Last checked at 14 Jun 2018 07:00
14 June 2018
Duke Royalty Limited
("Duke Royalty", "Duke" or the "Company")
Update on Exclusive Collaboration Agreement
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, announces that it has mutually agreed with Oliver Wyman to end the exclusive healthcare collaboration announced on 7 September 2015.
The work that the two firms have undertaken together while developing Duke's existing royalty portfolio has adhered to the economic framework of the original agreement however, the sector focus has been broader than originally envisaged by either party. As such, the necessity of the exclusive relationship in potential healthcare investments was deemed to be no longer relevant by either party, given that Duke's future pipeline transactions are mostly outside of this sector.
Going forward, Duke intends to continue working with Oliver Wyman on a non-exclusive basis. It also plans to supplement Oliver Wyman's due diligence efforts with relationships with additional global consulting firms which demonstrate expertise and local knowledge for each investment opportunity.
The Company will continue to use an independent Investment Committee with additional royalty and investing expertise for investment recommendations. Oliver Wyman will continue to be represented on the Investment Committee.
Neil Johnson, CEO of Duke Royalty, said:
"Our close relationship with Oliver Wyman will remain on a non-exclusive basis, although we are now well positioned to broaden our network of consultancies across different sectors."
***ENDS***
For further information, please contact www.dukeroyalty.com, or contact:
Duke Royalty Limited | Neil Johnson/ Charlie Cannon-Brookes
| +44 (0) 1481 741 240 |
Grant Thornton UK LLP (Nominated Adviser) | Colin Aaronson/ Samantha Harrison
| +44 (0) 20 7383 5100
|
Cenkos Securities plc (Joint Broker)
| Julian Morse/ Michael Johnson | +44 (0) 207 397 8900 |
Mirabaud Securities Limited (Joint Broker)
| Peter Krens/ Edward Haig-Thomas
| +44 (0) 20 3167 7222 |
Redleaf Communications (PR)
| Elisabeth Cowell/ Robin Tozer/ Ian Silvera | +44 (0) 20 3757 6880 Dukeroyalty@redleafpr.com |
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 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 and is headquartered in Guernsey.
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.