Duke Royalty Limited Board Changes and Corporate Update (1588R)

TIDMDUKE

RNS Number : 1588R

Duke Royalty Limited

07 March 2016

7 March 2016

Duke Royalty Limited

("Duke Royalty" or the "Company")

Board Changes and Corporate Update

7 March 2016 - Duke Royalty Limited ("Duke Royalty" or the "Company"), a public diversified royalty company (AIM: DUKE), today announces the following:

Board changes

With immediate effect, Mark Le Tissier has been appointed to the Board of the Company as a Non-Executive Director, and Robert King has resigned as Non-Executive Chairman and from the board of directors with immediate effect, completing his interim period as described in the Result of EGM announcement June 16, 2015. Mr Le Tissier is the European Regional Director of Trident Trust with oversight over five offices, as well as the Managing Director of Trident Trust Guernsey, and has worked for Trident for over twenty years. He has extensive board-level experience, has an in-depth knowledge of Guernsey and other jurisdictions' corporate and investment regulations, and is a resident of Guernsey. Nigel Birrell has become the Company's Non-Executive Chairman with immediate effect.

Neil Johnson, CEO and Executive Director of Duke Royalty, comments, "We welcome Mark to the Duke Royalty Board and we look forward to working with him as the Company moves into the next stage of its development. His expertise in corporate governance across different jurisdictions will be important in Duke's future." Mr. Johnson added, "We thank Rob for his service to the company to complete the transition to Duke Royalty, which has now fundamentally been completed. We wish him very well in his future endeavours."

Change of Company Secretary and Administrator

Duke Royalty is also pleased to announce that the appointment of Trident Trust Company (Guernsey) Limited ("Trident Trust") as the Company's Secretary and Administrator will become effective as at 1 April 2016. Trident Trust, with 34 offices in 24 jurisdictions worldwide, is a leading independent provider of corporate, trust, and fund services to the financial services sector. An orderly transition from R&H Fund Services (Guernsey) Limited ("R&H") to Trident Trust has been initiated. The Duke Royalty Board would like to thank R&H for their diligent and professional efforts throughout this transitional phase.

Corporate update

In June 2015, the Company embarked on a transformation to the first UK diversified royalty company, which it has largely completed. After raising GBP2,250,000 at 50 pence per share, in May 2015, the Company received shareholder support for a change in its investment policy. The new investment policy saw the Company become a diversified royalty finance company, with the aim of providing alternative financing to a range of profitable and well-managed businesses. At that time, the Company also announced the appointment of a new set of highly-experienced Board members including Neil Johnson as the Company's CEO to execute the Company's new investment mandate.

In early September 2015, along with a small placing at 60p per share, the Company announced an exclusive, global, long-term collaboration agreement with Oliver Wyman, a wholly-owned division of Marsh & McLennan Companies, a Fortune 200 company, with an initial focus on generating healthcare royalty transactions. The Company is proud to say this collaboration is a first in the industry and this gives Duke Royalty the expertise of a global management consultancy which deals with many major companies in the healthcare industry. Furthermore, the depth of expertise of Oliver Wyman provides Duke Royalty a due diligence resource that other royalty companies cannot match.

Later in September 2015, the Company announced the establishment of its Healthcare Investment Committee, the members of which have a combined total of over $2 billion and over 100 years of healthcare royalty experience. Including true pioneers of the public royalty sector, the Company's investment committee has the requisite skills to evaluate and recommend our proprietary deals for the benefit of Duke Royalty's shareholders.

In October 2015, the Company welcomed the full-time appointment of Justin Cochrane as EVP of Corporate Development. A further important piece to building a global royalty company, Justin has successfully concluded dozens of royalty transactions in multiple jurisdictions during his career and will be instrumental in monitoring and evaluating the Company's investments in the future. This completed the royalty execution skills the Company required, allowing the origination and evaluation of many potential investments by not only our internal resources, but also from Oliver Wyman and from a number of external sources.

