Company Announcements

Acquisition of Interest in The Mission Group plc

Source: RNS
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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