Long Term Incentive Plan Awards

RNS Number : 9013V

Duke Royalty Limited

06 December 2019

 

Duke Royalty Limited

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

Long Term Incentive Plan ("LTIP") Awards

Issue of Ordinary Shares

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 Company's Remuneration Committee has approved the award of a total of 2,525,000 conditional rights to acquire ordinary shares of no par value ("Performance Share Awards" or "PSA's") under the Company's Long-Term Incentive Plan ("LTIP"). The LTIP framework was detailed within the Company's admission document which was published on 20 March 2017 and was put into place post Admission. 

The PSA's for the financial year to 31 March 2019 are as follows:

Neil Johnson - CEO	850,000 ordinary shares
Charlie Cannon Brookes - Executive Director	600,000 ordinary shares
Jim Webster - Chief Investment Officer	215,000 ordinary shares
Other Duke employees	860,000 ordinary shares

The PSA's vest after a period of three years and are subject to various performance conditions outlined in the Company's admission document (and available on the Company's website) and set by the Remuneration Committee, all in accordance with the LTIP rules. The LTIP Awards will be subject to performance conditions, (50 per cent. based on growth in total shareholder return ("TSR") and 50 per cent. on growth in total cash available for distribution per share ("TCAD per Share")). TSR can be defined as the returns generated by shareholders based on the combined value of the dividends paid out by the Company and the share price performance over the period in question.

In addition to the PSA's, the Remuneration Committee also approved the issuance of 87,000 new ordinary shares of no par value (the "New Ordinary Shares") in the Company. The New Ordinary Shares were issued in lieu of cash fees to members of the Investment Committee in recognition of the significant contribution made during the previous financial year. No other options or equity derivatives will be issued to employees by the Company this year.

Total Voting Rights

Application has been made for the New Ordinary Shares to be admitted to trading on AIM. The New Ordinary Shares will rank pari-passu with existing ordinary shares, and it is expected that admission will occur at 8.00 a.m. on 9 December 2019.

Following admission of the New Ordinary Shares, the Company's issued ordinary share capital will comprise 239,627,358 ordinary shares, each with voting rights. The figure of 239,627,358 should therefore 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 Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact www.dukeroyalty.com, or contact:

Duke Royalty Limited	Neil Johnson / Charlie Cannon Brookes	[phone]
Cenkos Securities plc  (Nominated Adviser and Broker)	Julian Morse / Michael Johnson / Stephen Keys / Callum Davidson	[phone]
Newgate Communications (PR)	Elisabeth Cowell/ Ian Silvera/ Megan Kovach	[phone]

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.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Neil Johnson
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Duke Royalty Limited
b)	LEI	213800GUTKPSJ39SER44
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of nil par value ISIN: GG00BYZSSY63
b)	Nature of the transaction	Performance Share Awards
c)	Price(s) and volume(s)	Price Volume - 850,000
d	Aggregated information - Aggregated volume - Price	850,000 -
e)	Date of the transactions	5 December 2019
f)	Place of the transactions	Outside of trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Charlie Cannon Brookes
2	Reason for the notification
a)	Position/status	Executive Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Duke Royalty Limited
b)	LEI	213800GUTKPSJ39SER44
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of nil par value ISIN: GG00BYZSSY63
b)	Nature of the transaction	Performance Share Awards
c)	Price(s) and volume(s)	Price Volume - 600,000
d	Aggregated information - Aggregated volume - Price	600,000 -
e)	Date of the transactions	5 December 2019
f)	Place of the transactions	Outside of trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jim Webster
2	Reason for the notification
a)	Position/status	Chief Investment Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Duke Royalty Limited
b)	LEI	213800GUTKPSJ39SER44
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of nil par value ISIN: GG00BYZSSY63
b)	Nature of the transaction	Performance Share Awards
c)	Price(s) and volume(s)	Price Volume - 215,000
d	Aggregated information - Aggregated volume - Price	215,000 -
e)	Date of the transactions	5 December 2019
f)	Place of the transactions	Outside of trading venue

 

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