Last checked at 7 Mar 2016 07:00
7 March 2016
Duke Royalty Limited
("Duke Royalty" or the "Company")
Board Changes and Corporate Update
7 March 2016 - Duke Royalty Limited ("Duke Royalty" or the "Company"), a public diversified royalty company (AIM: DUKE), today announces the following:
Board changes
With immediate effect, Mark Le Tissier has been appointed to the Board of the Company as a Non-Executive Director, and Robert King has resigned as Non-Executive Chairman and from the board of directors with immediate effect, completing his interim period as described in the Result of EGM announcement June 16, 2015. Mr Le Tissier is the European Regional Director of Trident Trust with oversight over five offices, as well as the Managing Director of Trident Trust Guernsey, and has worked for Trident for over twenty years. He has extensive board-level experience, has an in-depth knowledge of Guernsey and other jurisdictions' corporate and investment regulations, and is a resident of Guernsey. Nigel Birrell has become the Company's Non-Executive Chairman with immediate effect.
Neil Johnson, CEO and Executive Director of Duke Royalty, comments, "We welcome Mark to the Duke Royalty Board and we look forward to working with him as the Company moves into the next stage of its development. His expertise in corporate governance across different jurisdictions will be important in Duke's future." Mr. Johnson added, "We thank Rob for his service to the company to complete the transition to Duke Royalty, which has now fundamentally been completed. We wish him very well in his future endeavours."
Change of Company Secretary and Administrator
Duke Royalty is also pleased to announce that the appointment of Trident Trust Company (Guernsey) Limited ("Trident Trust") as the Company's Secretary and Administrator will become effective as at 1 April 2016. Trident Trust, with 34 offices in 24 jurisdictions worldwide, is a leading independent provider of corporate, trust, and fund services to the financial services sector. An orderly transition from R&H Fund Services (Guernsey) Limited ("R&H") to Trident Trust has been initiated. The Duke Royalty Board would like to thank R&H for their diligent and professional efforts throughout this transitional phase.
Corporate update
In June 2015, the Company embarked on a transformation to the first UK diversified royalty company, which it has largely completed. After raising £2,250,000 at 50 pence per share, in May 2015, the Company received shareholder support for a change in its investment policy. The new investment policy saw the Company become a diversified royalty finance company, with the aim of providing alternative financing to a range of profitable and well-managed businesses. At that time, the Company also announced the appointment of a new set of highly-experienced Board members including Neil Johnson as the Company's CEO to execute the Company's new investment mandate.
In early September 2015, along with a small placing at 60p per share, the Company announced an exclusive, global, long-term collaboration agreement with Oliver Wyman, a wholly-owned division of Marsh & McLennan Companies, a Fortune 200 company, with an initial focus on generating healthcare royalty transactions. The Company is proud to say this collaboration is a first in the industry and this gives Duke Royalty the expertise of a global management consultancy which deals with many major companies in the healthcare industry. Furthermore, the depth of expertise of Oliver Wyman provides Duke Royalty a due diligence resource that other royalty companies cannot match.
Later in September 2015, the Company announced the establishment of its Healthcare Investment Committee, the members of which have a combined total of over $2 billion and over 100 years of healthcare royalty experience. Including true pioneers of the public royalty sector, the Company's investment committee has the requisite skills to evaluate and recommend our proprietary deals for the benefit of Duke Royalty's shareholders.
In October 2015, the Company welcomed the full-time appointment of Justin Cochrane as EVP of Corporate Development. A further important piece to building a global royalty company, Justin has successfully concluded dozens of royalty transactions in multiple jurisdictions during his career and will be instrumental in monitoring and evaluating the Company's investments in the future. This completed the royalty execution skills the Company required, allowing the origination and evaluation of many potential investments by not only our internal resources, but also from Oliver Wyman and from a number of external sources.
January 2016 saw the appointment of Peel Hunt as the Company's new Nominated Adviser (Nomad) and Broker. Peel Hunt is the second-largest Broker on AIM by market capitalization of their clients, and had the top ranked research for small to mid cap companies in 2015. The Board of Duke Royalty believes Peel Hunt is an ideal partner, given their in-depth understanding of the healthcare, royalty and alternative finance sectors and track record in raising finance for mid and small cap quoted companies.
