Acquisition of Interest in The Mission Group plc

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: [phone] [e-mail] Tel: [phone] [e-mail]
Apex Administration (Guernsey) Limited (Company Secretary) Martin Baxter / Harry Rouillard	Tel: [phone] [e-mail]
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: [phone]
Dowgate Capital Limited (Joint Broker) Russell Cook / Nicholas Chambers	Tel: [phone]

 

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