LONDON: Onward Opportunities Limited (AIM: ONWD), the investment company targeting opportunities in smaller companies within the UK, announced 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 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.