Retail Offer via PrimaryBid.com

Embargoed for 4.31 p.m. on 4 October 2019 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 ("FSMA") AND HAS BEEN APPROVED BY PRIMARYBID LIMITED WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (FRN 779021)

4 October 2019

DUKE ROYALTY LIMITED

 ("DUKE ROYALTY" or the "Company")

Retail Offer via PrimaryBid.com

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, is pleased today to have announced a conditional fundraising of up to approximately £20 million (before expenses) at an issue price of 44 pence per New Ordinary Share (the "Issue Price"), being a discount of  6.4 per cent to the closing mid-price on 3 October 2019.

The Fundraising comprises an institutional placing by Cenkos Securities (the "Placing") in conjunction with an offer via PrimaryBid (the "Retail Offer"), and an Open Offer to take place following the Retail Offer (the Placing, the Retail Offer and the Open Offer together the "Fundraising").

The net proceeds of the Fundraising, along with the previously announced revolving credit facility, will enable the Company to deploy capital into an additional royalty partner which is currently under letter of intent. The Company will also use the funds raised to facilitate multiple follow on investments within the existing portfolio, pay down debt and provide funding for its strong pipeline of additional royalty partners.

The Fundraising is conditional inter alia on the passing of the extraordinary resolution at the extraordinary general meeting and also on admission occurring no later than 8.00 a.m. on 31 October 2019 (or such later date as the Company and Cenkos may agree, being no later than 14 November 2019). Further details of the Fundraising and the conditions to it are set out in the Company's announcement of the Fundraising made earlier today.

Retail Offer

The Company highly values its retail investor base which has supported the Company alongside institutional investors over several years. Given the longstanding support of retail shareholders, the Company believes that it is appropriate to provide retail and other interested investors the opportunity to participate in the Fundraising. The Company is therefore making this element of the Fundraising available exclusively through PrimaryBid.com.

The Company is pleased to provide private and other investors the opportunity to participate in the Fundraising by participating in the Retail Offer which can be applied for through the www.PrimaryBid.com platform and the PrimaryBid mobile app available on the Apple App Store and Google Play. PrimaryBid does not charge investors any commission for this service.

The Retail Offer, via the PrimaryBid.com platform, will be open to investors from 4:31 p.m. on 4 October 2019 to 9:00 p.m. on 6 October 2019.  The Retail Offer may close early at the discretion of the Company.

Subscriptions under the Retail Offer will be considered by the Company and PrimaryBid on a "first come, first served" basis, subject to conditions (which are available to view on PrimaryBid.com).

No commission is charged to investors on applications to participate in the Retail Offer made through PrimaryBid. It is vital to note that once an application for New Ordinary Shares has been made and accepted via PrimaryBid, an application cannot be withdrawn.

For further information on PrimaryBid.com or the procedure for applications under the Retail Offer, visit www.PrimaryBid.com or call PrimaryBid.com on +44 (0) 20 3026 4750. 

The New Ordinary Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the Company's existing Ordinary Shares.

Details of the Retail Offer

Retail and other investors may participate in the Retail Offer, subscribing for New Ordinary Shares on a first come, first served basis, exclusively through PrimaryBid.com.

The Retail Offer is offered under the exemptions against the need for a prospectus allowed under the Prospectus Rules. As such, there is no need for publication of a prospectus pursuant to the Prospectus Rules, or for approval of the same by the Financial Conduct Authority in its capacity as the UK Listing Authority. The Retail Offer is not being made into any Restricted Jurisdiction or any other jurisdiction where it would be unlawful to do so.

There is a minimum subscription of £1,000 per investor under the terms of the Retail Offer which is open to investors subscribing via PrimaryBid.com. This allocation will be filled on a "first come first served" basis. 

The Company in consultation with PrimaryBid reserves the right to scale back any order at its discretion.

For further details please refer to the PrimaryBid.com website at www.PrimaryBid.com. The terms and conditions on which the Retail Offer is made, including the procedure for application and payment for New Ordinary Shares, is available to all persons who register with PrimaryBid.com.

Investors should make their own investigations into the merits of an investment in the Company. Nothing in this announcement amounts to a recommendation to invest in the Company or amounts to investment, taxation or legal advice.

It should be noted that a subscription for New Ordinary Shares and investment in the Company carries a number of risks. Investors should consider the risk factors set out on PrimaryBid.com before making a decision to subscribe for New Ordinary Shares. Investors should take independent advice from a person experienced in advising on investment in securities such as the New Ordinary Shares if they are in any doubt.

For further information, please contact www.dukeroyalty.com, or contact:

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.