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Duke Royalty Limited - Board Changes and Corporate Update

RNS Number : 1588R
Duke Royalty Limited
07 March 2016
 

7 March 2016

Duke Royalty Limited

("Duke Royalty" or the "Company")

 

Board Changes and Corporate Update

 

7 March 2016 - Duke Royalty Limited ("Duke Royalty" or the "Company"), a public diversified royalty company (AIM: DUKE), today announces the following:

 

Board changes

With immediate effect, Mark Le Tissier has been appointed to the Board of the Company as a Non-Executive Director, and Robert King has resigned as Non-Executive Chairman and from the board of directors with immediate effect, completing his interim period as described in the Result of EGM announcement June 16, 2015.  Mr Le Tissier is  the European Regional Director of Trident Trust with oversight over five offices, as well as the Managing Director of Trident Trust Guernsey, and has worked for Trident for over twenty years. He has extensive board-level experience, has an in-depth knowledge of Guernsey and other jurisdictions' corporate and investment regulations, and is a resident of Guernsey. Nigel Birrell has become the Company's Non-Executive Chairman with immediate effect.

Neil Johnson, CEO and Executive Director of Duke Royalty, comments, "We welcome Mark to the Duke Royalty Board and we look forward to working with him as the Company moves into the next stage of its development.  His expertise in corporate governance across different jurisdictions will be important in Duke's future."  Mr. Johnson added, "We thank Rob for his service to the company to complete the transition to Duke Royalty, which has now fundamentally been completed.  We wish him very well in his future endeavours."

 

Change of Company Secretary and Administrator

Duke Royalty is also pleased to announce that the appointment of Trident Trust Company (Guernsey) Limited ("Trident Trust") as the Company's Secretary and Administrator will become effective as at 1 April 2016.  Trident Trust, with 34 offices in 24 jurisdictions worldwide, is a leading independent provider of corporate, trust, and fund services to the financial services sector. An orderly transition from R&H Fund Services (Guernsey) Limited ("R&H") to Trident Trust has been initiated. The Duke Royalty Board would like to thank R&H for their diligent and professional efforts throughout this transitional phase.

 

Corporate update

In June 2015, the Company embarked on a transformation to the first UK diversified royalty company, which it has largely completed.  After raising £2,250,000 at 50 pence per share, in May 2015, the Company received shareholder support for a change in its investment policy.  The new investment policy saw the Company become a diversified royalty finance company, with the aim of providing alternative financing to a range of profitable and well-managed businesses. At that time, the Company also announced the appointment of a new set of highly-experienced Board members including Neil Johnson as the Company's CEO to execute the Company's new investment mandate.

In early September 2015, along with a small placing at 60p per share, the Company announced an exclusive, global, long-term collaboration agreement with Oliver Wyman, a wholly-owned division of Marsh & McLennan Companies, a Fortune 200 company, with an initial focus on generating healthcare royalty transactions.  The Company is proud to say this collaboration is a first in the industry and this gives Duke Royalty the expertise of a global management consultancy which deals with many major companies in the healthcare industry.  Furthermore, the depth of expertise of Oliver Wyman provides Duke Royalty a due diligence resource that other royalty companies cannot match.

Later in September 2015, the Company announced the establishment of its Healthcare Investment Committee, the members of which have a combined total of over $2 billion and over 100 years of healthcare royalty experience.  Including true pioneers of the public royalty sector, the Company's investment committee has the requisite skills to evaluate and recommend our proprietary deals for the benefit of Duke Royalty's shareholders.

In October 2015, the Company welcomed the full-time appointment of Justin Cochrane as EVP of Corporate Development.  A further important piece to building a global royalty company, Justin has successfully concluded dozens of royalty transactions in multiple jurisdictions during his career and will be instrumental in monitoring and evaluating the Company's investments in the future.  This completed the royalty execution skills the Company required, allowing the origination and evaluation of many potential investments by not only our internal resources, but also from Oliver Wyman and from a number of external sources.

