REG - Duke Royalty Limited - Follow-on investment into existing Royalty Partner

Duke CapitalAnnouncement

22/12/2021 15:55

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RNS Number : 5384W  Duke Royalty Limited  22 December 2021

22 December 2021

 

Duke Royalty Limited

 

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

 

Follow-on investment into existing Royalty Partner

 

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, is pleased to announce a follow-on investment
of €2.5 million (approximately £2.1 million) into existing royalty
partner Step Investments Limited ("Step" or the "Group"). Step is the
holding company for a range of interests in the private education, advertising
and hospitality sectors.

 

Highlights:

 

·    Duke's funds will be used in part to facilitate the purchase of an
85% equity interest in Adtower Limited ("Adtower"). Adtower is a fast growing,
profitable Irish business within the digital out of home advertising sector
which has demonstrated resilience through the Covid-19 pandemic through their
focus on supermarkets, petrol stations and convenience stores

 

·   Adtower's profitable operations will contribute additional EBITDA to
the Group, and near-term synergies exist through the possibility of working
with Step's other advertising subsidiary Wide Eye Outdoor

 

·    The purchase of a controlling stake in Adtower will complement Step's
other profitable subsidiary investments such as its 85% interest in City
Education Group ("CEG"), the Dublin-based private education subsidiary

 

·  This follow-on investment increases Duke's total investment in Step to
€9.55 million (approximately £8.1 million) and further strengthens Duke's
security position in the Group

 

About Adtower

 

Since launching in 2011, Adtower has grown rapidly to be the leading Irish
digital out of home advertising provider. With Adtower's leading-edge
technology delivery and analytics systems "ADAM" it has become a significant
player in the market. Combined with Step's other advertising subsidiary, Wide
Eye Outdoor, Step controls more than five times as many advertising panels
across the Republic of Ireland as its nearest competitor.

 

Neil Johnson, Duke CEO said:

 

"Duke is glad to be able to facilitate Step's purchase of a controlling equity
interest in Adtower which has recently been experiencing rapid growth and
profitability. The deal adds another exciting business into the Step stable of
companies and both improves Duke's security position and helps underpin its
future payments."

 

Duke Royalty Portfolio

 

A full list of Duke's current Royalty Partners are now included for reference
on the Partners page of the Company's website: www.dukeroyalty.com/partners
(http://www.dukeroyalty.com/partners)

 

This announcement contains inside information.

 

***ENDS***

For further information, please visit www.dukeroyalty.com
(http://www.dukeroyalty.com)  or contact:

 

 Duke Royalty Limited     Neil Johnson / Charlie Cannon Brookes / Hugo Evans               +44 (0) 1481 730 613

 Cenkos Securities plc    Stephen Keys / Callum Davidson / Julian Morse / Michael Johnson  +44 (0) 207 397 8900

 (Nominated Adviser

 and Joint Broker)

 Canaccord Genuity        Adam James / Georgina McCooke                                    +44 (0) 207 523 8000

 (Joint Broker)

 SEC Newgate (PR)         Elisabeth Cowell / Richard Bicknell / Megan Kovach               + +44 (0) 20 3757 6880 dukeroyalty@secnewgate.co.uk

 

 

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.

 

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