LTIP Awards and other Issuances

RNS Number : 7711F

Duke Royalty Limited

31 October 2018

 

31 October 2018

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

Long Term Incentive Plan ("LTIP") awards,
Grant of Options, Ordinary Shares and Warrant issuance,
Admission of New Ordinary Shares and Total Voting Rights

Duke Royalty Limited (AIM: DUKE) announces that the Company's Remuneration Committee has approved the following Performance Share Awards ("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 2018 are as follows:

Neil Johnson	850,000 ordinary shares
Charlie Cannon-Brookes	600,000 ordinary shares
Jim Webster	215,000 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 a performance condition based 50 per cent. on total shareholder return ("TSR") and 50 per cent. on 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 305,000 new ordinary shares of no par value (the "New Ordinary Shares") in the Company and the grant of 200,000 options over Ordinary Shares (the "Options") under the Company's option plan. The Options expire five years from the date of issuance and have an exercise price of GBP 0.50.  The New Ordinary Shares and Options were issued to certain Non-Executive Directors, members of the Investment Committee and to new members of the Duke team, Steven Russo and Ajay Shivdasani (the "New Joiners"). The New Ordinary Shares were issued to Non-Executive Directors and Investment Committee members in recognition of the significant contribution made during the previous financial year and for voluntarily forgoing service fees. The New Joiners were issued a mix of New Ordinary Shares and Options as signing bonuses to mitigate remuneration they both forgo when leaving their previous employment, and to further align their interests with shareholders. 

Nigel Birrell	44,500 ordinary shares
Matthew Wrigley	27,000 ordinary shares
Investment Committee members	133,500 ordinary shares
New Joiners	100,000 ordinary shares and 200,000 Options

The Board also approved the grant of 2,375,000 Warrants to Partners Value Investments LP ("PVI") in consideration for the provision of services provided by PVI to the Company under the terms of the Strategic Advisory Agreement (as announced on 8 November 2017). The warrants were issued as consideration for introductory services and deal origination as well as for the provision of debt advisory services. PVI elected to receive warrants instead of cash to further align themselves with the Company and preserve liquidity within Duke. The warrants expire five years from the date of issuance and have an exercise price of GBP 0.50. In aggregate, following issue of these warrants, PVI will be interested in 8,750,000 ordinary shares representing approximately 4.41 per cent. of the Company's issued share capital and in 4,375,000 warrants.

Directors and PDMR's interests

Following the issue of these PSA's and ordinary shares, the interest of the respective directors and PDMRs is set out below:

Name	Number of Ordinary Shares	Percentage of issued share capital	Total number of shares under option(3)
Director
Neil Johnson (1)	3,507,193	1.77	1,435,000
Charlie Cannon-Brookes (2)	5,300,000	2.67	1,035,000
Nigel Birrell	844,500	0.43	85,000
Matthew Wrigley	27,000	0.01	-
Senior Management
Jim Webster	-	-	215,000

(1)  Mr Johnson is Abingdon Capital Corporation's sole voting shareholder which legally owns 1,800,193 Ordinary Shares.

(2)  Mr Cannon-Brookes is the investment director of Arlington Asset Management Limited ("Arlington") and holds 40.00 per cent. of the voting shares of Arlington. Arlington legally own 2,500,000 Ordinary Shares.

(3)  Includes PSAs under the Company's LTIP and share options under the Company's option plan.

Admission, Dealings and Total Voting Rights

Application has been made for the admission to trading on AIM ("Admission") of the 305,000 Ordinary Shares being issued pursuant to share awards with Admission expected to take place at 8.00 a.m. on 5 November 2018 ("Admission").

Following Admission, the Company will have a total of 198,207,459 Ordinary Shares in issue carrying voting rights.  This figure may 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 Financial Conduct Authority'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]
Grant Thornton UK LLP  (Nominated Adviser)	Colin Aaronson/ Samantha Harrison	[phone]
Cenkos Securities plc  (Joint Broker)	Julian Morse/ Michael Johnson	[phone]
Mirabaud Securities Limited (Joint Broker)	Peter Krens/ Edward Haig-Thomas	[phone]
Redleaf Communications (PR)	Elisabeth Cowell/ Robin Tozer/ Ian Silvera	[phone] [e-mail]

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.   

END

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
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	Ordinary Shares GG00BYZSSY63
	Identification code
b)	Nature of the transaction	Grant of performance share awards under LTIP
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			N/A	850,000
d)	Aggregated information
	- Aggregated volume
	- Price
e)	Date of the transaction	30 October 2018
f)	Place of the transaction	Outside a 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
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	Ordinary Shares GG00BYZSSY63
	Identification code
b)	Nature of the transaction	Grant of performance share awards under LTIP
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			N/A	600,000
d)	Aggregated information
	- Aggregated volume
	- Price
e)	Date of the transaction	30 October 2018
f)	Place of the transaction	Outside a 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
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	Ordinary Shares GG00BYZSSY63
	Identification code
b)	Nature of the transaction	Grant of performance share awards under LTIP
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			N/A	215,000
d)	Aggregated information
	- Aggregated volume
	- Price
e)	Date of the transaction	30 October 2018
f)	Place of the transaction	Outside a trading venue
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Nigel Birrell
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification /Amendment	Initial
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	Ordinary Shares GG00BYZSSY63
	Identification code
b)	Nature of the transaction	Purchase of Placing Shares pursuant to the Fundraising
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			N/A	44,500
d)	Aggregated information
	- Aggregated volume
	- Price
e)	Date of the transaction	30 October 2018
f)	Place of the transaction	Outside a trading venue
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Matthew Wrigley
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification /Amendment	Initial
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	Ordinary Shares GG00BYZSSY63
	Identification code
b)	Nature of the transaction	Purchase of Placing Shares pursuant to the Fundraising
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			N/A	27,000
d)	Aggregated information
	- Aggregated volume
	- Price
e)	Date of the transaction	30 October 2018
f)	Place of the transaction	Outside a trading venue

 

END

 

 

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