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Share Price: 32.50

Bid: 32.00

Ask: 33.00

Change: 0.25 (0.78%)

Spread: 1.00 (3.125%)

Open: 32.00

High: 33.00

Low: 32.00

Prev. Close: 32.25

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Duke Royalty signs finance deal with RV parts provider Miriad

Tue, 19th Feb 2019 15:12

(Sharecast News) - Alternative capital provider Duke Royalty has provided £10m royalty financing to the MRDB Holdings group, which undertakes business as Miriad Products, it announced on TuesdayThe AIM-traded firm said Miriad, founded in 1977, was the largest privately-owned recreational vehicle (RV) parts wholesale company in the UK.It said the transaction represented Duke's 12th royalty partner, further diversifying Duke's revenue base.Initial cash-on-cash yield would be more than 13%. per annum via monthly payments, which would be immediately payable following the closing of the investment.The secured financing, which would be for 30 years, would see distributions adjusted annually to reflect Miriad's consolidated revenue growth.Duke said Miriad had "very low" customer concentration risk and a "long history" of turnover growth and profitability, providing more than 15,000 parts from a variety of suppliers, many of which were on a UK-exclusive basis.It was also led by four owner-managers, who had successfully grown sales since their management buyout from £0.9m in 1999 to £23m in 2018.Alongside Duke's financing, two new directors were being appointed, who would provide strategic and mergers and acquisitions advice to Miriad, as well as also becoming shareholders.Duke said its financing structure also provided the shareholder group with the flexibility to incentivise other members of the wider management team in due course .The firm said it still retained sufficient liquidity via its existing cash holdings and debt facility to make additional royalty investments."Miriad is a very well-managed business and a market leader in its sector, making it an ideal royalty partner for Duke," said Duke Royalty chief executive officer Neil Johnson."The business' long history of growing profitability and its ability to withstand, and in fact grow during previous economic downturns, makes us excited about the Company's future."Johnson said as the company's 12th core holding, the deal built on the diversification Duke had recently achieved through the acquisition of Capital Step."Importantly, Duke's existing cash holdings and acquired debt facility mean that we are well positioned to make more investments in the coming months."Duke's pipeline remains strong and I look forward to updating shareholders on new investments in due course."

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27 Jun 2023 15:45

UK earnings, trading statements calendar - next 7 days

Wednesday 28 June
abrdn Private Equity Opportunities Trust PLC	Half Year Results
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Schroder European Real Estate Investment Trust PLC	Half Year Results
Time Finance PLC	Trading Statement
Thursday 29 June
B&M European Value Retail SA	Trading Statement
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De La Rue PLC	Full Year Results
Hunting PLC	Trading Statement
James Latham PLC	Full Year Results
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Marlowe PLC	Full Year Results
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Friday 30 June
Adnams PLC	Trading Statement
Angus Energy PLC	Half Year Results
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Ondo InsurTech PLC	Full Year Results
PetroNeft Resources PLC	Full Year Results
Record PLC	Trading Statement
Monday 3 July
Porvair PLC	Half Year Results
Wynnstay Group PLC	Half Year Results
Tuesday 4 July
ActiveOps PLC	Full Year Results
Augmentum Fintech PLC	Full Year Results
Cairn Homes PLC	Trading Statement
Duke Royalty Ltd	Full Year Results
Foresight Group Holdings Ltd	Full Year Results
J Sainsbury PLC	Trading Statement
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Mercia Asset Management PLC	Full Year Results
Solid State PLC	Full Year Results

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26 Jun 2023 14:22

IN BRIEF: Duke Royalty invests another GBP1.8 million into Tristone

Duke Royalty Ltd - Europe and North America-focused alternative capital solutions provider - Announces a follow-on investment of GBP1.8 million into its existing partner Tristone Healthcare Ltd. Says the fund will facilitate Tristone's latest acquisition of South West Intervention Services Ltd. This increases Duke's total investment in Tristone to GBP19.4 million.

26 Jun 2023 11:01

Duke Royalty puts another £1.8m into Tristone Healthcare

(Sharecast News) - Alternative capital provider Duke Royalty announced an additional investment of £1.8m into its existing partner Tristone Healthcare on Monday.

