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Duke Royalty Ltd - UK and Europe royalty finance provider - Makes follow-on investment of GBP4.5 million into existing royalty partner United Glass Group Ltd, a group with subsidiaries operating in the UK architectural glass processing and merchanting sectors. Says United Glass will use the funds to complete its acquisition of London Architectural Glass, a UK supplier of bespoke architectural glass to premium residential, educational and heritage projects. Notes investment has been financed via Duke's existing revolving credit facility with Honeycomb Investment Trust, with the investment expected to be immediately earnings accretive.
"This investment is in line with our strategy to deliver additional diversification to our portfolio and achieve increased cash revenues to support our quarterly dividend. Based on Duke's pro forma exposure of GBP12.0 million, UGG has become one of Duke's core royalty partners and I look forward to seeing their continued development and growth in the future," says Duke Chief Executive Neil Johnson.
Current stock price: 32.70 pence, up 7.2% on Monday
Year-to-date change: up 7.2%
By Zoe Wickens; zoewickens@alliancenews.com
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