Last checked at 22 Dec 2021 15:52
22 December 2021
Duke Royalty Limited
("Duke Royalty", "Duke" or the "Company")
Follow-on investment into existing Royalty Partner
Duke Royalty Limited (AIM: DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, is pleased to announce a follow-on investment of €2.5 million (approximately £2.1 million) into existing royalty partner Step Investments Limited ("Step" or the "Group"). Step is the holding company for a range of interests in the private education, advertising and hospitality sectors.
Highlights:
· Duke's funds will be used in part to facilitate the purchase of an 85% equity interest in Adtower Limited ("Adtower"). Adtower is a fast growing, profitable Irish business within the digital out of home advertising sector which has demonstrated resilience through the Covid-19 pandemic through their focus on supermarkets, petrol stations and convenience stores
· Adtower's profitable operations will contribute additional EBITDA to the Group, and near-term synergies exist through the possibility of working with Step's other advertising subsidiary Wide Eye Outdoor
· The purchase of a controlling stake in Adtower will complement Step's other profitable subsidiary investments such as its 85% interest in City Education Group ("CEG"), the Dublin-based private education subsidiary
· This follow-on investment increases Duke's total investment in Step to €9.55 million (approximately £8.1 million) and further strengthens Duke's security position in the Group
About Adtower
Since launching in 2011, Adtower has grown rapidly to be the leading Irish digital out of home advertising provider. With Adtower's leading-edge technology delivery and analytics systems "ADAM" it has become a significant player in the market. Combined with Step's other advertising subsidiary, Wide Eye Outdoor, Step controls more than five times as many advertising panels across the Republic of Ireland as its nearest competitor.
Neil Johnson, Duke CEO said:
"Duke is glad to be able to facilitate Step's purchase of a controlling equity interest in Adtower which has recently been experiencing rapid growth and profitability. The deal adds another exciting business into the Step stable of companies and both improves Duke's security position and helps underpin its future payments."
Duke Royalty Portfolio
A full list of Duke's current Royalty Partners are now included for reference on the Partners page of the Company's website: www.dukeroyalty.com/partners
This announcement contains inside information.
***ENDS***
For further information, please visit www.dukeroyalty.com or contact:
Duke Royalty Limited | Neil Johnson / Charlie Cannon Brookes / Hugo Evans
| +44 (0) 1481 730 613 |
Cenkos Securities plc (Nominated Adviser and Joint Broker) | Stephen Keys / Callum Davidson / Julian Morse / Michael Johnson | +44 (0) 207 397 8900 |
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Canaccord Genuity (Joint Broker)
| Adam James / Georgina McCooke | +44 (0) 207 523 8000 |
SEC Newgate (PR) | Elisabeth Cowell / Richard Bicknell / Megan Kovach | + +44 (0) 20 3757 6880 dukeroyalty@secnewgate.co.uk |
About Duke Royalty
Duke Royalty Limited provides alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad. Duke Royalty's experienced team provide financing solutions to private companies that are in need of capital but whose owners wish to maintain equity control of their business. Duke Royalty's royalty 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 and is headquartered in Guernsey.