January 2016 saw the appointment of Peel Hunt as the Company's new Nominated Adviser (Nomad) and Broker. Peel Hunt is the second-largest Broker on AIM by market capitalization of their clients, and had the top ranked research for small to mid cap companies in 2015. The Board of Duke Royalty believes Peel Hunt is an ideal partner, given their in-depth understanding of the healthcare, royalty and alternative finance sectors and track record in raising finance for mid and small cap quoted companies.

Today, with the addition of Mark Le Tissier and Trident Trust, the corporate transition has been largely completed. The Company looks forward to bringing the pieces it has assembled together; a highly experienced team, a global Fortune 200 partner, a tax-advantaged corporate structure, and a top tier Nomad and broker. The Duke Royalty Board, Oliver Wyman, and the Investment Committee are currently evaluating a number of royalty opportunities which in aggregate total approximately GBP100 million in value and which sit both inside and outside of healthcare, but all with the characteristics which are consistent with the investment policy adopted at the June 16, 2015 EGM. In order to fund these potential royalty investment opportunities, it is currently the Company's intention to seek additional equity financing in the short to medium term.

The Company would like to thank all shareholders for their continued support and looks forward to being able to provide details of its inaugural royalty transaction at the appropriate opportunity.

For further information:

 
 Duke Royalty Limited        Neil Johnson 
                              Charlie Cannon-Brookes 
                              [phone] 
 
 Peel Hunt LLP (Nominated    Edward Knight 
  Adviser) 
                             [phone] 
 

About Duke Royalty

Headquartered in Guernsey, Duke Royalty Limited is a team of experienced financial executives dedicated to providing royalty financing solutions to a diversified number of well-managed businesses in Europe and abroad. Duke Royalty intends to reinvent the royalty financing model for European public markets by lowering costs through an efficient structure and entering into exclusive alliances that leverage deal flow and expertise. A $50 billion sector in North America, Duke Royalty plans to bring royalty investing to the European market by leveraging the management team's North American experience and success with royalty investing. These investments are intended to provide robust, stable, and long-term returns for Duke Royalty's shareholders.

Duke Royalty is listed on the AIM market under the ticker DUKE. For more information, visit dukeroyalty.com.

The following information is disclosed pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies

Full name and age: Mark Wilson Le Tissier (aged 52)

Mark Le Tissier does not currently hold any shares in Duke Royalty

Mark Le Tissier has worked as a trust & estate practitioner for over twenty years and as a fiduciary provider has been appointed to the board of directors of a large number of private companies which were intended to have limited lifespans and was therefore a director at the time of or prior to the company entering receivership, liquidation or a company voluntary arrangement. In the list below, a (*) denotes companies that have entered receivership, liquidation or a company voluntary arrangement while Mark Le Tissier was a director at the time or in the twelve months preceding the event. However, none of the companies that he has been a director of has been placed in compulsory, or creditors' liquidation and there has not been a shortfall to any creditor in any of the companies.

Current directorships or partnerships

 
 AGIP Resources Limited             Airone Shipping Ltd* 
 Amir Limited                       Armada Marine (Guernsey) Limited 
 Atlas Services Group Guernsey      BKS Global PCC Limited 
  Limited 
 BKS Global PCC Limited A           Blackmore Enterprises Limited 
 Bluebell Investments Limited       Bombaria Limited 
 Caledonian MacBrayne Crewing       Candarli Limited 
  (Guernsey) Limited 
 Capricorn Fund PCC Limited         Chambros Limited 
 Churchill Beaumont Investments     Clyde Marine Offshore Limited 
  Limited 
 Consortium Solutions Ltd           Cool Projects N.V. 
 Crawley One Ltd                    Crown Sure Ltd 
 CTC Marine Projects (Guernsey)     DeepOcean Guernsey Limited 
  Limited 
 Deeside (Guernsey) Limited         Druids Glen Golf Club Limited 
 Druids Health Gold Club Limited    Durval Investments Limited 
 Elite Properties Development       Falcon Lair Crew Ltd 
  ApS 
 FCS (Guernsey) Limited             Fletcher Shipping (Guernsey) 
                                     Limited 
 Flying Dragon Crew IC Limited      Galdana Limited 
 Gardline (Guernsey) Limited        Global Offshore PCC Limited 
 Golden Amber Holdings Limited*     Grantully Limited 
 GulfMark Guernsey International    GulfMark Guernsey Ltd 
  Ltd 
 Harding Brothers (Guernsey)        Harwell Limited 
  Limited 
 Havila Marine (Guernsey) Limited   Hydrosub (Guernsey) Limited* 
 Indian Energy Limited              Ingwe Investments Limited 
 Interlaken Investments Limited     Island Consultants Nominees 
                                     Limited 

