responsibilities and liabilities, if any, which may be imposed on Cavendish by FSMA or the regulatory regime established thereunder, or under the regulatory regime of any other jurisdiction where exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable, neither Cavendish nor any person affiliated with it makes any representation or warranty or express or implied in relation to, nor accepts any responsibility whatsoever for, the contents of this announcement, including its accuracy, completeness or verification, or for any other statement made or purported to be made by it or on its behalf or on behalf of the Company or any other person in connection with the Company, Admission, the Ordinary Shares or the Placing Programme. Cavendish and its affiliates accordingly, to the fullest extent permissible by law, disclaim all and any responsibility or liability (save for statutory liability), whether arising in tort, contract or otherwise which it might otherwise have in respect of the contents of this announcement or any other statement made or purported to be made by it or on its behalf in connection with the Company, Admission, the Ordinary Shares or the Placing Programme.