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Duke Royalty Ltd - Guernsey-based royalty finance provider - Enters into a GBP5.0 million royalty financing agreement with New Path Fire & Security Ltd. Says that the financing will be used to buy two complementary businesses under exclusivity and to refinance the existing senior debt in its business. Agrees to a total funding commitment of up to GBP20 million to support New Path's buy-and-build strategy to acquire profitable fire and securities services businesses.
"Duke is excited to be partnering with New Path Fire and Security to support their buy and build strategy. The fire and security sector is both admirable in its principal cause to protect assets and lives, as well as highly attractive with regards to its antirecessionary attributes. New Path has acquired a group of quality operating businesses and we look forward to helping them to continue consolidating a mission-critical sector," Chief Executive Neil Johnson says.
Current stock price: 34.00 pence, up 1.5% on Friday in London
12-month change: down 20%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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