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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Duke Capital Limited | LSE:DUKE | London | Ordinary Share | GG00BYZSSY63 | ORDS NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.05 | 0.16% | 31.25 | 31.00 | 31.50 | 31.25 | 31.25 | 31.25 | 378,436 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 31.06M | 19.59M | 0.0472 | 6.62 | 129.82M |
From Apr 2019 to Apr 2024
TIDMDUKE
RNS Number : 8732Z
Duke Royalty Limited
17 March 2017
Duke Royalty Limited
("Duke Royalty" or the "Company")
Result of the Fundraising and Posting of Admission Document
Further to the announcement released by the Company dated 16 March 2017 (the "Fundraising Announcement"), the Company is pleased to announce that it has successfully raised GBP15 million before expenses and will, accordingly, apply for its shares to be re-admitted to AIM with admission expected to take place at 08.00 on or around 23 March 2017. The Company will publish an AIM admission document on Monday 20 March 2017.
DEFINITIONS
Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Fundraising Announcement.
Result of Fundraising
Pursuant to the Fundraising Announcement, the Company is pleased to announce that a total of 37,500,000 New Shares have been successfully placed or subscribed for in the Company at a price of 40 pence per share, with new and existing institutional investors, as well as certain Directors. Pursuant to the Fundraising, the Company has raised gross proceeds of GBP15 million (net proceeds GBP13.8 million after expenses).
Cantor Fitzgerald and Mirabaud acted as joint bookrunners in connection with the Placing. Grant Thornton acted as nominated adviser to the Company.
Total Voting Rights
Pursuant to the Fundraising, application will be made for the re-admission of the Company's Ordinary Shares to trading on AIM ("Admission"). Subject to the Placing Agreement not having been terminated in accordance with its terms, it is anticipated that Admission will occur at 8.00 a.m. on 23 March 2017. The New Shares will be credited as fully paid and rank pari passu with the existing Ordinary Shares.
Following Admission, the Company will have a total of 45,377,459 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.
Directors and PDMR shareholdings
The following Directors and PDMRs participated in the Fundraising as follows:
Hot Features
Premium
Name No. of No. of Total holding Percentage
Existing New Shares of enlarged
Ordinary issued
Shares share capital
------------------------ ---------- ------------ -------------- ---------------
Nigel Birrell 400,000 125,000 525,000 1.16
------------------------ ---------- ------------ -------------- ---------------
Neil Johnson
(1) 910,000 750,000 1,660,000 3.66
------------------------ ---------- ------------ -------------- ---------------
Charles Cannon-Brookes
(2) 453,517 2,312,365 2,765,882 6.10
------------------------ ---------- ------------ -------------- ---------------
James Ryan 400,000 250,000 650,000 1.43
------------------------ ---------- ------------ -------------- ---------------
Justin Cochrane 315,000 375,000 690,000 1.52
------------------------ ---------- ------------ -------------- ---------------
(1) Of these, 500,000 are legally owned by Abingdon Capital Corporation ("Abingdon"). Mr Johnson is Abingdon's sole voting shareholder.
(2) Of this holding, prior to the Fundraising 295,000 Ordinary Shares are legally owned by Arlington Group Asset Management Limited ("Arlington") and Arlington has subscribed for 1,062,365 New Shares, representing GBP424,946, in the Fundraising. Mr Cannon-Brookes is the investment director of Arlington and holds 40 per cent. of the voting shares of Arlington. Mr Cannon-Brookes has subscribed in his own name for 1,250,000 New Shares, representing GBP500,000, in the Fundraising.
The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further details.
Related Party Transactions
The participation in the Fundraising by the Directors and their associates, set out in the above table, is deemed to be a related party transaction pursuant to the AIM Rules.
In addition, Arlington and Abingdon, both service providers to the Company have agreed a reduction in their service fees from the date of Admission until the board decides that the Company's financial position justifies the payment of a higher or the full administration fee. Abingdon has agreed a reduction in respect of its service fee pursuant to its service agreement with the Company of 30 per cent. such that the reduced fee is GBP196,000 per annum. Arlington has agreed a reduction in respect of its service fee pursuant to its service agreement with the Company of 75 per cent. such that the reduced fee is GBP24,000 per annum (together the "Service Agreement Amendments"). The Service Agreement Amendments are deemed to be related party transactions pursuant to the AIM Rules.
