Duke Royalty Limited (LSE: DUKE) is an AIM listed company whose principal activity is to provide alternative capital solutions. The company does this by offering royalty finance to proven, profitable businesses across a range of sectors.
Duke Royalty was established in its present form in 2015 and was re-admitted to AIM in March 2017 when it raised £15 million before expenses, by issuing 37.5 million new ordinary shares at a share price of 40 pence each.
In July 2023, the company had c. 408 million shares in issue and the DUKE share price was 34.5 pence per share, giving Duke Royalty a market value of c. £144 million.
Overview of the company’s assets
According to the latest investor presentation, released by Duke in July 2023, the company has entered into royalty financing agreements with 14 royalty partners and has deployed c. £192 million across the portfolio.
Financing is provided through a combination of secured loans and preference shares which entitle the company to monthly distributions. In addition, distributions are adjusted each year based on the percentage change in the borrower’s year-on-year revenue.
Cashflow Review as at 31st March 2023
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