Today, with the addition of Mark Le Tissier and Trident Trust, the corporate transition has been largely completed. The Company looks forward to bringing the pieces it has assembled together; a highly experienced team, a global Fortune 200 partner, a tax-advantaged corporate structure, and a top tier Nomad and broker. The Duke Royalty Board, Oliver Wyman, and the Investment Committee are currently evaluating a number of royalty opportunities which in aggregate total approximately £100 million in value and which sit both inside and outside of healthcare, but all with the characteristics which are consistent with the investment policy adopted at the June 16, 2015 EGM. In order to fund these potential royalty investment opportunities, it is currently the Company's intention to seek additional equity financing in the short to medium term.
The Company would like to thank all shareholders for their continued support and looks forward to being able to provide details of its inaugural royalty transaction at the appropriate opportunity.
For further information:
Duke Royalty Limited | Neil Johnson Charlie Cannon-Brookes +44 (0) 1481 741 240 |
Peel Hunt LLP (Nominated Adviser) | Edward Knight |
+44 (0)20 7418 8900 |
About Duke Royalty
Headquartered in Guernsey, Duke Royalty Limited is a team of experienced financial executives dedicated to providing royalty financing solutions to a diversified number of well-managed businesses in Europe and abroad. Duke Royalty intends to reinvent the royalty financing model for European public markets by lowering costs through an efficient structure and entering into exclusive alliances that leverage deal flow and expertise. A $50 billion sector in North America, Duke Royalty plans to bring royalty investing to the European market by leveraging the management team's North American experience and success with royalty investing. These investments are intended to provide robust, stable, and long-term returns for Duke Royalty's shareholders.
Duke Royalty is listed on the AIM market under the ticker DUKE. For more information, visit dukeroyalty.com.
The following information is disclosed pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies
Full name and age: Mark Wilson Le Tissier (aged 52)
Mark Le Tissier does not currently hold any shares in Duke Royalty
Mark Le Tissier has worked as a trust & estate practitioner for over twenty years and as a fiduciary provider has been appointed to the board of directors of a large number of private companies which were intended to have limited lifespans and was therefore a director at the time of or prior to the company entering receivership, liquidation or a company voluntary arrangement. In the list below, a (*) denotes companies that have entered receivership, liquidation or a company voluntary arrangement while Mark Le Tissier was a director at the time or in the twelve months preceding the event. However, none of the companies that he has been a director of has been placed in compulsory, or creditors' liquidation and there has not been a shortfall to any creditor in any of the companies.
Current directorships or partnerships
AGIP Resources Limited | Airone Shipping Ltd* |
Amir Limited | Armada Marine (Guernsey) Limited |
Atlas Services Group Guernsey Limited | BKS Global PCC Limited |
BKS Global PCC Limited A | Blackmore Enterprises Limited |
Bluebell Investments Limited | Bombaria Limited |
Caledonian MacBrayne Crewing (Guernsey) Limited | Candarli Limited |
Capricorn Fund PCC Limited | Chambros Limited |
Churchill Beaumont Investments Limited | Clyde Marine Offshore Limited |
Consortium Solutions Ltd | Cool Projects N.V. |
Crawley One Ltd | Crown Sure Ltd |
CTC Marine Projects (Guernsey) Limited | DeepOcean Guernsey Limited |
Deeside (Guernsey) Limited | Druids Glen Golf Club Limited |