(MORE TO FOLLOW) Dow Jones Newswires

March 07, 2016 02:00 ET (07:00 GMT)

 Jaylak Limited                     Kilda Crewing (Guernsey) Limited 
 Lakeford Limited                   Leefrere Limited 
 Luxif Management S.a.r.l.          Management Resources Limited 
 Marine Manning (Guernsey)          Monderrain Limited 
  Limited 
 Mountjoy Investments Limited       NorthLink Crewing (Guernsey) 
                                     Limited 
 North Star (Guernsey) Limited      Obalus Limited 
 Obalus Hotel Company Limited       Ocean Supply (Guernsey) Limited 
 Ocean Work Systems (Guernsey)      Owen Trust Limited 
  Limited 
 P.W. Limited                       Phillimore Capital Limited* 
 Per-Scent Acquisitions Limited     Redcliff Park S.A. 
 Rooperol N.A.N.V.                  Seatechs (Guernsey) Limited 
 Serco Ferries (Guernsey) Crewing   Taramoss Nominees Limited* 
  Limited 
 The Cabinet Trust Company          The Craigs Limited 
  Limited 
 Trident Corporate Services         Trident Corporate Services 
  (Malta) Limited                    (No.1) Limited 
 Trident Corporate Services         Trident Fund Services (Guernsey) 
  (No.2) Limited                     Limited 
 Trident Fund Services (Malta)      Trident Nominees (No.1) Limited 
  Limited 
 Trident Nominees (No.2) Limited    Trident Payroll Services (Guernsey) 
                                     Limited 
 Trident Trust Company (Guernsey)   Trident Trust Company (Luxembourg) 
  Limited                            SA 
 Trident Trust Company (Malta)      Trident Trust Holding (Luxembourg) 
  Limited                            S.a.r.l. 
 Twintron Enterprises Inc.          VTB Capital I2BF CIV (Cayman) 
                                     Ltd. 
 VTB Capital Kaznano investment     VTB Capital Kaznano management 
  (Cayman) Ltd.                      (Cayman) Ltd. 
 VTB Capital Kaznano Nanotech       VTBC Asset Management International 
  GP Ltd.                            Limited 
 Waverley Excursions Guernsey       WGP International Limited* 
  (2015) Limited 
 World Sharia Funds PCC Limited 
 

