Result of EGM and Issue of £17.5 million of Equity

Duke Royalty Limited

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

Result of EGM and Issue of £17.5 million of Equity

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 the Extraordinary Resolution put to Shareholders in connection with the Fundraising was duly passed at the General Meeting held earlier today. The voting results of the General Meeting will be available to view on the Company's website shortly at www.dukeroyalty.com.

The Company is pleased to confirm it has raised an additional £892,287 by way of Open Offer, as it received final valid applications from Qualifying Shareholders in respect of 2,027,925 Open Offer Shares including applications under the Excess Application Facility.

Accordingly, the Company has raised a total of approximately £17.45 million (before expenses) via the Fundraising, following the issue and allotment of 39,667,899 new ordinary shares (the Fundraising Shares"), comprising 36,591,000 Placing Shares, 2,027,925 Open Offer Shares and 1,048,974 Retail Offer Shares. An application has been made for the Fundraising Shares to be admitted to trading on AIM (Admission), which is expected to take place at 8.00 a.m. on 31 October 2019.

Directors' participation in the Fundraise

(1) Of these, prior to the Fundraising 1,800,193 Ordinary Shares are legally owned by Abingdon Capital Corporation ("Abingdon"). Abingdon has not subscribed for any New Shares in the Fundraising. Mr Johnson is Abingdon's sole voting shareholder. Following the issue of New Shares, Abingdon will legally own 1,800,193 Ordinary Shares on Admission. Mr Johnson has subscribed in his own name for 142,807 New Shares, representing £62,835 in the Fundraising.

(2) Of these, prior to the Fundraising 2,500,000 Ordinary Shares are legally owned by Arlington Group Asset Management ("Arlington"). Arlington has subscribed for 156,693 New Shares, representing £68,945 in the Fundraising. Mr Cannon-Brookes is the investment director of Arlington and holds 40.27 percent of the voting shares of Arlington. Following the issue of New Shares, Arlington will legally own 2,656,693 Ordinary Shares on Admission.

Neil Johnson, CEO of Duke Royalty, said:

"We would like to thank our shareholders for the strong show of support in the Open Offer as well as welcome new investors onto our register as a result of the institutional Placing and Retail Offer. The strong uptake we have experienced through this Open Offer is very pleasing and shows continued support for our strategy to become the leading corporate royalty provider in the UK and Europe. With numerous follow-on and new royalty opportunities in the pipeline, we look forward to deploying the additional capital and in turn, enhancing the robust, predictable, long term returns we have demonstrated for shareholders."

Following Admission, the Company's issued ordinary share capital will comprise 239,540,358 ordinary shares of nil par value, of which none are held in treasury. The above figure of 239,540,358 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the voting rights of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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.

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.

**ENDS**