January 2016 saw the appointment of Peel Hunt as the Company's new Nominated Adviser (Nomad) and Broker. Peel Hunt is the second-largest Broker on AIM by market capitalization of their clients, and had the top ranked research for small to mid cap companies in 2015. The Board of Duke Royalty believes Peel Hunt is an ideal partner, given their in-depth understanding of the healthcare, royalty and alternative finance sectors and track record in raising finance for mid and small cap quoted companies. 

Today, with the addition of Mark Le Tissier and Trident Trust, the corporate transition has been largely completed.  The Company looks forward to bringing the pieces it has assembled together; a highly experienced team, a global Fortune 200 partner, a tax-advantaged corporate structure, and a top tier Nomad and broker.  The Duke Royalty Board, Oliver Wyman, and the Investment Committee are currently evaluating a number of royalty opportunities which in aggregate total approximately  £100 million in value and which sit both inside and outside of healthcare, but all with the characteristics which are consistent with the investment policy adopted at the June 16, 2015 EGM.  In order to fund these potential royalty investment opportunities, it is currently the Company's intention to seek additional equity financing in the short to medium term. 

The Company would like to thank all shareholders for their continued support and looks forward to being able to provide  details of its inaugural royalty transaction at the appropriate opportunity.

For further information:

 

Duke Royalty Limited

Neil Johnson

Charlie Cannon-Brookes

+44 (0) 1481 741 240



Peel Hunt LLP (Nominated Adviser)

Edward Knight


+44 (0)20 7418 8900

 

About Duke Royalty

Headquartered in Guernsey, Duke Royalty Limited is a team of experienced financial executives dedicated to providing  royalty financing solutions to a diversified number of well-managed businesses in Europe and abroad.  Duke Royalty intends to reinvent the royalty financing model for European public markets by lowering costs through an efficient structure and entering into exclusive alliances that leverage deal flow and expertise. A $50 billion sector in North America, Duke Royalty plans to bring royalty investing to the  European market by leveraging the management team's North American experience and success with royalty investing. These investments are intended to provide robust, stable, and long-term returns for Duke Royalty's  shareholders

Duke Royalty is listed on the AIM market under the ticker DUKE.  For more information, visit dukeroyalty.com.

 

The following information is disclosed pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies

Full name and age: Mark Wilson Le Tissier (aged 52)

Mark Le Tissier does not currently hold any shares in Duke Royalty

Mark Le Tissier has worked as a trust & estate practitioner for over twenty years and as a fiduciary provider has been appointed to the board of directors of a large number of private companies which were intended to have limited lifespans and was therefore a director at the time of or prior to the company entering receivership, liquidation or a company voluntary arrangement.  In the list below, a (*) denotes companies that have entered receivership, liquidation or a company voluntary arrangement while Mark Le Tissier was a director at the time or in the twelve months preceding the event.  However, none of the companies that he has been a director of has been placed in compulsory, or creditors' liquidation and there has not been a shortfall to any creditor in any of the companies.

 

Current directorships or partnerships

AGIP Resources Limited

Airone Shipping Ltd*

Amir Limited

Armada Marine (Guernsey) Limited

Atlas Services Group Guernsey Limited

BKS Global PCC Limited

BKS Global PCC Limited A

Blackmore Enterprises Limited

Bluebell Investments Limited

Bombaria Limited

Caledonian MacBrayne Crewing (Guernsey) Limited

Candarli Limited

Capricorn Fund PCC Limited

Chambros Limited

Churchill Beaumont Investments Limited

Clyde Marine Offshore Limited

Consortium Solutions Ltd

Cool Projects N.V.

Crawley One Ltd

Crown Sure Ltd

CTC Marine Projects (Guernsey) Limited

DeepOcean Guernsey Limited

Deeside (Guernsey) Limited

Druids Glen Golf Club Limited

Druids Health Gold Club Limited

Durval Investments Limited

Elite Properties Development ApS

Falcon Lair Crew Ltd

FCS (Guernsey) Limited

Fletcher Shipping (Guernsey) Limited

Flying Dragon Crew IC Limited

Galdana Limited

Gardline (Guernsey) Limited

Global Offshore PCC Limited

Golden Amber Holdings Limited*

Grantully Limited

GulfMark Guernsey International Ltd

GulfMark Guernsey Ltd

Harding Brothers (Guernsey) Limited

Harwell Limited

Havila Marine (Guernsey) Limited

Hydrosub (Guernsey) Limited*

Indian Energy Limited

Ingwe Investments Limited

Interlaken Investments Limited

Island Consultants Nominees Limited

Jaylak Limited

Kilda Crewing (Guernsey) Limited

Lakeford Limited

Leefrere Limited

Luxif Management S.a.r.l.

