(Alliance News) - Onward Opportunities Ltd on Friday said its net asset value per share ticked up at the end of June from a month earlier, which it said was driven by investee Angling Direct PLC.

The UK smaller companies-focused investment firm said its NAV per share on June 30 was 96.42 pence, up 0.7% from a month earlier.

Shares in Onward Opportunities were flat at 105.50 pence each in London on Friday morning.

Looking across the second quarter, Onward said the NAV per share was up 0.8% from March 31. It said this was "encouraging", considering a "weaker" quarter for UK indices, including the FTSE AIM All Share index falling 6.5%.

The investment manager explained this was largely due to "positive" performance in Angling Direct, which "has been the company's core position" and is now its largest equity holding.

Onward began trading on AIM in late-March, after raising GBP12.8 million in its initial public offering.

"Our first action on day 1 of trading was the deployment of 98% NAV into 10 UK gilts and treasury-bills that are earning a running yield in excess of 4% for the company," Onward said.

By Greg Rosenvinge, Alliance News reporter

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