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Pin to quick picksDuke Capital Share News (DUKE)

Share Price Information for Duke Capital (DUKE)

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Share Price: 30.75
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Duke Royalty Raises Up To GBP20 Million To Fund Fresh Investments

Fri, 04th Oct 2019 17:38

(Alliance News) - Duke Royalty Ltd said Friday it raised GBP20 million through a discounted share offer in order to fund further investments.

Duke Royalty has secured GBP16.1 million in fundraising through the issue of subscription shares at 44 pence, equivalent to a 6.4% discount to the share price at the close on Thursday. A further GBP3.9 million is to be raised through a share placing and retail offer.

Shares in Duke - which provides alternative capital to firms - closed 2.0% higher at 47.94 pence in London on Friday, giving it a market capitalisation of GBP95.8 million.

The funds will be used - along with its revolving credit facility - to deploy capital into an additional royalty partner which is currently under letter of intent.

"We are delighted with the support new and existing institutions have shown for our strategy to enhance the robust, predictable, long-term returns we have demonstrated for shareholders," Duke Royalty Chief Executive Officer Neil Johnson said.

"We are excited to continue building the diversification of royalty partners and to support existing royalty partners in their acquisition strategies," Johnson added. "Our revolving line of credit means the company can efficiently use our balance sheet to continue to deploy capital."

"Royalty finance businesses been proven over market cycles to provide both income and capital gains to public shareholders due to the long-term predictable cash flows they deliver, and we look forward to continuing to build our business for the benefit of our shareholders," Johnson added.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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