TIDMDUKE
RNS Number : 9067O
Duke Royalty Limited
07 October 2019
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR FROM THE
UNTIED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. PLEASE SEE THE
IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE A PROSPECTUS OR OFFERING
MEMORANDUM IN RESPECT OF ANY SECURITIES.
Duke Royalty Limited
("Duke Royalty", "Duke" or the "Company")
Result of Retail Offer and announcement of Open Offer
details
Duke Royalty Limited (AIM: DUKE), a provider of alternative
capital solutions to a diversified range of profitable and
long-established businesses in Europe and abroad, recently
announced a Fundraising of up to approximately GBP20 million from
new and existing investors, which included a Placing, a Retail
Offer (the "Retail Offer"), and an Open Offer.
The Company is pleased to announce that it has successfully
completed the Retail Offer and has conditionally raised a total of
approximately GBP461,500 on the platform, through the issue of
1,048,974 New Ordinary Shares to be issued on Admission. To date,
the total of the Placing and Retail Offer has raised approximately
GBP16.55 million.
As such, up to approximately GBP3.45 million will be available
to Qualifying Shareholders under the Open Offer through the issue
of up to 7,838,135 Open Offer Shares. As previously announced, the
Company will also seek further direct subscriptions of new Ordinary
Shares to accommodate demand from new and existing investors,
including family offices and private wealth managers.
The Company will announce the final amount raised pursuant to
the Fundraising, and any additional subscriptions of new Ordinary
Shares near the time of the General Meeting.
Qualifying Shareholders may apply for Open Offer Shares under
the Open Offer at the Issue Price on the following basis:
2 Open Offer Shares for every 51 Existing Ordinary Shares
and so in proportion for any number of Existing Ordinary Shares
held on the Record Date. Entitlements of Qualifying Shareholders
will be rounded down to the nearest whole number of Offer Shares.
Fractional entitlements which would otherwise arise will not be
issued to the Qualifying Shareholders but will be made available
under the Excess Application Facility. The Excess Application
Facility enables Qualifying Shareholders to apply for Excess Shares
in excess of their Open Offer Entitlement. Not all Shareholders
will be Qualifying Shareholders. Shareholders who are located in,
or are citizens of, or have a registered office in certain overseas
jurisdictions will not qualify to participate in the Open
Offer.
Further details of the Open Offer are to be included in a
Circular to Shareholders which it is expected to be posted to
Shareholders shortly. The expected Open Offer timetable was
recently announced by the Company and is also contained within the
Circular.
The Fundraising remains conditional, inter alia, upon:
(a) the Extraordinary Resolution having been passed by the
requisite majority of Shareholders at the Extraordinary General
Meeting;
(b) the Placing Agreement having become unconditional in all
respects and not having been terminated in accordance with its
terms prior to Admission; and
(c) Admission becoming effective not later than 8.00 a.m. on 31
October 2019 or such later time and/or date as the Company and
Cenkos may agree, being not later than 8.00 a.m. on 14 November
2019.
If any of the conditions are not satisfied, the Offer Shares
will not be issued and all monies received from the investors will
be returned to the investors (at the investors' risk and without
interest) as soon as possible thereafter. The Retail Offer and the
Open Offer are not being underwritten.
Unless otherwise defined, capitalised terms shall have the
meaning as those set out in the 'Definitions' section of the
announcement issued by the Company on 4 October 2019.
For further information, please contact www.dukeroyalty.com, or
contact:
Neil Johnson / Charlie
Duke Royalty Limited Cannon Brookes +44 (0) 1481 741 240
Cenkos Securities
plc Julian Morse / Michael
(Nominated Adviser Johnson / Stephen
and Broker) Keys / Callum Davidson +44 (0) 207 397 8900
Edison Investment
Research Limited Elliott Berstock +44 (0) 20 3077 5700
PrimaryBid Limited Kieran D'Silva +44 (0) 20 3026 4750
Newgate Communications Elisabeth Cowell +44 (0) 20 3757 6880
(PR) / Ian Silvera / Dukeroyalty@newgatecomms.com
Megan Kovach
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.
Important Notice
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.
No representation or warranty, express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by or on behalf of the Company, Cenkos
Securities plc or by their affiliates or their respective agents,
directors, officers and employees as to, or in relation to, the
accuracy or completeness of this Announcement or any other written
or oral information made available to or publicly available to any
interested party or its advisers, and any liability therefor is
expressly disclaimed.
The price of shares and any income expected from them may go
down as well as up and investors may not get back the full amount
invested upon disposal of the shares. Past performance is no guide
to future performance, and persons needing advice should consult an
independent financial adviser.
The New Ordinary Shares will not be admitted to trading on any
stock exchange other than the AIM Market of the London Stock
Exchange.
Neither the content of the Company's website nor any website
accessible by hyperlinks on the Company's website is incorporated
in, or forms part of, this announcement.
**ENDS**
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
OUPDDBDGXSGBGCL
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