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
+44 (0) 1481 741 240
Peel Hunt LLP (Nominated Edward Knight
Adviser)
+44 (0)20 7418 8900
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
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March 07, 2016 02:00 ET (07:00 GMT)