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Duke Royalty raises stake in Miriad; notes "robust" pipeline

Thu, 23rd Dec 2021 14:24

(Alliance News) - Duke Royalty Ltd on Thursday said it had invested a further GBP5.3 million into its royalty partner MRDB Holdings Ltd Group and said it has maintained a "robust" pipeline through its third quarter.

The Guernsey-based royalty finance provider said, as part of the deal, it will increase its equity interest in MRDB Holdings to 30%. Duke Royalty's total investment in the company now stands at GBP18.3 million.

MRDB Holdings undertakes business as Miriad Products, Duke Royalty explained. Miriad is a recreational vehicle and caravan parts distributor based in Uttoxeter.

Duke Royalty said it had continued to convert its "robust" pipeline in its third quarter by securing two additional royalty partners and completing three follow-on investments into existing royalty partners.

As a result, the company expects that cash revenue for the quarter ending December 31 will total GBP3.9 million. Duke Royalty added that it is "cautiously optimistic" that it will be able to announce a further increase in quarterly cash revenue for the fourth quarter of its 2022 financial year.

Shares in Duke Royalty were up 3.3% at 43.30 pence on Thursday afternoon in London.

By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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