Management Resources Limited

Marine Manning (Guernsey) Limited

Monderrain Limited

Mountjoy Investments Limited

NorthLink Crewing (Guernsey) Limited

North Star (Guernsey) Limited

Obalus Limited

Obalus Hotel Company Limited

Ocean Supply (Guernsey) Limited

Ocean Work Systems (Guernsey) Limited

Owen Trust Limited

P.W. Limited

Phillimore Capital Limited*

Per-Scent Acquisitions Limited

Redcliff Park S.A.

Rooperol N.A.N.V.

Seatechs (Guernsey) Limited

Serco Ferries (Guernsey) Crewing Limited

Taramoss Nominees Limited*

The Cabinet Trust Company Limited

The Craigs Limited

Trident Corporate Services (Malta) Limited

Trident Corporate Services (No.1) Limited

Trident Corporate Services (No.2) Limited

Trident Fund Services (Guernsey) Limited

Trident Fund Services (Malta) Limited

Trident Nominees (No.1) Limited

Trident Nominees (No.2) Limited

Trident Payroll Services (Guernsey) Limited

Trident Trust Company (Guernsey) Limited

Trident Trust Company (Luxembourg) SA

Trident Trust Company (Malta) Limited

Trident Trust Holding (Luxembourg) S.a.r.l.

Twintron Enterprises Inc.

VTB Capital I2BF CIV (Cayman) Ltd.

VTB Capital Kaznano investment (Cayman) Ltd.

VTB Capital Kaznano management (Cayman) Ltd.

VTB Capital Kaznano Nanotech GP Ltd.

VTBC Asset Management International Limited

Waverley Excursions Guernsey (2015) Limited

WGP International Limited*

World Sharia Funds PCC Limited


 

Previous directorships or partnerships

22 Norwood Drive Limited

3D Investments Limited

A & R Invest Limited

Abbotsvale Limited

Acharya Investments Limited

Aeromondial Holdings Inc.

Afield Reality Inc.*

Africa Mining & Manufacturing Limited*

Africa Salvage (Guernsey) Limited*

African Resources Company Limited*

Aled Finance Limited

Almonte Developments Limited

Alonzo Developments Limited*

Altitude 2 Crew IC Limited*

Altitude Crew IC Limited*

Amberlean Worldwide Limited*

Applebrook Holdings Limited

Aristotelis Limited

Astraline Holdings Limited*

Atlantic Holdings International Limited*

Aventador Holdings Limited*

Bankhead Management (Guernsey) Limited*

Barberry Trading Limited

Barras Limited

BBOD Europe Limited*

BH8 Ventures Limited

Billy Budd Crew IC Limited*

BKS Global PCC Limited

BKS Global PCC Limited A

Blackstone Resources Limited

Blue Oxe Trinity Limited

Bluestein Holdings Limited

Boeties Retreat (Proprietary) Limited*

Boothroyd Investments Limited*

Brickey Investments Corp.

