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Pin to quick picksDuke Capital Regulatory News (DUKE)

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Successful Exit of Investment

6 Mar 2024 07:00

RNS Number : 7212F
Duke Capital Limited
06 March 2024
 

6 March 2024

 

Duke Capital Limited

 

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

 

Successful Exit of Investment in Fairmed Healthcare AG

 

Duke Capital Limited (AIM: DUKE), a leading provider of hybrid capital solutions for SME business owners in Europe and North America, is pleased to announce the successful exit of its investment in Fairmed Healthcare AG ("Fairmed"), a Switzerland-based provider of high-quality generic prescription medicines, over-the-counter pharmaceuticals, dermocosmetics and dietary supplements in various EU countries.

 

Overview

 

· Headline cash consideration of ?11.4 million, providing Duke with additional liquidity for new deployments into its pipeline of long-established, profitable businesses

· Payment of ?6.0 million has been received with the balance of ?5.4 million to be paid by 31 March 2024

· This represents the seventh exit for Duke, delivering its sixth profitable exit. The exit of Fairmed is at the upper end of the expected rate of return for Duke with no equity participation

· Duke's financing solution enabled Fairmed's management team to retain its minority equity stake, while receiving the capital to support the expansion of its product portfolio

· Duke's investment exit was facilitated by Fairmed's majority owner, Strides Pharma Global Pte Ltd, a fully owned subsidiary of Strides Pharma Science Limited ("Strides"). The prepayment of Duke's investment paves the way for Strides to initiate the next phase of its European strategy, utilising Fairmed to expand and strengthen its presence in the region

Neil Johnson, CEO of Duke Capital, said:

 

"We are proud to have supported Fairmed during a crucial time in the development of its product portfolio. Our capital injection empowered its management team to achieve their strategic objectives without burdening the business with loss of control or refinancing risk, underscoring our commitment to facilitating growth and success for our partners.

 

"We are pleased to build on our track record of successfully delivering profitable exits and are excited to see Fairmed and Strides deliver on the next phase of their European strategy. We look forward to continuing to deploy capital into other promising opportunities."

Duke Capital Portfolio

A full list of Duke's current Partners is included for reference on the Partners page of the Company's website: www.dukecapital.com/partners

 

 

***ENDS***

 

For further information, please visit www.dukecapital.com or contact:

 

Duke Capital Limited

Neil Johnson / Charles Cannon Brookes / Hugo Evans

 

+44 (0) 1481 231 816

Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)

Stephen Keys / Callum Davidson / Michael Johnson 

+44 (0) 207 220 0500

 

Canaccord Genuity Limited

(Joint Broker)

 

Adam James / Harry Rees

+44 (0) 207 523 8000

SEC Newgate (Financial Communications)

Elisabeth Cowell / Alice Cho / Matthew Elliott

+ +44 (0) 20 3757 6882 dukecapital@secnewgate.co.uk

 

About Duke Capital

Duke is a leading provider of hybrid capital solutions for SME business owners in Europe and North America, combining the best features of both equity and debt.

 

Since 2017, Duke has provided unique long-term financing which eliminates re-financing risk and necessity for a short-term exit by providing a unique 'corporate mortgage' while also aligning its returns to grow with the success of the business.

 

Duke is focused on generating attractive risk-adjusted returns for shareholders and has a track record of achieving this across market cycles. It's three investment pillars are capital preservation, attractive dividend yield, and to provide upside upon exits.

 

Duke is listed on the AIM market under the ticker DUKE and is headquartered in Guernsey.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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