Druids Health Gold Club Limited | Durval Investments Limited |
Elite Properties Development ApS | Falcon Lair Crew Ltd |
FCS (Guernsey) Limited | Fletcher Shipping (Guernsey) Limited |
Flying Dragon Crew IC Limited | Galdana Limited |
Gardline (Guernsey) Limited | Global Offshore PCC Limited |
Golden Amber Holdings Limited* | Grantully Limited |
GulfMark Guernsey International Ltd | GulfMark Guernsey Ltd |
Harding Brothers (Guernsey) Limited | Harwell Limited |
Havila Marine (Guernsey) Limited | Hydrosub (Guernsey) Limited* |
Indian Energy Limited | Ingwe Investments Limited |
Interlaken Investments Limited | Island Consultants Nominees Limited |
Jaylak Limited | Kilda Crewing (Guernsey) Limited |
Lakeford Limited | Leefrere Limited |
Luxif Management S.a.r.l. | Management Resources Limited |
Marine Manning (Guernsey) Limited | Monderrain Limited |
Mountjoy Investments Limited | NorthLink Crewing (Guernsey) Limited |
North Star (Guernsey) Limited | Obalus Limited |
Obalus Hotel Company Limited | Ocean Supply (Guernsey) Limited |
Ocean Work Systems (Guernsey) Limited | Owen Trust Limited |
P.W. Limited | Phillimore Capital Limited* |
Per-Scent Acquisitions Limited | Redcliff Park S.A. |
Rooperol N.A.N.V. | Seatechs (Guernsey) Limited |
Serco Ferries (Guernsey) Crewing Limited | Taramoss Nominees Limited* |
The Cabinet Trust Company Limited | The Craigs Limited |
Trident Corporate Services (Malta) Limited | Trident Corporate Services (No.1) Limited |
Trident Corporate Services (No.2) Limited | Trident Fund Services (Guernsey) Limited |
Trident Fund Services (Malta) Limited | Trident Nominees (No.1) Limited |
Trident Nominees (No.2) Limited | Trident Payroll Services (Guernsey) Limited |
Trident Trust Company (Guernsey) Limited | Trident Trust Company (Luxembourg) SA |
Trident Trust Company (Malta) Limited | Trident Trust Holding (Luxembourg) S.a.r.l. |
Twintron Enterprises Inc. | VTB Capital I2BF CIV (Cayman) Ltd. |
VTB Capital Kaznano investment (Cayman) Ltd. | VTB Capital Kaznano management (Cayman) Ltd. |
VTB Capital Kaznano Nanotech GP Ltd. | VTBC Asset Management International Limited |
Waverley Excursions Guernsey (2015) Limited | WGP International Limited* |
World Sharia Funds PCC Limited |
Previous directorships or partnerships
22 Norwood Drive Limited | 3D Investments Limited |
A & R Invest Limited | Abbotsvale Limited |
Acharya Investments Limited | Aeromondial Holdings Inc. |
Afield Reality Inc.* | Africa Mining & Manufacturing Limited* |
Africa Salvage (Guernsey) Limited* | African Resources Company Limited* |
Aled Finance Limited | Almonte Developments Limited |
Alonzo Developments Limited* | Altitude 2 Crew IC Limited* |
Altitude Crew IC Limited* | Amberlean Worldwide Limited* |
Applebrook Holdings Limited | Aristotelis Limited |
Astraline Holdings Limited* | Atlantic Holdings International Limited* |
Aventador Holdings Limited* | Bankhead Management (Guernsey) Limited* |
Barberry Trading Limited | Barras Limited |
BBOD Europe Limited* | BH8 Ventures Limited |
Billy Budd Crew IC Limited* | BKS Global PCC Limited |
BKS Global PCC Limited A | Blackstone Resources Limited |
Blue Oxe Trinity Limited | Bluestein Holdings Limited |
Boeties Retreat (Proprietary) Limited* | Boothroyd Investments Limited* |
Brickey Investments Corp. | Buchanan Renewables (Guernsey) Limited* |
Buker Limited | Butterfly Crew IC Limited |
Cardigan Bay Limited | Carlisle Invest Limited |
Carlton Hotels Management Limited* | Cassidee Worldwide Limited |
CCC Racing Team Limited* | Charnley Worldwide Limited |
Chawton Limited* | Clyde Marine (Guernsey) Limited* |
Command Holdings Investments Limited | Cotentin Investments Limited |
Courtlands Finance Company Limited | Cristaux Serviços e Marketing Lda |
Crockford Limited | Crown Sure Hong Kong Limited |
