Last checked at 29 Oct 2015 07:00
29 October 2015
This announcement replaces the Company's announcement issued under RNS number 6322D at 07.00 on 28 October 2015 (the "Previous Announcement"). The Previous Announcement stated that following the Share Issue, Mr Cochrane will hold 250,000 Ordinary Shares, representing 3.17 per cent of the entire issued share capital. The Previous Announcement should have stated that following the Share Issue, Mr Cochrane will hold 300,000 Ordinary Shares, representing 3.81 per cent of the entire issued share capital.
The full amended announcement is set out below. All other details remain unchanged.
Duke Royalty Limited
("Duke Royalty" or the "Company")
Correction: Mr Justin Cochrane Appointment and Issue of Shares
Duke Royalty is pleased to announce that Justin Cochrane, a current member of the Company's Healthcare Investment Committee, has agreed to join Abingdon Capital Corporation ('Abingdon') as Executive Vice President, Corporate Development on a full time basis. Abingdon is a financial advisory company, which provides support services to the Company in respect of global deal origination, vertical partner relationships and on-going investment management, including preparation of investment reports, performance data and compliance with the Company's investing policy. Through his position at Abingdon, Mr Cochrane will play a pivotal role in the roll-out and execution of the Duke Royalty business plan and will bring significant royalty based experience to the operational team.
Mr Cochrane has negotiated, structured and executed dozens of royalty transactions in multiple jurisdictions during his five years at Sandstorm Gold Limited where he was Executive Vice President of Corporate Development. From 2002 to 2010 Mr Cochrane worked for National Bank Financial Inc. where he gained significant transaction experience executing M&A and capital markets transactions including IPO's for the income trust and royalty sectors, among others. Mr Cochrane holds a Bachelor of Commerce (finance major) from the University of British Columbia and has received a CFA designation from the CFA Institute.
In his new role, Mr Cochrane will have an active involvement in the due diligence of prospective investment opportunities for Duke Royalty; assisting in the execution of royalty transactions approved by the Duke Royalty board and in the monitoring of royalty investments made by the Company.
The Duke Royalty Board has approved the issue of 250,000 new Duke Royalty ordinary shares of no par value each in the Company ("Ordinary Shares") to Mr Cochrane (the "Share Issue") as a signing bonus, further cementing his alignment with shareholders.
Application has been made for the 250,000 new Ordinary Shares to be admitted to trading on AIM with admission expected to take place on or around 3 November 2015 ("Admission").
Following the Share Issue, Mr Cochrane will hold 300,000 Ordinary Shares, representing 3.81 per cent of the entire issued share capital.
Following Admission, there will be 7,877,459 Ordinary Shares in issue. The Company does not hold any shares in treasury. Therefore the total number of shares with voting rights in the Company following Admission will be 7,877,459. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
For further information:
Duke Royalty Limited | Neil Johnson Charlie Cannon-Brookes +44 (0) 1481 741 240 |
Grant Thornton UK LLP (Nominated Adviser) | Colin Aaronson/ Jamie Barklem/ Daniel Bush |
+44 (0)20 7383 5100 |
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 range of businesses in Europe and abroad. Duke Royalty has reinvented the royalty financing model for the European public markets through its efficient corporate structure and exclusive alliances and partnerships that provide both deal flow and expertise. Duke Royalty's investments are intended to provide robust, stable, long-term returns to its shareholders.
Duke Royalty is listed on the AIM market under the ticker DUKE. For more information, visit dukeroyalty.com.