DUKE Duke Capital Limited

TIDMDUKE

RNS Number : 4838H

Duke Royalty Limited

28 July 2023

28 July 2023

Duke Royalty Limited

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

Performance Share Awards ("PSAs")

Issue of Equity

Director/PDMR Dealings

New grant under LTIP

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, announces that the Company's Remuneration Committee has approved the grant of a total of 3,662,900 conditional rights to acquire ordinary shares of no par value (PSAs) under the Company's Long-Term Incentive Plan ("LTIP"). The LTIP framework was detailed within the Company's Admission Document which was published on 20 March 2017 and was put into place post Admission.

PSAs for the financial year to 31 March 2023 have been granted are as follows:

 
  Neil Johnson                      847,100 
  Charlie Cannon Brookes            762,400 
                                ----------- 
  Other employees (non-PDMRs)     2,053,400 
                                ----------- 
  Total                           3,662,900 
                                ----------- 
 

The PSAs vest after a period of three years and are subject to various performance conditions outlined in the Company's admission document (and available on the Company's website) and set by the Remuneration Committee, all in accordance with the LTIP rules. The PSAs will be subject to performance conditions, (50 per cent. based on growth in total shareholder return ("TSR") and 50 per cent. on growth in total cash available for distribution per share ("TCAD per Share")). TSR can be defined as the returns generated by shareholders based on the combined value of the dividends paid out by the Company and the share price performance over the period in question.

Vesting of 2020 PSAs, transfer from EBT & Director/PDMR interests

The Company also announces that a total of 7,665,000 PSAs, previously granted under the Company's LTIP in relation to the financial year ended 31 March 2020, have vested, representing 100% of the PSAs granted at that time.

Following the various transactions detailed above, the following Directors / PDMRs have the following total interest in ordinary shares:

 
  Director/PDMR                  Total ordinary shares held 
  Neil Johnson (1)                                7,129,173 
                               ---------------------------- 
  Charlie Cannon Brookes (2)                     10,000,000 
                               ---------------------------- 
 

(1) Mr Johnson is Abingdon Capital Corporation's sole voting shareholder which legally owns 2,123,149 ordinary shares included within this figure.

(2) Mr Cannon Brookes a Director and shareholder of Arlington Asset Management Limited ("Arlington"). This figure includes 4,000,000 ordinary shares legally owned by Arlington.

Total voting rights and EBT shares

In order to maintain an appropriate level of headroom within the Company's EBT, the Company has issued 3,954,700 new ordinary shares into the Duke Royalty Employee Benefit Trust ("EBT"), ownership of which shall be transferred, in part or in full, to individual beneficiaries, subject to achievement of the performance criteria following the vesting period. Application has been made for these 3,954,700 shares to be admitted to trading on AIM, which is expected to occur on 31 July 2022 ("Admission").

Following Admission and transfer of the 3,954,700 shares to LTIP beneficiaries, the Company will have 421,488,734 ordinary shares in issue admitted to trading on AIM, of which 6,062,700 will be held by the EBT. This figure (421,488,734) 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

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

 
                           Neil Johnson / Charles 
                            Cannon Brookes / Hugo 
  Duke Royalty Limited      Evans                                   +44 (0) 1481 231 816 
  Cenkos Securities 
   plc 
   (Nominated Adviser      Stephen Keys / Callum 
   and Joint Broker)        Davidson / Michael Johnson              +44 (0) 207 397 8900 
 
  Canaccord Genuity 
   (Joint Broker)          Adam James / Harry Rees                  +44 (0) 207 523 8000 
  SEC Newgate (PR)         Elisabeth Cowell / Alice                 +44 (0) 20 3757 6882 
                            Cho / Matthew Elliott           dukeroyalty@secnewgate.co.uk 
 

Notifications of dealings by PDMRs:

 
  1.    Details of the person discharging managerial responsibilities/persons closely associated 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Name                                                     Neil Johnson 
----  -------------------------------------------------------  ------------------------------------------------------- 
  2.    Reason for notification 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Position/Status                                          Chief Executive Officer 
----  -------------------------------------------------------  ------------------------------------------------------- 
  b)    Initial notification/amendment                           Initial 
----  -------------------------------------------------------  ------------------------------------------------------- 
  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 the financial instrument, type of         Ordinary shares of nil par value 
        instrument and identification code 
 
                                                                  GG00BYZSSY63 
----  -------------------------------------------------------  ------------------------------------------------------- 
  b)    Nature of transaction                                    Grant of conditional performance share awards under 
                                                                 LTIP 
----  -------------------------------------------------------  ------------------------------------------------------- 
  c)    Price(s) and volume(s)                                     Price(s)     Volume(s) 
                                                                  -----------  ----------- 
                                                                    N/A          847,100 
                                                                  -----------  ----------- 
----  -------------------------------------------------------  ------------------------------------------------------- 
  d)    Aggregated Information                                   n/a 
----  -------------------------------------------------------  ------------------------------------------------------- 
  e)    Date of transaction                                      Award date: 27 July 2023 
----  -------------------------------------------------------  ------------------------------------------------------- 
  f)    Place of transaction                                     Outside a trading venue 
----  -------------------------------------------------------  ------------------------------------------------------- 
 