Crusader Company Ltd | Crusher Investment Limited |
Cyrillic Limited | Cyrnos Limited |
Dan Group Limited* | Dandelion Properties Limited |
Dannen Associates Limited | Darnforth Holdings Limited |
Deep Democracy Limited | Delton Holdings 2 Limited |
Delton Holdings Limited | Domino Investments Limited |
Doona Holdings Limited | Doona Investments Limited |
Dragonfly Crew IC Limited | Drakanea Management Limited |
Droganni Limited* | Dyna Crew IC Limited |
Easebridge Holdings Limited | Eastgate Developments Limited* |
Eastgate Holdings Limited* | Eden's Bay Limited* |
Elektra Shipping Limited* | Elena Crew IC Limited* |
Elfje Crew IC Limited | Elite Finance Limited |
Elite Properties PCC Limited | Elite Properties PCC Limited - Cell A |
Elite Properties PCC Limited - Cell B | Elite Properties PCC Limited - Cell C |
Elite Properties PCC Limited - Cell D* | Elite Properties PCC Limited - Cell E |
Elite Properties PCC Limited - Cell F | Elite Properties PCC Limited - Cell G |
Elite Properties PCC Limited - Cell H | Elite Properties PCC Limited - Cell I |
Elite Properties PCC Limited - Cell J | EMS (Guernsey) Limited* |
Entertainment Group Limited | Equatorial Biofuels (Guernsey) Limited |
Ethereal Crew IC Limited | European Datacom & Services Limited |
Evermore Limited | Falcon Crew IC Limited* |
Federer Enterprises Limited* | Ferntower Estates Ltd* |
Fincor Limited | Firefly Global Holdings Limited* |
Flemyn (Guernsey) Company Limited* | Galaxy International Limited* |
Gena Holdings Limited* | Ginuti Properties Limited |
Glypticon Limited | GML Asset Solutions Leasing Limited* |
Golassa Images Limited | Gold Island Holding Limited |
Golden Glow Worldwide Inc | Golden Ray Investing Ltd |
Golden Star Investments Limited | Golden Star VTB Limited |
Greenwill SA | Guernsey Crewing Services Limited* |
Guernsey Property Holdings Limited* | Guernsey Property TV Limited |
Hayken Crew IC Limited* | HD Maritime Crew IC Limited |
Helmscourt Limited | Herakles Estate II Limited |
Herakles Estate Limited | HFI Holdings Limited |
High Target Ltd.* | Highbury Finance Group Limited |
Hillcrest Overseas Corp. | Hobart 51 Limited* |
Holdfast Indemnity Company Limited* | Hove Properties Ltd* |
Howland Limited* | Hwasun Estate Limited* |
I Dynasty Crew IC Limited | Imac Resources Limited |
Indranet Consulting Ltd* | Irisha Crew IC Limited |
IRM A.M. Limited | Jakari Limited |
Jazzy Enterprises Limited | Jems Crew IC Limited |
JLM A.M. Limited | Kibo Crew IC Limited |
Kivotos Overseas Limited* | Krakos Limited* |
L.C.M.S. Limited* | L.M.L.K. Limited |
Lady Christine Crew IC Limited* | Lady Lara Crew IC Limited |
Lam Developments Limited | Lam Investments Limited |
Land Remediation and Servicing Limited* | Landia Invest S.A. |
Landon Enterprises Inc.* | Larisa Crew IC Limited |
Laurus Limited | Le Grand Bleu Crew IC Limited |
Leigh-Home Estates Limited | Leisure Investment Holdings (Guernsey) Limited* |
LEM A.M. Limited | Lexkia Limited* |
Lightning Crew IC Limited | Lightning Enterprises Limited* |
Limpet Holdings Limited* | Limpet Logistics Limited* |
LJ Maple Limited | Lokomotiv Moscow Limited |
Lone Ranger Crew IC Limited* | LRS Holdings Limited* |
Lumen II Limited* | Lumen III Limited* |
Lumen Limited | Luna Crew IC Limited |
Lunaberg International Limited | Madox Investments Limited* |
Maduro Images Limited | Mall Investments Limited |
Marsa Property Limited | Martens Images Limited |
Merenda Holdings Ltd. | Merlin International Holdings Limited* |
Metis Holdings Inc. | Mezzadri Limited* |
Miranda Investments Limited | Moonbird Crew IC Limited |
Moran Services Limited | MZ SPV (BVI) Limited |
Nakatita Holdings Limited | Nantel Investments Ltd. |
Nataly S Crew IC Limited | Natura Limited |
Nellwyn Properties Limited | Newity Capital Limited |
Newport (PTC) Limited | North Bonaparte Limited* |
