Last checked at 6 Mar 2018 07:00
6 March 2018
Duke Royalty Limited("Duke Royalty", "Duke" or the "Company")
Long Term Incentive Plan ("LTIP") awards
Duke Royalty Limited (AIM: DUKE) announces that the Company's Remuneration Committee has approved the following Performance Share Awards ("PSA's") under the Company's Long Term Incentive Plan ("LTIP"). The LTIP framework was detailed within the Company's admission document which was published on 20 March 2017 as was to be put into place post Admission. The Board has determined the issuance of the shares pursuant to part 5 of the admission document can now be issued as the LTIP has been approved and there are no close period restrictions.
The PSA's for the financial year to 31 March 2017 are as follows:
Neil Johnson | 500,000 ordinary shares |
Charlie Cannon-Brookes | 350,000 ordinary shares |
Justin Cochrane | 175,000 ordinary shares |
The PSA's vest after a period of three years and are subject to various performance conditions outlined in the admission document and set by the Remuneration Committee, all in accordance with the LTIP rules. The LTIP Awards will be subject to a performance condition based 50 per cent. on total shareholder return ("TSR") and 50 per cent. on total cash available for distribution per share ("TCAD per Share"). TSR can be defined as the returns generated by shareholders based on the combined value of the dividends paid out by the Company and the share price performance over the period in question.
Going forward PSA's will typically be announced within weeks after the Company's financial year results.
About Duke Royalty
Headquartered in Guernsey, Duke Royalty Limited provides alternative financing solutions to a diversified range of businesses in Europe and abroad. Duke Royalty's experienced team and exclusive partnership 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. For more information, visit dukeroyalty.com.
For further information:
Duke Royalty Limited | Neil Johnson / Charlie Cannon-Brookes |
| +44 (0) 1481 741 240 |
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Grant Thornton UK LLP (Nominated Adviser) | Colin Aaronson / Samantha Harrison / Carolyn Sansom |
| +44 (0) 20 7383 5100 |
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Cenkos Securities plc (Joint Broker) | Julian Morse / Michael Johnson |
| +44 (0) 207 397 8900 |
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Mirabaud Securities Limited (Joint Broker) | Peter Krens / Edward Haig-Thomas |
| +44 (0) 20 3167 7222 |
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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
END
1
| Details of the person discharging managerial responsibilities / person closely associated
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a)
| Name
| Neil Johnson
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2
| Reason for the notification
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a)
| Position/status
| Chief Executive Officer | |||
b)
| Initial notification /Amendment
| Initial | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
| Name
| Duke Royalty Limited
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b)
| LEI
| 213800GUTKPSJ39SER44 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary Shares
GG00BYZSSY63 | |||
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Identification code |
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b)
| Nature of the transaction
| Purchase of Placing Shares pursuant to the Fundraising | |||
c)
| Price(s) and volume(s) |
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| Price(s) | Volume(s) |
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| N/A | 500,000 |
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d)
| Aggregated information |
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- Aggregated volume |
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- Price |
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e)
| Date of the transaction
| 6 March 2018 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
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a)
| Name
| Charlie Cannon-Brookes
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2
| Reason for the notification
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a)
| Position/status
| Executive Director | |||
b)
| Initial notification /Amendment
| Initial | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Duke Royalty Limited
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b)
| LEI
| 213800GUTKPSJ39SER44 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary Shares
GG00BYZSSY63 | |||
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Identification code |
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b)
| Nature of the transaction
| Purchase of Placing Shares pursuant to the Fundraising | |||
c)
| Price(s) and volume(s) |
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| Price(s) | Volume(s) |
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| N/A | 350,000 |
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d)
| Aggregated information |
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- Aggregated volume |
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- Price |
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e)
| Date of the transaction
| 6 March 2018 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
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a)
| Name
| Justin Cochrane | |||
2
| Reason for the notification
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a)
| Position/status
| Executive Director | |||
b)
| Initial notification /Amendment
| Initial | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Duke Royalty Limited
| |||
b)
| LEI
| 213800GUTKPSJ39SER44 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary Shares
GG00BYZSSY63 | |||
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| ||||
Identification code |
| ||||
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b)
| Nature of the transaction
| Purchase of Placing Shares pursuant to the Fundraising | |||
c)
| Price(s) and volume(s) |
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| Price(s) | Volume(s) |
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| N/A | 175,000 |
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d)
| Aggregated information |
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- Aggregated volume |
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- Price |
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e)
| Date of the transaction
| 6 March 2018 | |||
f)
| Place of the transaction
| London Stock Exchange | |||