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:
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
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