North Star Management Corp | Northwestern (International) Aircraft Corp. |
Oasis Crew IC Limited | Obsession Crew IC Limited* |
Ocean Marine Guernsey Limited* | Ocean Paradise Crew IC Limited* |
Ocean Recruitment Crew IC Limited | Ocean Recruitment ICC Limited |
Offley Mezz Limited | Omega Crew Management Services Limited* |
P.W. Marine (IOM) Limited* | Pacific Capital Holdings Limited |
Pacific Crew IC Limited | Panthalassa Crew IC Limited |
Papyrus Management Ltd.* | Park Estates Limited* |
Park Worldwide Holdings Limited | Parkvue Estates Limited |
Pattern Properties Inc. | Pebble Enterprises Ltd. |
Peejay Holdings Limited | Pereyra Images Limited |
Personnel International Limited | Pestifer Crew IC Limited* |
Peterhouse Investments Limited | Petroleum & Industrial Services Company Limited |
Petropolis Properties Inc. | Pharmahold Limited |
Pinzari Limited | Porzio International Limited |
Prenderfield Limited* | Prophecy Pension Trustees (Guernsey) Limited* |
Puerto Colombia Investment N.V. | Qianxun Limited* |
QM of London Crew IC Limited | Radiant Crew IC Limited |
Rat Images Limited | REIM Russia Real Estate Growth Fund* |
Reliance European Fund SPC* | Revecom International Limited* |
RFA Promotions Limited | Robert Mak Images Limited |
Ruscombe International Limited | SBK London Limited |
Seateam (Guernsey) Limited* | Selbourne Holdings Limited |
Selene Crew IC Limited | Senses Crew IC Limited |
Serene Crew IC Limited* | Sethi Limited* |
Shooting Star Crew IC Limited* | Sigmateli Limited |
SKL Holdings Limited | SKL Real Estate 1 Limited |
SKL Real Estate 2 Limited | Smart Beverages Limited |
Solarity Limited | Somerset Housing Company Limited, The* |
Springsure (Bahamas) Limited | St. Ives International Limited |
Stormes Cuuvene Limited* | Sundial Petroleum Services Limited* |
Sunrise Capital Limited | Taddeo Holdings Limited |
Tele-Plex Limited | Ternelles Limited* |
Thelington Limited | Thessaly Holdings Limited |
Thornton Holdings Limited | THR Holdings Limited* |
THR Trade & Investement Ltd.* | Tiara Crew IC Limited |
Tretherne Limited | Trident Investment Management (Guernsey) Limited* |
TTM A.M. Limited | Turnstone Asian Fund SPC* |
Uptown Ventures Limited* | Usha Communications Technology Ltd |
Valiant Consultancy Services Limited* | Value Investment Global Limited |
Value Tech Limited | Victoria-Sands Limited* |
Waverley Excursions (Guernsey) Limited* | Wetherfield Investments Limited |
WGP International Holdings Limited* | White Marble Limited |
Willdon Limited | Wilton Developments Limited |
Windy Sunset Limited | Winton Limited |
Woodstream Investments Limited | Xingyun Limited |
Yanaray Enterprises Limited* | Yodalady Group Limited* |
YSM A.M. Limited | Zazou Crew IC Limited |
Zita Crew IC Limited | Valiant Consultancy Services Limited* |
Value Investment Global Limited | Value Tech Limited |
Victoria-Sands Limited* | Waverley Excursions (Guernsey) Limited* |
Wetherfield Investments Limited | WGP International Holdings Limited* |
White Marble Limited | Willdon Limited |
Wilton Developments Limited | Windy Sunset Limited |
Winton Limited | Woodstream Investments Limited |
Xingyun Limited | Yanaray Enterprises Limited* |
Yodalady Group Limited* | YSM A.M. Limited |
Zazou Crew IC Limited | Zita Crew IC Limited |
No further information in connection with his appointment is required to be disclosed under Schedule Two, paragraph (g) of the Aim Rules for Companies.
Cautionary Statement
The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of Duke Royalty and the companies in which it invests. There can be no assurance that such statements will prove to be accurate, achievable or recognisable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Duke Royalty assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.