REG - Duke Royalty Limited - Follow-On Investment into Existing Royalty Partner

Duke CapitalAnnouncement

20/01/2022 07:05

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220120:nRST0238Za&default-theme=true

RNS Number : 0238Z  Duke Royalty Limited  20 January 2022

20 January 2022

 

Duke Royalty Limited

 

("Duke Royalty" or "Duke")

 

Follow-On Investment into Existing Royalty Partner

Duke Royalty, a provider of alternative capital solutions to a diversified
range of profitable and long-established businesses in Europe and North
America, is pleased to announce a follow-on investment of £2.45 million ("the
Financing") into existing royalty partner InTec Business Solutions Limited
("InTec") to fund its two latest acquisitions. InTec is an investment holding
company created to execute a buy and build strategy of synergistic companies
within the I.T. Managed Services sector in the United Kingdom and Ireland.

Highlights:

 

·    Duke's funds will facilitate InTec's acquisitions of Provident
Technology Limited ("Provident"), an I.T. Managed Services business, as well
as Firefly Enterprises Limited ("Firefly"), a provider of fixed line data and
telecom services

·    The financing increases Duke's total investment in InTec to £12.35
million. The terms are the same as Duke's previous follow-on investment into
InTec including a starting yield of 13.5% and the normal 6% annual adjustment
factor

·    Provident and Firefly represent InTec's ninth and tenth acquisitions
since 2016, and second and third supported by Duke

·  The acquisitions further diversify the geographies that InTec operates
in, expands Intec's core competencies, and increases its end-customer base

 

Neil Johnson, CEO of Duke Royalty, said:

"We are pleased to see InTec continue to execute on its clearly defined
M&A strategy. Provident and Firefly fit with the pre-agreed acquisition
criteria and build on InTec's core competencies. InTec's deal pipeline remains
robust, and we look forward to further supporting their buy and build strategy
in the future.

"Providing capital to existing royalty partners to undertake accretive
acquisitions is core part of Duke's offering. This support allows partners to
drive synergies and provide diversification in the business."

Further information regarding Provident and Firefly

 

Provident is an I.T. Managed Services Provider founded in 2000 and operates
out of Dublin, Ireland. The business provides I.T. support and professional
services to SMEs to ensure the smooth running of their businesses. Support and
services are provided both on a recurring basis as well as with ad hoc
project-based work.

 

Firefly was founded in 2002 with offices near Glasgow, Scotland. Firefly sells
telephone and internet access to SMEs and provides managed services to make
sure these communications solutions are working properly. The business also
provides ancillary services, including "unified communications" solutions to
manage communications through multiple channels, including phone, text, and
email.

Duke Royalty Portfolio

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

 

 

***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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBLMJTMTMBTMT