Onward Opportunities Ltd, a newly incorporated non-cellular investing company based in Guernsey, commenced trading on the AIM segment of the London Stock Exchange on Thursday, March 30.
It marks the third AIM listing this year following Celsius Resources and Fulcrum Metal in February.
In connection with the admission, Onward Opportunities has conditionally raised gross Proceeds of £12.8mln of initial capital at a placing price of 100p per share.
Cenkos Securities acted as the nomad.
Onward’s objective is to generate risk-adjusted absolute returns to shareholders by investing in UK smaller companies, with returns expected to come primarily from capital growth over a three to five-year holding period.
Dowgate Wealth Limited will provide portfolio management services to the company, with the investment team led by investment director Laurence Hulse.
Dowgate Wealth is an employee-owned, private company founded in 2020 by former Hargreave Hale colleagues. As of 30 January 2023, Dowgate Wealth has assets under administration in excess of £495mln.
Chairman Andrew Henton said: "We believe that a structural market gap in the market exists within UK smaller companies which can be exploited through the deep industry experience of the investment team.
“We recognise that implementing an active approach to identifying these companies, and engaging with them, can support the SMEs that are the driving wheels of enterprise in the UK and lead to increased returns by targeting these inefficiencies."