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RNS Number : 2238U

Duke Royalty Limited

01 April 2021

THIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONTAIN INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR") AS THEY FORM PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

1 April 2021

Duke Royalty Limited

("Duke Royalty", "Duke" or the "Company")

Result of Placing

Further to the announcement of 31 March 2021 regarding the proposed placing via accelerated bookbuild (the "Placing Announcement"), the Company is pleased to announce that it has successfully raised GBP32 million (before expenses) under the Placing, which was significantly oversubscribed.

Cenkos and Canaccord acted as Joint Bookrunners in connection with the Placing.

The PrimaryBid Offer remains open for participation until 5.00 p.m. on 6 April 2021 and a further announcement will be made regarding the final amount raised under the PrimaryBid Offer.

The following directors and their related parties have agreed to subscribe for Placing Shares at the Issue Price:

 
 Director/Related Party      Number of Placing Shares 
                                           subscribed 
 Neil Johnson (CEO)                           200,000 
                            ------------------------- 
 Nigel Birrell (Chairman)                     200,000 
                            ------------------------- 
 Arlington Partners Fund*                     235,639 
                            -------------------------

*Arlington Partners Fund is owned by Arlington Group Asset Management Limited, in which Charlie Cannon-Brookes, Executive Director, has a 50 per cent. interest.

The Company will issue 91,428,573 new Ordinary Shares pursuant to the Placing at the issue price of 35p per share. Admission and dealings in the Placing Shares and the PrimaryBid Shares are expected to commence on AIM on 19 April 2021, subject to the passing of the Resolution by Shareholders at the Extraordinary General Meeting. A further announcement will be made in due course regarding the application for admission to Trading of the New Ordinary Shares following the announcement of the result of the PrimaryBid Offer.

A circular, containing further details of the Fundraising and notice of the Extraordinary General Meeting to be held at 11.00 a.m. on 16 April 2021 to, inter alia, approve the resolution required to implement the Fundraising, is expected to be published and despatched to Shareholders on 1 April 2021 (the "Circular"). Following its publication, the Shareholder Circular will be available on the Group's website at https://www.dukeroyalty.com/investors

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Placing Announcement.

   For further information, please visit www.dukeroyalty.com   or contact: 
 
                         Neil Johnson / Charlie 
                          Cannon Brookes / Hugo 
 Duke Royalty Limited     Evans                               +44 (0) 1481 741 240 
 Cenkos Securities 
  plc                    Stephen Keys / Callum 
  (Nominated Adviser      Davidson / Julian Morse 
  and Joint Broker)       / Michael Johnson                   +44 (0) 207 397 8900 
 
 Canaccord Genuity       Adam James / Sam Lucas 
  (Joint Broker)          / Georgina McCooke                  +44 (0) 207 523 8000 
 SEC Newgate (PR)        Elisabeth Cowell/ Tom              + +44 (0) 20 3757 6880 
                          Carnegie/ Megan Kovach      dukeroyalty@secnewgate.co.uk

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.

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April 01, 2021 02:00 ET (06:00 GMT)

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