Previous directorships or partnerships

 
 22 Norwood Drive Limited          3D Investments Limited 
 A & R Invest Limited              Abbotsvale Limited 
 Acharya Investments Limited       Aeromondial Holdings Inc. 
 Afield Reality Inc.*              Africa Mining & Manufacturing 
                                    Limited* 
 Africa Salvage (Guernsey)         African Resources Company 
  Limited*                          Limited* 
 Aled Finance Limited              Almonte Developments Limited 
 Alonzo Developments Limited*      Altitude 2 Crew IC Limited* 
 Altitude Crew IC Limited*         Amberlean Worldwide Limited* 
 Applebrook Holdings Limited       Aristotelis Limited 
 Astraline Holdings Limited*       Atlantic Holdings International 
                                    Limited* 
 Aventador Holdings Limited*       Bankhead Management (Guernsey) 
                                    Limited* 
 Barberry Trading Limited          Barras Limited 
 BBOD Europe Limited*              BH8 Ventures Limited 
 Billy Budd Crew IC Limited*       BKS Global PCC Limited 
 BKS Global PCC Limited A          Blackstone Resources Limited 
 Blue Oxe Trinity Limited          Bluestein Holdings Limited 
 Boeties Retreat (Proprietary)     Boothroyd Investments Limited* 
  Limited* 
 Brickey Investments Corp.         Buchanan Renewables (Guernsey) 
                                    Limited* 
 Buker Limited                     Butterfly Crew IC Limited 
 Cardigan Bay Limited              Carlisle Invest Limited 
 Carlton Hotels Management         Cassidee Worldwide Limited 
  Limited* 
 CCC Racing Team Limited*          Charnley Worldwide Limited 
 Chawton Limited*                  Clyde Marine (Guernsey) Limited* 
 Command Holdings Investments      Cotentin Investments Limited 
  Limited 
 Courtlands Finance Company        Cristaux Serviços e Marketing 
  Limited                           Lda 
 Crockford Limited                 Crown Sure Hong Kong Limited 
 Crusader Company Ltd              Crusher Investment Limited 
 Cyrillic Limited                  Cyrnos Limited 
 Dan Group Limited*                Dandelion Properties Limited 
 Dannen Associates Limited         Darnforth Holdings Limited 
 Deep Democracy Limited            Delton Holdings 2 Limited 
 Delton Holdings Limited           Domino Investments Limited 
 Doona Holdings Limited            Doona Investments Limited 
 Dragonfly Crew IC Limited         Drakanea Management Limited 
 Droganni Limited*                 Dyna Crew IC Limited 
 Easebridge Holdings Limited       Eastgate Developments Limited* 
 Eastgate Holdings Limited*        Eden's Bay Limited* 
 Elektra Shipping Limited*         Elena Crew IC Limited* 
 Elfje Crew IC Limited             Elite Finance Limited 
 Elite Properties PCC Limited      Elite Properties PCC Limited 
                                    - Cell A 
 Elite Properties PCC Limited      Elite Properties PCC Limited 
  - Cell B                          - Cell C 
 Elite Properties PCC Limited      Elite Properties PCC Limited 
  - Cell D*                         - Cell E 
 Elite Properties PCC Limited      Elite Properties PCC Limited 
  - Cell F                          - Cell G 
 Elite Properties PCC Limited      Elite Properties PCC Limited 
  - Cell H                          - Cell I 
 Elite Properties PCC Limited      EMS (Guernsey) Limited* 
  - Cell J 
 Entertainment Group Limited       Equatorial Biofuels (Guernsey) 
                                    Limited 
 Ethereal Crew IC Limited          European Datacom & Services 
                                    Limited 
 Evermore Limited                  Falcon Crew IC Limited* 
 Federer Enterprises Limited*      Ferntower Estates Ltd* 
 Fincor Limited                    Firefly Global Holdings Limited* 
 Flemyn (Guernsey) Company         Galaxy International Limited* 
  Limited* 
 Gena Holdings Limited*            Ginuti Properties Limited 
 Glypticon Limited                 GML Asset Solutions Leasing 
                                    Limited* 
 Golassa Images Limited            Gold Island Holding Limited 
 Golden Glow Worldwide Inc         Golden Ray Investing Ltd 
 Golden Star Investments Limited   Golden Star VTB Limited 
 Greenwill SA                      Guernsey Crewing Services 
                                    Limited* 
 Guernsey Property Holdings        Guernsey Property TV Limited 
  Limited* 
 Hayken Crew IC Limited*           HD Maritime Crew IC Limited 
 Helmscourt Limited                Herakles Estate II Limited 
 Herakles Estate Limited           HFI Holdings Limited 
 High Target Ltd.*                 Highbury Finance Group Limited 
 Hillcrest Overseas Corp.          Hobart 51 Limited* 
 Holdfast Indemnity Company        Hove Properties Ltd* 
  Limited* 
 Howland Limited*                  Hwasun Estate Limited* 
 I Dynasty Crew IC Limited         Imac Resources Limited 
 Indranet Consulting Ltd*          Irisha Crew IC Limited 
 IRM A.M. Limited                  Jakari Limited 
 Jazzy Enterprises Limited         Jems Crew IC Limited 
 JLM A.M. Limited                  Kibo Crew IC Limited 
 Kivotos Overseas Limited*         Krakos Limited* 
 L.C.M.S. Limited*                 L.M.L.K. Limited 
 Lady Christine Crew IC Limited*   Lady Lara Crew IC Limited 
 Lam Developments Limited          Lam Investments Limited 
 Land Remediation and Servicing    Landia Invest S.A. 
  Limited* 
 Landon Enterprises Inc.*          Larisa Crew IC Limited 
 Laurus Limited                    Le Grand Bleu Crew IC Limited 
 Leigh-Home Estates Limited        Leisure Investment Holdings 
                                    (Guernsey) Limited* 
 LEM A.M. Limited                  Lexkia Limited* 
 Lightning Crew IC Limited         Lightning Enterprises Limited* 
 Limpet Holdings Limited*          Limpet Logistics Limited* 
 LJ Maple Limited                  Lokomotiv Moscow Limited 
 Lone Ranger Crew IC Limited*      LRS Holdings Limited* 
 Lumen II Limited*                 Lumen III Limited* 
 Lumen Limited                     Luna Crew IC Limited 
 Lunaberg International Limited    Madox Investments Limited* 
 Maduro Images Limited             Mall Investments Limited 
 Marsa Property Limited            Martens Images Limited 
 Merenda Holdings Ltd.             Merlin International Holdings 
                                    Limited* 
 Metis Holdings Inc.               Mezzadri Limited* 
 Miranda Investments Limited       Moonbird Crew IC Limited 
 Moran Services Limited            MZ SPV (BVI) Limited 
 Nakatita Holdings Limited         Nantel Investments Ltd. 
 Nataly S Crew IC Limited          Natura Limited 
 Nellwyn Properties Limited        Newity Capital Limited 
 Newport (PTC) Limited             North Bonaparte Limited* 
 North Star Management Corp        Northwestern (International) 
                                    Aircraft Corp. 
 Oasis Crew IC Limited             Obsession Crew IC Limited* 
 Ocean Marine Guernsey Limited*    Ocean Paradise Crew IC Limited* 
 Ocean Recruitment Crew IC         Ocean Recruitment ICC Limited 
  Limited 
 Offley Mezz Limited               Omega Crew Management Services 
                                    Limited* 
 P.W. Marine (IOM) Limited*        Pacific Capital Holdings Limited 
 Pacific Crew IC Limited           Panthalassa Crew IC Limited 
 Papyrus Management Ltd.*          Park Estates Limited* 
 Park Worldwide Holdings Limited   Parkvue Estates Limited 
 Pattern Properties Inc.           Pebble Enterprises Ltd. 
 Peejay Holdings Limited           Pereyra Images Limited 
 Personnel International Limited   Pestifer Crew IC Limited* 
 Peterhouse Investments Limited    Petroleum & Industrial Services 
                                    Company Limited 
 Petropolis Properties Inc.        Pharmahold Limited 
 Pinzari Limited                   Porzio International Limited 
 Prenderfield Limited*             Prophecy Pension Trustees 
                                    (Guernsey) Limited* 
 Puerto Colombia Investment        Qianxun Limited* 
  N.V. 
 QM of London Crew IC Limited      Radiant Crew IC Limited 

(MORE TO FOLLOW) Dow Jones Newswires

March 07, 2016 02:00 ET (07:00 GMT)