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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.55 | -1.73% | 31.20 | 31.00 | 31.50 | 31.75 | 31.25 | 31.75 | 688,653 | 16:35:24 |
| 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 : 7711F
Duke Royalty Limited
31 October 2018
31 October 2018
Duke Royalty Limited
("Duke Royalty", "Duke" or the "Company")
Long Term Incentive Plan ("LTIP") awards,
Grant of Options, Ordinary Shares and Warrant issuance,
Admission of New Ordinary Shares and Total Voting Rights
Duke Royalty Limited (AIM: DUKE) announces that the Company's Remuneration Committee has approved the following Performance Share Awards ("PSA's") under the Company's Long-Term Incentive Plan ("LTIP"). The LTIP framework was detailed within the Company's admission document which was published on 20 March 2017 and was put into place post Admission.
The PSA's for the financial year to 31 March 2018 are as follows:
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Neil Johnson 850,000 ordinary shares
Charlie Cannon-Brookes 600,000 ordinary shares
------------------------
Jim Webster 215,000 ordinary shares
------------------------
The PSA's vest after a period of three years and are subject to various performance conditions outlined in the Company's admission document (and available on the Company's website) and set by the Remuneration Committee, all in accordance with the LTIP rules. The LTIP Awards will be subject to a performance condition based 50 per cent. on total shareholder return ("TSR") and 50 per cent. on total cash available for distribution per share ("TCAD per Share"). TSR can be defined as the returns generated by shareholders based on the combined value of the dividends paid out by the Company and the share price performance over the period in question.
In addition to the PSA's, the Remuneration Committee also approved the issuance of 305,000 new ordinary shares of no par value (the "New Ordinary Shares") in the Company and the grant of 200,000 options over Ordinary Shares (the "Options") under the Company's option plan. The Options expire five years from the date of issuance and have an exercise price of GBP 0.50. The New Ordinary Shares and Options were issued to certain Non-Executive Directors, members of the Investment Committee and to new members of the Duke team, Steven Russo and Ajay Shivdasani (the "New Joiners"). The New Ordinary Shares were issued to Non-Executive Directors and Investment Committee members in recognition of the significant contribution made during the previous financial year and for voluntarily forgoing service fees. The New Joiners were issued a mix of New Ordinary Shares and Options as signing bonuses to mitigate remuneration they both forgo when leaving their previous employment, and to further align their interests with shareholders.
Nigel Birrell 44,500 ordinary shares
Matthew Wrigley 27,000 ordinary shares
------------------------------------
Investment Committee members 133,500 ordinary shares
------------------------------------
New Joiners 100,000 ordinary shares and 200,000
Options
------------------------------------
The Board also approved the grant of 2,375,000 Warrants to Partners Value Investments LP ("PVI") in consideration for the provision of services provided by PVI to the Company under the terms of the Strategic Advisory Agreement (as announced on 8 November 2017). The warrants were issued as consideration for introductory services and deal origination as well as for the provision of debt advisory services. PVI elected to receive warrants instead of cash to further align themselves with the Company and preserve liquidity within Duke. The warrants expire five years from the date of issuance and have an exercise price of GBP 0.50. In aggregate, following issue of these warrants, PVI will be interested in 8,750,000 ordinary shares representing approximately 4.41 per cent. of the Company's issued share capital and in 4,375,000 warrants.
Directors and PDMR's interests
Following the issue of these PSA's and ordinary shares, the interest of the respective directors and PDMRs is set out below:
Name Number of Ordinary Percentage of Total number
Shares issued share of shares
capital under option(3)
Director
Neil Johnson (1) 3,507,193 1.77 1,435,000
------------------- -------------- -----------------
Charlie Cannon-Brookes
(2) 5,300,000 2.67 1,035,000
------------------- -------------- -----------------
Nigel Birrell 844,500 0.43 85,000
------------------- -------------- -----------------
Matthew Wrigley 27,000 0.01 -
------------------- -------------- -----------------
Senior Management
Jim Webster - - 215,000
------------------- -------------- -----------------
(1) Mr Johnson is Abingdon Capital Corporation's sole voting shareholder which legally owns 1,800,193 Ordinary Shares.
