TIDMDUKE

RNS Number : 8001V

Duke Royalty Limited

19 April 2021

19 April 2021

Duke Royalty Limited

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

Successful Exit of Investment in Royalty Partner

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 to announce the successful exit of its investment in royalty partner Almondclose Limited, trading as Berkley Recruitment (Group) Limited ("Berkley"), the Cork-based resourcing and recruitment business.

Highlights:

-- Duke has received net cash of EUR1.3 million at closing, delivering an IRR on the Berkley investment of 16.0%

-- This represents the third profitable exit for Duke following the successful exits of Welltel and XtremePush in 2020, further validating the Duke funding model

-- Due to its sub GBP5m investment size, Berkley represented a subscale investment for Duke and was inherited via Duke's acquisition of Capital Step in February 2019

-- Duke retains exposure to the Irish resourcing and recruitment sector via existing royalty partner BIL which is conducting a buy and build strategy in the sector and into which Duke has invested GBP9.4 million to date

-- Proceeds from the exit further strengthens the balance sheet to enable deployment into Duke's pipeline of larger royalty investment opportunities

Neil Johnson, CEO of Duke Royalty, said:

"Duke is proud to have supported Berkley's initial management buyout in 2017 and appreciates the resilient operating performance delivered by the Berkley executive team through the pandemic. Duke's investment team is focused on new potential royalty partners of a larger size and we look forward to providing updates as we complete the transactions in our near term pipeline."

Arthur Griffin, CEO of Berkley added:

"We are grateful to Duke for their support over the past four years. Their capital has been instrumental in facilitating Berkley's buyout, whilst keeping ownership and control in the management team's hands."

***ENDS***

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

 
                          Neil Johnson / Charlie 
                           Cannon Brookes / 
 Duke Royalty Limited      Hugo Evans                       +44 (0) 1481 730 613 
 Cenkos Securities plc    Stephen Keys / Callum 
  (Nominated Adviser       Davidson / Julian 
  and Joint Broker)        Morse / Michael Johnson          +44 (0) 207 397 8900 
 
 Canaccord Genuity        Adam James / Georgina 
  (Joint Broker)           McCooke                          +44 (0) 207 523 8000 
 SEC Newgate (PR)         Elisabeth Cowell                + +44 (0) 20 3757 6882 
                           / 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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END

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April 19, 2021 02:00 ET (06:00 GMT)

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