The Director independent of the participation in the Fundraising by certain Directors and their associates, Mark Le Tissier, considers having consulted with the Company's nominated adviser, Grant Thornton, that the terms of the Directors' and their associates participation in the Fundraising are fair and reasonable insofar as the Company's Shareholders are concerned.
The Directors independent of the Service Agreement Amendments, being Mark Le Tissier, Nigel Birrell and James Ryan, consider having consulted with the Company's nominated adviser, Grant Thornton, that the terms of the Service Agreement Amendments are fair and reasonable insofar as the Company's Shareholders are concerned.
Publication of Admission Document
Duke will later today make available to Shareholders an Admission Document relating to the re-admission of the entire issued share capital to trading on AIM. The Admission Document will be available on the Company's website www.dukeroyalty.com.
For further information, please contact:
Duke Royalty Limited Neil Johnson / Charlie Cannon-Brookes
+44 (0) 1481 741 240
Grant Thornton UK LLP Colin Aaronson / Samantha
(Nominated Adviser) Harrison / Jamie Barklem/
Carolyn Sansom
+44 (0) 20 7383 5100
Cantor Fitzgerald Europe Marc Milmo / Catherine Leftley
(Joint Broker) / Callum Butterfield
+44 (0) 207 894 7000
Mirabaud Securities Peter Krens / Edward Haig-Thomas
LLP (Joint Broker)
+44 (0) 20 3167 7222
Prior to publication, certain information contained within this Announcement was deemed to constitute s inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, certain market soundings (as defined in MAR) were taken in respect of the Fundraising with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. Due to the publication of this Announcement, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.
About Duke Royalty
Headquartered in Guernsey, Duke Royalty Limited provides alternative financing solutions to a diversified range of businesses in Europe and abroad. Duke Royalty's experienced team and exclusive partnership provide financing solutions to private companies that are in need of capital but whose owners wish to maintain equity control of their business. Duke Royalty's royalty investments are intended to provide robust, stable, long term returns to its shareholders.
Duke Royalty is listed on the AIM market under the ticker DUKE. For more information, visit dukeroyalty.com.
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name Nigel Birrell
---- ------------------------------ ----------------------------------
2 Reason for the notification
---- ------------------------------------------------------------------
a) Position/status Non-Executive Chairman
---- ------------------------------ ----------------------------------
b) Initial notification Initial
/Amendment
---- ------------------------------ ----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ------------------------------------------------------------------
a) Name Duke Royalty Limited
---- ------------------------------ ----------------------------------
b) LEI 213800GUTKPSJ39SER44
---- ------------------------------ ----------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ------------------------------------------------------------------
a) Description of Ordinary Shares of NPV
the financial
instrument, type
of instrument
GG00BYZSSY63
----
Identification
code
b) Nature of the Purchase of Placing Shares
transaction pursuant to the Fundraising
---- ------------------------------ ----------------------------------
c) Price(s) and volume(s)
---- -------------- ---------------
Price(s) Volume(s)
---- -------------- ---------------
40p 125,000
-------------- ---------------
d) Aggregated information
----
- Aggregated volume
- Price
e) Date of the transaction 17 March 2017
---- ------------------------------ ----------------------------------
f) Place of the transaction London Stock Exchange
---- ------------------------------ ----------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name Neil Johnson
---- ------------------------------ ----------------------------------
2 Reason for the notification
---- ------------------------------------------------------------------
a) Position/status Chief Executive Officer
---- ------------------------------ ----------------------------------
b) Initial notification Initial
/Amendment
---- ------------------------------ ----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ------------------------------------------------------------------
a) Name Duke Royalty Limited
---- ------------------------------ ----------------------------------
b) LEI 213800GUTKPSJ39SER44
---- ------------------------------ ----------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ------------------------------------------------------------------
a) Description of Ordinary Shares
the financial
instrument, type
of instrument
GG00BYZSSY63
----
Identification
code
b) Nature of the Purchase of Placing Shares
transaction pursuant to the Fundraising
---- ------------------------------ ----------------------------------
c) Price(s) and volume(s)
---- -------------- ---------------
Price(s) Volume(s)
---- -------------- ---------------
40p 750,000
-------------- ---------------
