Onward Opportunities Limited Acquisition of Interest in The Mission Group plc
19 Julio 2024 - 8:31AM
RNS Regulatory News
RNS Number : 1264X
Onward Opportunities Limited
19 July 2024
19 July 2024
Onward Opportunities
Limited
("Onward
Opportunities" or the "Company")
Acquisition of Interest in The Mission
Group plc
Onward Opportunities Limited (AIM: ONWD), the investment company targeting opportunities in
smaller companies within the UK, announces
the acquisition of a minority equity interest in The Mission Group
plc ("TMG"), an AIM-quoted digital marketing and communications
group.
On 10 July 2024, the Company
acquired 5,797,261 existing ordinary shares of TMG in an on market
purchase for an aggregate consideration of £1.16 million (the
"Acquisition"). The acquired ordinary TMG shares represent 6.3 per
cent. of TMG's issued ordinary share capital.
TMG (AIM: TMG) is a group of digital
marketing and communications agencies that employees more than
1,100 people across 25 locations on 3 continents representing a
blue-chip client base. In the year ended 31 December 2023, TMG
reported revenues (operating income) of £86.3 million and adjusted
profit before tax* of £4.2 million. As at 31 December 2023, TMG had
audited net assets of £76.4 million.
The Acquisition, in line with Onward
Opportunities' stated investing policy, was funded from the
Company's existing cash balances.
*adjusted profit before tax
calculated and reported by TMG prior to acquisition adjustments,
start-up costs and exceptional restructuring costs.
For
further information, please contact:
Onward Opportunities Limited
Andrew Henton, Chairman
Dowgate Wealth Limited (Portfolio Manager)
Laurence Hulse, Investment
Director
|
Tel: +44
(0) 203 5303 150
ool@apexgroup.com
Tel: +44
(0) 203 5303 150
ool@apexgroup.com
|
Apex
Administration (Guernsey) Limited (Company
Secretary)
Martin Baxter / Harry
Rouillard
|
Tel: +44
(0) 203 5303 150
ool@apexgroup.com
|
Cavendish Capital Markets Limited (Nominated Adviser and Joint
Broker)
Ben Jeynes / Camilla Hume -
Corporate Finance
Michael Johnson / Chris West /
Charlie Combe - Sales and ECM
|
Tel: +44
(0)20 7220 0500
|
Dowgate Capital Limited (Joint Broker)
Russell Cook / Nicholas
Chambers
|
Tel: +44
(0)12 9351 7744
|
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END
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