Duke Capital Regulatory News (DUKE)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR FROM THE UNTIED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM IN RESPECT OF ANY SECURITIES.

Duke Royalty Limited

("Duke Royalty", "Duke" or the "Company")

Result of Retail Offer and announcement of Open Offer details

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, recently announced a Fundraising of up to approximately £20 million from new and existing investors, which included a Placing, a Retail Offer (the "Retail Offer"), and an Open Offer.

The Company is pleased to announce that it has successfully completed the Retail Offer and has conditionally raised a total of approximately £461,500 on the platform, through the issue of 1,048,974 New Ordinary Shares to be issued on Admission. To date, the total of the Placing and Retail Offer has raised approximately £16.55 million.

As such, up to approximately £3.45 million will be available to Qualifying Shareholders under the Open Offer through the issue of up to 7,838,135 Open Offer Shares. As previously announced, the Company will also seek further direct subscriptions of new Ordinary Shares to accommodate demand from new and existing investors, including family offices and private wealth managers.

The Company will announce the final amount raised pursuant to the Fundraising, and any additional subscriptions of new Ordinary Shares near the time of the General Meeting.

Qualifying Shareholders may apply for Open Offer Shares under the Open Offer at the Issue Price on the following basis:

2 Open Offer Shares for every 51 Existing Ordinary Shares

and so in proportion for any number of Existing Ordinary Shares held on the Record Date. Entitlements of Qualifying Shareholders will be rounded down to the nearest whole number of Offer Shares. Fractional entitlements which would otherwise arise will not be issued to the Qualifying Shareholders but will be made available under the Excess Application Facility. The Excess Application Facility enables Qualifying Shareholders to apply for Excess Shares in excess of their Open Offer Entitlement. Not all Shareholders will be Qualifying Shareholders. Shareholders who are located in, or are citizens of, or have a registered office in certain overseas jurisdictions will not qualify to participate in the Open Offer.

Further details of the Open Offer are to be included in a Circular to Shareholders which it is expected to be posted to Shareholders shortly. The expected Open Offer timetable was recently announced by the Company and is also contained within the Circular.

The Fundraising remains conditional, inter alia, upon:

(a) the Extraordinary Resolution having been passed by the requisite majority of Shareholders at the Extraordinary General Meeting;

(b) the Placing Agreement having become unconditional in all respects and not having been terminated in accordance with its terms prior to Admission; and

(c) Admission becoming effective not later than 8.00 a.m. on 31 October 2019 or such later time and/or date as the Company and Cenkos may agree, being not later than 8.00 a.m. on 14 November 2019.

If any of the conditions are not satisfied, the Offer Shares will not be issued and all monies received from the investors will be returned to the investors (at the investors' risk and without interest) as soon as possible thereafter. The Retail Offer and the Open Offer are not being underwritten.

Unless otherwise defined, capitalised terms shall have the meaning as those set out in the 'Definitions' section of the announcement issued by the Company on 4 October 2019.

For further information, please contact www.dukeroyalty.com, or contact:

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.

 Important Notice

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.

No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by or on behalf of the Company, Cenkos Securities plc or by their affiliates or their respective agents, directors, officers and employees as to, or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefor is expressly disclaimed.

The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.

The New Ordinary Shares will not be admitted to trading on any stock exchange other than the AIM Market of the London Stock Exchange.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement.

**ENDS**