REG - Duke Capital - Follow-On Investment into Step Investments Limited

Duke CapitalAnnouncement

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RNS Number : 7484D  Duke Capital Limited  17 October 2025

17 October 2025

 

Duke Capital Limited

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

 

Follow-On Investment into Step Investments Limited

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 a follow-on investment of £3.7 million into its existing capital
partner, Step Investments Limited ("Step"). This investment will enable Step's
radio-focused subsidiary, Bay Broadcasting Limited ("Bay"), to complete an
acquisition and expand its portfolio.

Step is a diversified investment group, with core interests in the cinema
advertising, digital outdoor advertising and radio stations across the UK and
Ireland.

 

Highlights:

 

·    Additional Duke funding of £3.7 million, will facilitate Step's
acquisition of Western Community Broadcasting Services ("Galway Bay FM or
GBFM").

·       Established in 1989, GBFM is the leading radio station in the
Galway region of Ireland, and broadcasts a mix of programming, including news,
sport, current affairs, and local content.

·      The acquisition expands Bay's portfolio of profitable and
well-known Irish radio stations to four: Ireland's Classic Hits, Radio Nova,
Sunshine 106.8, and now GBFM. Radio Nova and Sunshine 106.8 are ranked as the
2(nd) and 3(rd) most popular radio stations in Dublin.

·       The financing increases Duke's total credit financing in Step
to £15.2 million. The investment terms are in line Duke's typical cost of
capital, including a starting yield of 13.5% and a +/- 6% annual revenue
adjustment factor in respect of hybrid credit payments due.

·       Duke has supported Step for over seven years with various forms
of follow-on capital and the enlarged group now has substantial operations
across the UK and Ireland with more than 400 employees.

 

Neil Johnson, Duke Capital CEO said:

 

"The Duke team is delighted to support Step and Bay in acquiring Galway Bay
FM, a leading local broadcaster with deep roots in its community and a highly
loyal audience. Galway Bay FM is a natural addition to Bay's existing radio
portfolio, and this transaction is another example of how Duke's flexible
capital can help long-standing partners like Step grow through acquisitions."

 

Mike Ormonde, Step CEO said:

 

"The acquisition of Galway Bay FM represents an exciting addition to Bay's
growing radio portfolio and aligns with our strategy of investing in
high-quality media assets. Galway Bay FM has been the voice of Galway for over
three decades, and with the support of Bay's experienced management team, we
see a clear opportunity to strengthen its commercial performance, broaden its
reach and move Bay into the position of being the second largest commercial
radio group in Ireland. We are delighted to have Duke's continued support as
we execute on our growth strategy across the UK and Ireland."

 

Further information regarding Galway Bay FM

 

Founded in 1989, Galway Bay FM is a commercial local radio station
broadcasting to Galway city and county under licence from Coimisiún na Meán.
Galway Bay FM has consistently ranked as the top radio station in the region
with a market share of over 30%, ahead of national and multi-city competitors.
The station broadcasts a mix of current affairs, local news, sports coverage,
and music programming from its Galway city premises.

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
(http://www.dukecapital.com/partners) .

 

 

***ENDS***

 

For further information, please visit www.dukecapital.com
(http://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                                               Adam James / Harry Rees                             +44 (0) 207 523 8000

 (Joint Broker)

 SEC Newgate (Financial Communications)                                  Robin Tozer / Alice Cho / Gwen Samuel               + +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.

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