(Alliance News) - Duke Royalty Ltd on Thursday said it has made a follow-on investment in royalty partner Pearl & Dean Cinemas Ltd and restructured the investment by moving the whole agreement to Pearl & Dean's parent company.
The royalty financing firm announced a GBP250,000 follow-on investment in cinema advertising business Pearl & Dean.
Moreover, Duke Royalty has restructured the investment, now standing at GBP2.8 million, by moving it to Pearl & Dean parent Step Investments Ltd.
Step Investment is an investment vehicle and has "interests in several profitable and cash-generative UK and Irish businesses". This restructuring gives Duke Royalty exposure to the broader Step Investment portfolio, making ir more secure.
Duke Royalty Chief Executive Neil Johnson said: "This investment benefits all parties concerned and reinforces Duke's reputation as a flexible and long-term funding partner for business in the UK, Europe and abroad. For Duke and its shareholders, this restructuring means that our royalty receipts are poised to benefit from multiple growth opportunities as [Step Investments] launches its new venue, Hyde, alongside the range of planned initiatives from the Pearl & Dean Group thanks to the new funds raised through The Firmament Group. This deal also enhances the value of our overall security on the investment."
Shares in Duke Royalty were down 2.1% at 46.62 pence in London on Thursday.
Duke Capital (DUKE)