AIM Sch 1 Update - Duke Royalty Limited (4425X)

TIDMDUKE

RNS Number : 4425X

AIM

21 February 2017

 
         ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT 
         PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 
         OF THE AIM RULES FOR COMPANIES ("AIM RULES") 
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 COMPANY NAME: 
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   Duke Royalty Limited (the "Company" or "Duke") 
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 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, 
  COMPANY TRADING ADDRESS (INCLUDING POSTCODES) 
  : 
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   4(th) Floor, West Wing 
   St Peter Port 
   Guernsey 
   GY1 2JA 
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 COUNTRY OF INCORPORATION: 
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   Guernsey 
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 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION 
  REQUIRED BY AIM RULE 26: 
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   www.dukeroyalty.com/ 
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 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF 
  OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, 
  DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION 
  IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER 
  UNDER RULE 14, THIS SHOULD BE STATED: 
------------------------------------------------------------- 
 
   Duke was incorporated as Praetorian Resources 
   Limited in 2012 and established as a natural 
   resource investment vehicle. On 16 June 2015, 
   Shareholders resolved to amend the Company's 
   investing policy to invest in a diversified 
   portfolio of royalty finance and related opportunities 
   and to change its name to Duke Royalty Limited. 
   On 29 March 2016, the Company announced the 
   sale of the last of its natural resource investments 
   and is now seeking re-admission to AIM as a 
   Rule 8 investing company to enable it to implement 
   its investing policy, which is detailed below: 
 
   To build a stable and reliable income for Shareholders 
   by seeking to invest in, without limitation 
   and restrictions (including geographic restrictions): 
 
   (i) long-term, revenue-based royalties in private 
   and/or public companies; and/or 
   (ii) other alternative asset classes and/or 
   financing instruments from time to time that 
   bear similar risk and return characteristics 
   to the investments in paragraph (i). 
 
 
   The Company has built a near-term pipeline of 
   potential Royalty Financing transactions 
   amounting to approximately GBP75 million. Duke 
   will provide financing to Royalty Partners in 
   one or more instalments in return for monthly 
   royalty payments. 
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 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING 
  ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES 
  (i.e. where known, number and type of shares, 
  nominal value and issue price to which it seeks 
  admission and the number and type to be held 
  as treasury shares): 
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   Number of Ordinary Shares of no par value to 
   be admitted: TBC 
 
   The shares are freely transferable and have 
   no restrictions placed on them. 
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 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) 
  AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: 
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   Capital raised on admission: TBC 
 
   Market capitalisation on admission: TBC 
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 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS 
  AT ADMISSION: 
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   Percentage of AIM securities not in public hands 
   at admission: TBC 
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 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM 
  TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED 
  TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS 
  AIM SECURITIES) ADMITTED OR TRADED: 
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   The Company is not listed on any other exchange. 
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 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED 
  DIRECTORS (underlining the first name by which 
  each is known or including any other name by 
  which each is known): 
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   Nigel Norman Birrell (Non-Executive Chairman) 
   Neil Allan Johnson (Chief Executive Officer) 
   Charles (Charlie) Cannon-Brookes (Executive 
   Director) 
   James (Jim) Alan Ryan (Non-Executive Director) 
   Mark Wilson Le Tissier (Non-Executive Director) 
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 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS 
  EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE 
  CAPITAL, BEFORE AND AFTER ADMISSION (underlining 
  the first name by which each is known or including 
  any other name by which each is known): 
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   Shareholder Name         Percentage        Percentage 
                              Holding before    Holding after 
                              Admission         Admission 
   -----------------------  ----------------  --------------- 
    Neil Johnson (1)         11.55%            TBC 
   -----------------------  ----------------  --------------- 
    Artemis Investment       5.78%             TBC 
     Management plc 
   -----------------------  ----------------  --------------- 
    Charlie Cannon-Brookes   5.76%             TBC 
     (2) 
   -----------------------  ----------------  --------------- 
    Jim Ryan                 5.08%             TBC 
   -----------------------  ----------------  --------------- 
    Nigel Birrell            5.08%             TBC 
   -----------------------  ----------------  --------------- 
    Richard Lockwood         4.87%             TBC 
     (3) 
   -----------------------  ----------------  --------------- 
    Justin Cochrane          4.00%             TBC 
   -----------------------  ----------------  --------------- 
    APAC Resources Limited   3.31%             TBC 
   -----------------------  ----------------  --------------- 
    Malcolm Burne            3.30%             TBC 
   -----------------------  ----------------  --------------- 
    Ravenscroft Ltd          3.17%             TBC 
   -----------------------  ----------------  --------------- 
 
 
   (1) Of this percentage holding, 6.35 per cent. 
   before Admission and [TBC] per cent. after Admission 
   is legally owned by Abingdon Capital Corporation. 
   Neil Johnson is Abingdon's sole voting shareholder. 
   (2) Of this percentage holding, 3.74 per cent. 
   before Admission and [TBC] per cent. after Admission 
   is legally owned by Arlington Group Asset Management 
   Limited ("Arlington"). Charlie Cannon-Brookes 
   is the investment director of Arlington and 
   holds 40 per cent. of the voting shares of Arlington. 
   (3) Richard Lockwood is a director of Arlington 
   and holds 20 per cent. of the voting shares 
   of Arlington. 
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 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE 
  WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: 
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   N/A 
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 (i) ANTICIPATED ACCOUNTING REFERENCE DATE 
  (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION 
  IN THE ADMISSION DOCUMENT HAS BEEN PREPARED 
  (this may be represented by unaudited interim 
  financial information) 
  (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST 
  THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: 
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   (i) 31 March 
   (ii) No historical financial information is 
   being included in the AIM admission document. 
   The date of the last notified accounts of the 
   Company was 30 September 2016 
   (iii) audited results for the year to 31 March 
   2017 by 30 September 2017; 
   unaudited interim results for the six months 
   to 30 September 2017 by 31 December 2017; 
   audited results for the year to 31 March 2018 
   by 30 September 2018 
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 EXPECTED ADMISSION DATE: 
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   Early March 2017 
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 NAME AND ADDRESS OF NOMINATED ADVISER: 
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   Grant Thornton UK LLP 
   30 Finsbury Square 
   London 
   EC2P 2YU 
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 NAME AND ADDRESS OF BROKER: 
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   Cantor Fitzgerald Europe 
   One Churchill Place 
   London 
   E14 5RB 
 
   Mirabaud Securities LLP 
   33 Grosvenor Place 
   London 
   SW1X 7HY 
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 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, 
  DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) 
  THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, 
  WITH A STATEMENT THAT THIS WILL CONTAIN FULL 
  DETAILS ABOUT THE APPLICANT AND THE ADMISSION 
  OF ITS SECURITIES: 
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   The Admission Document, containing full details 
   about Duke Royalty Limited and the admission 
   of its issued share capital to trading on AIM, 
   will be available during normal business hours 
   on any weekday (excluding Saturdays, Sundays 
   and public holidays) at the registered office 
   of McCarthy Tétrault, 26(th) Floor, 125 
   Old Broad Street, London, EC2N 1AR and the registered 
   office of the Company until at least one month 
   after Admission. 
 
   Copies of the Admission Document will also be 

   available on the Company's website at www.dukeroyalty.com 
   following Admission. 
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 DATE OF NOTIFICATION: 
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 21 February 2017 
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 NEW/ UPDATE: 
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   UPDATE 
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This information is provided by RNS

The company news service from the London Stock Exchange

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February 21, 2017 06:25 ET (11:25 GMT)