Buchanan Renewables (Guernsey) Limited*

Buker Limited

Butterfly Crew IC Limited

Cardigan Bay Limited

Carlisle Invest Limited

Carlton Hotels Management Limited*

Cassidee Worldwide Limited

CCC Racing Team Limited*

Charnley Worldwide Limited

Chawton Limited*

Clyde Marine (Guernsey) Limited*

Command Holdings Investments Limited

Cotentin Investments Limited

Courtlands Finance Company Limited

Cristaux Serviços e Marketing Lda

Crockford Limited

Crown Sure Hong Kong Limited

Crusader Company Ltd

Crusher Investment Limited

Cyrillic Limited

Cyrnos Limited

Dan Group Limited*

Dandelion Properties Limited

Dannen Associates Limited

Darnforth Holdings Limited

Deep Democracy Limited

Delton Holdings 2 Limited

Delton Holdings Limited

Domino Investments Limited

Doona Holdings Limited

Doona Investments Limited

Dragonfly Crew IC Limited

Drakanea Management Limited

Droganni Limited*

Dyna Crew IC Limited

Easebridge Holdings Limited

Eastgate Developments Limited*

Eastgate Holdings Limited*

Eden's Bay Limited*

Elektra Shipping Limited*

Elena Crew IC Limited*

Elfje Crew IC Limited

Elite Finance Limited

Elite Properties PCC Limited

Elite Properties PCC Limited - Cell A

Elite Properties PCC Limited - Cell B

Elite Properties PCC Limited - Cell C

Elite Properties PCC Limited - Cell D*

Elite Properties PCC Limited - Cell E

Elite Properties PCC Limited - Cell F

Elite Properties PCC Limited - Cell G

Elite Properties PCC Limited - Cell H

Elite Properties PCC Limited - Cell I

Elite Properties PCC Limited - Cell J

EMS (Guernsey) Limited*

Entertainment Group Limited

Equatorial Biofuels (Guernsey) Limited

Ethereal Crew IC Limited

European Datacom & Services Limited

Evermore Limited

Falcon Crew IC Limited*

Federer Enterprises Limited*

Ferntower Estates Ltd*

Fincor Limited

Firefly Global Holdings Limited*

Flemyn (Guernsey) Company Limited*

Galaxy International Limited*

Gena Holdings Limited*

Ginuti Properties Limited

Glypticon Limited

GML Asset Solutions Leasing Limited*

Golassa Images Limited

Gold Island Holding Limited

Golden Glow Worldwide Inc

Golden Ray Investing Ltd

Golden Star Investments Limited

Golden Star VTB Limited

Greenwill SA

Guernsey Crewing Services Limited*

Guernsey Property Holdings Limited*

Guernsey Property TV Limited

Hayken Crew IC Limited*

HD Maritime Crew IC Limited

Helmscourt Limited

Herakles Estate II Limited

Herakles Estate Limited

HFI Holdings Limited

High Target Ltd.*

Highbury Finance Group Limited

Hillcrest Overseas Corp.

Hobart 51 Limited*

Holdfast Indemnity Company Limited*

Hove Properties Ltd*

Howland Limited*

Hwasun Estate Limited*

I Dynasty Crew IC Limited

Imac Resources Limited

Indranet Consulting Ltd*

Irisha Crew IC Limited

IRM A.M. Limited

Jakari Limited

Jazzy Enterprises Limited

Jems Crew IC Limited

JLM A.M. Limited

Kibo Crew IC Limited

Kivotos Overseas Limited*

Krakos Limited*

L.C.M.S. Limited*

L.M.L.K. Limited

Lady Christine Crew IC Limited*

Lady Lara Crew IC Limited

Lam Developments Limited

Lam Investments Limited

Land Remediation and Servicing Limited*

Landia Invest S.A.

Landon Enterprises Inc.*

Larisa Crew IC Limited

Laurus Limited

Le Grand Bleu Crew IC Limited

Leigh-Home Estates Limited

Leisure Investment Holdings (Guernsey) Limited*

LEM A.M. Limited

Lexkia Limited*

Lightning Crew IC Limited

Lightning Enterprises Limited*

Limpet Holdings Limited*

Limpet Logistics Limited*

LJ Maple Limited

Lokomotiv Moscow Limited

Lone Ranger Crew IC Limited*

LRS Holdings Limited*

Lumen II Limited*

Lumen III Limited*

Lumen Limited

Luna Crew IC Limited

Lunaberg International Limited

Madox Investments Limited*

Maduro Images Limited

Mall Investments Limited

Marsa Property Limited

Martens Images Limited

Merenda Holdings Ltd.

Merlin International Holdings Limited*

Metis Holdings Inc.

Mezzadri Limited*

Miranda Investments Limited

Moonbird Crew IC Limited

Moran Services Limited

MZ SPV (BVI) Limited

Nakatita Holdings Limited

Nantel Investments Ltd.