1 Jun 2023 10:29

IN BRIEF: Duke Royalty shares up as quarterly cash revenue rises

Duke Royalty Ltd - Europe and North America-focused alternative capital solutions provider - Says recurring cash revenue for the fourth quarter of financial 2023 amounts to GBP5.7 million, up from GBP4.7 million the year before. Total cash revenue is GBP5.8 million, up from GBP5.6 million in the previous quarter. Says in the quarter, Duke Royalty completes a new USD8.8 million royalty investment into Instor Solutions Inc, a California-based product reseller and service provider for work related to the build-out and migration of data centres.

25 May 2023 12:26

DIRECTOR DEALINGS: Unilever South Asia president sells more shares

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Wednesday and Thursday and not separately reported by Alliance News:

24 May 2023 19:15

IN BRIEF: Duke Royalty nets profit after successful investment exit

Duke Royalty Ltd - Europe and North America-focused alternative capital solutions provider - Announces the successful exit of its investment in royalty partner Instor Solutions Inc, a California-based product reseller and service provider for work related to the build-out and migration of data centres. Receives net cash of USD11.2 million at closing, delivering a total gain of USD2.4 million over Duke's initial investment amount, provided to Instor in March 2023. Notes this represents the sixth and most profitable exit for Duke to date. Proceeds from the exit further strengthens Duke's balance sheet, enabling deployment into its pipeline of new investment opportunities, company says.

7 Mar 2023 17:11

TRADING UPDATES: Caspian Sunrise signs charter contract, eyes further

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

7 Mar 2023 16:37

Duke Royalty inks financing deal with its 20th partner

(Sharecast News) - Duke Royalty announced an $8.75m royalty financing agreement with Instor Solutions on Tuesday, to support a shareholder buyout intended to transition equity control to the current executive management team, led by the CEO.

3 Mar 2023 11:54

IN BRIEF: Duke Royalty expects quarterly cash revenue to rise

Duke Royalty Ltd - Europe and North America-focused alternative capital solutions provider - Expects to achieve recurring cash revenue of GBP5.7 million for the fourth quarter ending on March 31, up 21% from GBP4.7 million a year before. In the third quarter ended December 31, recurring cash revenue amounts to GBP5.6 million, up from GBP3.9 million a year before.

21 Feb 2023 16:31

Duke Royalty invests further GBP1.8 million into royalty partner InTec

(Alliance News) - Duke Royalty Ltd on Tuesday announced a follow-on investment of GBP1.8 million into its existing royalty partner InTec Business Solutions Ltd to fund its latest acquisition.

21 Feb 2023 11:56

Duke Royalty puts another £1.75m into InTec

(Sharecast News) - Alternative capital provider Duke Royalty announced a follow-on investment of £1.75m into existing royalty partner InTec Business Solutions on Tuesday, to fund its latest acquisition.

16 Jan 2023 12:50

TRADING UPDATES: t42 IoT Tracking Solutions and Zenova win contracts

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

13 Dec 2022 13:41

Duke Royalty makes £3.2m follow-on investment in Tristone

(Sharecast News) - Alternative capital provider Duke Royalty announced a follow-on investment of £3.2m into its existing royalty partner Tristone Healthcare on Tuesday, to fund its latest acquisition.

13 Dec 2022 13:00

IN BRIEF: Duke Royalty invests additional GBP3.2 million into Tristone

Duke Royalty Ltd - Europe and North America-focused alternative capital solutions provider - Notes follow-on investment of GBP3.2 million into existing royalty partner Tristone Healthcare Ltd to fund its acquisition of residential and nursing care provider K Bond Healthcare Ltd, which trades as Next Steps. Tristone provides specialist residential and domiciliary care in two end-markets: high acuity adults with severe mental, physical or learning disabilities, and care leavers, aged between 16 and 19, who are transitioning out of social care and into independent living.

12 Dec 2022 14:31

Duke Royalty upgrades credit facility to GBP100 million until 2028

(Alliance News) - Duke Royalty Ltd on Monday said it entered into a new GBP100 million credit facility agreement with Fairfax Financial Holdings Ltd for a five-year term.

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Duke Royalty signs finance deal with RV parts provider Miriad

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