(2) Mr Cannon-Brookes is the investment director of Arlington Asset Management Limited ("Arlington") and holds 40.00 per cent. of the voting shares of Arlington. Arlington legally own 2,500,000 Ordinary Shares.
(3) Includes PSAs under the Company's LTIP and share options under the Company's option plan.
Admission, Dealings and Total Voting Rights
Application has been made for the admission to trading on AIM ("Admission") of the 305,000 Ordinary Shares being issued pursuant to share awards with Admission expected to take place at 8.00 a.m. on 5 November 2018 ("Admission").
Following Admission, the Company will have a total of 198,207,459 Ordinary Shares in issue carrying voting rights. 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
For further information, please contact www.dukeroyalty.com, or contact:
+44 (0) 1481 741
Duke Royalty Limited Neil Johnson/ Charlie Cannon-Brookes 240
Grant Thornton UK
LLP Colin Aaronson/ Samantha +44 (0) 20 7383
(Nominated Adviser) Harrison 5100
-------------------------------------- ---------------------------
Cenkos Securities
plc +44 (0) 207 397
(Joint Broker) Julian Morse/ Michael Johnson 8900
-------------------------------------- ---------------------------
Mirabaud Securities
Limited +44 (0) 20 3167
(Joint Broker) Peter Krens/ Edward Haig-Thomas 7222
-------------------------------------- ---------------------------
Redleaf Communications Elisabeth Cowell/ Robin +44 (0) 20 3757
(PR) Tozer/ Ian Silvera 6880
Dukeroyalty@redleafpr.com
-------------------------------------- ---------------------------
About Duke Royalty
Duke Royalty Limited provides alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad. Duke Royalty's experienced team 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 and is headquartered in Guernsey.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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 the Ordinary Shares
financial instrument,
type of instrument
GG00BYZSSY63
Identification code
b) Nature of the transaction Grant of performance share awards
under LTIP
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------- ------------------
Price(s) Volume(s)
------------------- ------------------
N/A 850,000
---------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 30 October 2018
--------------------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
-----------------------------------------------------------------------------------
a) Name Charlie 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 the Ordinary Shares
financial instrument,
type of instrument
GG00BYZSSY63
Identification code
b) Nature of the transaction Grant of performance share awards
under LTIP
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------- ------------------
Price(s) Volume(s)
------------------- ------------------
N/A 600,000
---------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 30 October 2018
--------------------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
-----------------------------------------------------------------------------------
a) Name Jim Webster
--------------------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status Chief Investment 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 the Ordinary Shares
financial instrument,
type of instrument
GG00BYZSSY63
Identification code
b) Nature of the transaction Grant of performance share awards
under LTIP
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------- ------------------
Price(s) Volume(s)
------------------- ------------------
N/A 215,000
---------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 30 October 2018
--------------------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------------
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 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 the Ordinary Shares
financial instrument,
type of instrument
GG00BYZSSY63
Identification code
b) Nature of the transaction Purchase of Placing Shares pursuant
to the Fundraising
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------- ------------------
Price(s) Volume(s)
------------------- ------------------
N/A 44,500
---------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 30 October 2018
--------------------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
-----------------------------------------------------------------------------------
a) Name Matthew Wrigley
--------------------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status Non-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 the Ordinary Shares
financial instrument,
type of instrument
GG00BYZSSY63
Identification code
b) Nature of the transaction Purchase of Placing Shares pursuant
to the Fundraising
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------- ------------------
Price(s) Volume(s)
------------------- ------------------
N/A 27,000
---------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 30 October 2018
--------------------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCURVNRWVAROAA
(END) Dow Jones Newswires
October 31, 2018 03:00 ET (07:00 GMT)
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