Nataly S Crew IC Limited

Natura Limited

Nellwyn Properties Limited

Newity Capital Limited

Newport (PTC) Limited

North Bonaparte Limited*

North Star Management Corp

Northwestern (International) Aircraft Corp.

Oasis Crew IC Limited

Obsession  Crew IC Limited*

Ocean Marine Guernsey Limited*

Ocean Paradise Crew IC Limited*

Ocean Recruitment Crew IC Limited

Ocean Recruitment ICC Limited

Offley Mezz Limited

Omega Crew Management Services Limited*

P.W. Marine (IOM) Limited*

Pacific Capital Holdings Limited

Pacific Crew IC Limited

Panthalassa Crew IC Limited

Papyrus Management Ltd.*

Park Estates Limited*

Park Worldwide Holdings Limited

Parkvue Estates Limited

Pattern Properties Inc.

Pebble Enterprises Ltd.

Peejay Holdings Limited

Pereyra Images Limited

Personnel International Limited

Pestifer Crew IC Limited*

Peterhouse Investments Limited

Petroleum & Industrial Services Company Limited

Petropolis Properties Inc.

Pharmahold Limited

Pinzari Limited

Porzio International Limited

Prenderfield Limited*

Prophecy Pension Trustees (Guernsey) Limited*

Puerto Colombia Investment N.V.

Qianxun Limited*

QM of London Crew IC Limited

Radiant Crew IC Limited

Rat Images Limited

REIM Russia Real Estate Growth Fund*

Reliance European Fund SPC*

Revecom International Limited*

RFA Promotions Limited

Robert Mak Images Limited

Ruscombe International Limited

SBK London Limited

Seateam (Guernsey) Limited*

Selbourne Holdings Limited

Selene Crew IC Limited

Senses Crew IC Limited

Serene Crew IC Limited*

Sethi Limited*

Shooting Star Crew IC Limited*

Sigmateli Limited

SKL Holdings Limited

SKL Real Estate 1 Limited

SKL Real Estate 2 Limited

Smart Beverages Limited

Solarity Limited

Somerset Housing Company Limited, The*

Springsure (Bahamas) Limited

St. Ives International Limited

Stormes Cuuvene Limited*

Sundial Petroleum Services Limited*

Sunrise Capital Limited

Taddeo Holdings Limited

Tele-Plex Limited

Ternelles Limited*

Thelington Limited

Thessaly Holdings Limited

Thornton Holdings Limited

THR Holdings Limited*

THR Trade & Investement Ltd.*

Tiara Crew IC Limited

Tretherne Limited

Trident Investment Management (Guernsey) Limited*

TTM A.M. Limited

Turnstone Asian Fund SPC*

Uptown Ventures Limited*

Usha Communications Technology Ltd

Valiant Consultancy Services Limited*

Value Investment Global Limited

Value Tech Limited

Victoria-Sands Limited*

Waverley Excursions (Guernsey) Limited*

Wetherfield Investments Limited

WGP International Holdings Limited*

White Marble Limited

Willdon Limited

Wilton Developments Limited

Windy Sunset Limited

Winton Limited

Woodstream Investments Limited

Xingyun Limited

Yanaray Enterprises Limited*

Yodalady Group Limited*

YSM A.M. Limited

Zazou Crew IC Limited

Zita Crew IC Limited

Valiant Consultancy Services Limited*

Value Investment Global Limited

Value Tech Limited

Victoria-Sands Limited*

Waverley Excursions (Guernsey) Limited*

Wetherfield Investments Limited

WGP International Holdings Limited*

White Marble Limited

Willdon Limited

Wilton Developments Limited

Windy Sunset Limited

Winton Limited

Woodstream Investments Limited

Xingyun Limited

Yanaray Enterprises Limited*

Yodalady Group Limited*

YSM A.M. Limited

Zazou Crew IC Limited

Zita Crew IC Limited

 

No further information in connection with his appointment is required to be disclosed under Schedule Two, paragraph (g) of the Aim Rules for Companies.

 

Cautionary Statement

 

The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of Duke Royalty and the companies in which it invests. There can be no assurance that such statements will prove to be accurate, achievable or recognisable in the near term.

Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Duke Royalty assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Quick facts: Duke Royalty Ltd

Price: -

Market: AIM
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