 
  1.    Details of the person discharging managerial responsibilities/persons closely associated 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Name                                                     Neil Johnson 
----  -------------------------------------------------------  ------------------------------------------------------- 
  2.    Reason for notification 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Position/Status                                          Chief Executive Officer 
----  -------------------------------------------------------  ------------------------------------------------------- 
  b)    Initial notification/amendment                           Initial 
----  -------------------------------------------------------  ------------------------------------------------------- 
  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 the financial instrument, type of         Ordinary shares of nil par value 
        instrument and identification code 
 
                                                                  GG00BYZSSY63 
----  -------------------------------------------------------  ------------------------------------------------------- 
  b)    Nature of transaction                                    Acquisition of ordinary shares following vesting of 
                                                                 conditional performance share awards under 
                                                                 LTIP 
----  -------------------------------------------------------  ------------------------------------------------------- 
  c)    Price(s) and volume(s)                                     Price(s)     Volume(s) 
                                                                  -----------  ----------- 
                                                                    N/A          1,500,000 
                                                                  -----------  ----------- 
----  -------------------------------------------------------  ------------------------------------------------------- 
  d)    Aggregated Information                                   n/a 
----  -------------------------------------------------------  ------------------------------------------------------- 
  e)    Date of transaction                                      27 July 2023 
----  -------------------------------------------------------  ------------------------------------------------------- 
  f)    Place of transaction                                     Outside a trading venue 
----  -------------------------------------------------------  ------------------------------------------------------- 
 
 
  1.    Details of the person discharging managerial responsibilities/persons closely associated 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Name                                                     Charlie Cannon Brookes 
----  -------------------------------------------------------  ------------------------------------------------------- 
  2.    Reason for notification 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Position/Status                                          Executive Director 
----  -------------------------------------------------------  ------------------------------------------------------- 
  b)    Initial notification/amendment                           Initial 
----  -------------------------------------------------------  ------------------------------------------------------- 
  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 the financial instrument, type of         Ordinary shares of nil par value 
        instrument and identification code 
 
                                                                  GG00BYZSSY63 
----  -------------------------------------------------------  ------------------------------------------------------- 
  b)    Nature of transaction                                    Grant of conditional performance share awards under 
                                                                 LTIP 
----  -------------------------------------------------------  ------------------------------------------------------- 
  c)    Price(s) and volume(s)                                     Price(s)     Volume(s) 
                                                                  -----------  ----------- 
                                                                    N/A          762,400 
                                                                  -----------  ----------- 
----  -------------------------------------------------------  ------------------------------------------------------- 
  d)    Aggregated Information                                   n/a 
----  -------------------------------------------------------  ------------------------------------------------------- 
  e)    Date of transaction                                      Award date: 27 July 2023 
----  -------------------------------------------------------  ------------------------------------------------------- 
  f)    Place of transaction                                     Outside a trading venue 
----  -------------------------------------------------------  ------------------------------------------------------- 
  1.    Details of the person discharging managerial responsibilities/persons closely associated 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Name                                                     Charlie Cannon Brookes 
----  -------------------------------------------------------  ------------------------------------------------------- 
  2.    Reason for notification 
----  ---------------------------------------------------------------------------------------------------------------- 
  a)    Position/Status                                          Executive Director 
----  -------------------------------------------------------  ------------------------------------------------------- 
  b)    Initial notification/amendment                           Initial 
----  -------------------------------------------------------  ------------------------------------------------------- 
  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 the financial instrument, type of         Ordinary shares of nil par value 
        instrument and identification code 
 
                                                                  GG00BYZSSY63 
----  -------------------------------------------------------  ------------------------------------------------------- 
  b)    Nature of transaction                                    Acquisition of ordinary shares following vesting of 
                                                                 conditional performance share awards under 
                                                                 LTIP 
----  -------------------------------------------------------  ------------------------------------------------------- 
  c)    Price(s) and volume(s)                                     Price(s)     Volume(s) 
                                                                  -----------  ----------- 
                                                                    N/A          1,450,000 
                                                                  -----------  ----------- 
----  -------------------------------------------------------  ------------------------------------------------------- 
  d)    Aggregated Information                                   n/a 
----  -------------------------------------------------------  ------------------------------------------------------- 
  e)    Date of transaction                                      27 July 2023 
----  -------------------------------------------------------  ------------------------------------------------------- 
  f)    Place of transaction                                     Outside a trading venue 
----  -------------------------------------------------------  ------------------------------------------------------- 
 

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July 28, 2023 02:00 ET (06:00 GMT)