d) Aggregated information
----
- Aggregated volume
- Price
e) Date of the transaction 17 March 2017
---- ------------------------------ ----------------------------------
f) Place of the transaction London Stock Exchange
---- ------------------------------ ----------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name Charles Cannon-Brookes
---- ------------------------------ ----------------------------------
2 Reason for the notification
---- ------------------------------------------------------------------
a) Position/status Executive Director
---- ------------------------------ ----------------------------------
b) Initial notification Initial
/Amendment
---- ------------------------------ ----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ------------------------------------------------------------------
a) Name Duke Royalty Limited
---- ------------------------------ ----------------------------------
b) LEI 213800GUTKPSJ39SER44
---- ------------------------------ ----------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ------------------------------------------------------------------
a) Description of Ordinary Shares
the financial
instrument, type
of instrument
GG00BYZSSY63
----
Identification
code
b) Nature of the Purchase of Placing Shares
transaction pursuant to the Fundraising
---- ------------------------------ ----------------------------------
c) Price(s) and volume(s)
---- -------------- ---------------
Price(s) Volume(s)
---- -------------- ---------------
40p 1,250,000
-------------- ---------------
d) Aggregated information
----
- Aggregated volume
- Price
e) Date of the transaction 17 March 2017
---- ------------------------------ ----------------------------------
f) Place of the transaction London Stock Exchange
---- ------------------------------ ----------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name James Ryan
---- ------------------------------ ----------------------------------
2 Reason for the notification
---- ------------------------------------------------------------------
a) Position/status Non-Executive Chairman
---- ------------------------------ ----------------------------------
b) Initial notification Initial
/Amendment
---- ------------------------------ ----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ------------------------------------------------------------------
a) Name Duke Royalty Limited
---- ------------------------------ ----------------------------------
b) LEI 213800GUTKPSJ39SER44
---- ------------------------------ ----------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ------------------------------------------------------------------
a) Description of Ordinary Shares
the financial
instrument, type
of instrument
GG00BYZSSY63
----
Identification
code
b) Nature of the Purchase of Placing Shares
transaction pursuant to the Fundraising
---- ------------------------------ ----------------------------------
c) Price(s) and volume(s)
---- -------------- ---------------
Price(s) Volume(s)
---- -------------- ---------------
40p 250,000
-------------- ---------------
d) Aggregated information
----
- Aggregated volume
- Price
e) Date of the transaction 17 March 2017
---- ------------------------------ ----------------------------------
f) Place of the transaction London Stock Exchange
---- ------------------------------ ----------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ----------------------------------------------------------------------
a) Name Justin Cochrane
---- ------------------------------ --------------------------------------
2 Reason for the notification
---- ----------------------------------------------------------------------
a) Position/status Executive Vice President
of Corporate Development
of Abingdon Capital Corporation
---- ------------------------------ --------------------------------------
b) Initial notification Initial
/Amendment
---- ------------------------------ --------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ----------------------------------------------------------------------
a) Name Duke Royalty Limited
---- ------------------------------ --------------------------------------
b) LEI 213800GUTKPSJ39SER44
---- ------------------------------ --------------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ----------------------------------------------------------------------
a) Description of Ordinary Shares
the financial
instrument, type
of instrument
GG00BYZSSY63
----
Identification
code
b) Nature of the Purchase of Placing Shares
transaction pursuant to the Fundraising
---- ------------------------------ --------------------------------------
c) Price(s) and volume(s)
---- ---------------- -----------------
Price(s) Volume(s)
---- ---------------- -----------------
40p 375,000
---------------- -----------------
d) Aggregated information
----
- Aggregated volume
- Price
e) Date of the transaction 17 March 2017
---- ------------------------------ --------------------------------------
f) Place of the transaction London Stock Exchange
---- ------------------------------ --------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUBAWRBOAOAAR
(END) Dow Jones Newswires
March 17, 2017 14:17 ET (18:17 GMT)
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