REG - Duke Capital - Successful Exit of Investment

Duke CapitalAnnouncement

06/03/2024 07:00

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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
(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)                                  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.

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