TIDMDUKE
RNS Number : 4838H
Duke Royalty Limited
28 July 2023
28 July 2023
Duke Royalty Limited
("Duke Royalty", "Duke" or the "Company")
Performance Share Awards ("PSAs")
Issue of Equity
Director/PDMR Dealings
New grant under LTIP
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 grant of a
total of 3,662,900 conditional rights to acquire ordinary shares of
no par value (PSAs) 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.
PSAs for the financial year to 31 March 2023 have been granted
are as follows:
Neil Johnson 847,100
Charlie Cannon Brookes 762,400
-----------
Other employees (non-PDMRs) 2,053,400
-----------
Total 3,662,900
-----------
The PSAs 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
PSAs 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.
Vesting of 2020 PSAs, transfer from EBT & Director/PDMR
interests
The Company also announces that a total of 7,665,000 PSAs,
previously granted under the Company's LTIP in relation to the
financial year ended 31 March 2020, have vested, representing 100%
of the PSAs granted at that time.
Following the various transactions detailed above, the following
Directors / PDMRs have the following total interest in ordinary
shares:
Director/PDMR Total ordinary shares held
Neil Johnson (1) 7,129,173
----------------------------
Charlie Cannon Brookes (2) 10,000,000
----------------------------
(1) Mr Johnson is Abingdon Capital Corporation's sole voting
shareholder which legally owns 2,123,149 ordinary shares included
within this figure.
(2) Mr Cannon Brookes a Director and shareholder of Arlington
Asset Management Limited ("Arlington"). This figure includes
4,000,000 ordinary shares legally owned by Arlington.
Total voting rights and EBT shares
In order to maintain an appropriate level of headroom within the
Company's EBT, the Company has issued 3,954,700 new ordinary shares
into the Duke Royalty Employee Benefit Trust ("EBT"), ownership of
which shall be transferred, in part or in full, to individual
beneficiaries, subject to achievement of the performance criteria
following the vesting period. Application has been made for these
3,954,700 shares to be admitted to trading on AIM, which is
expected to occur on 31 July 2022 ("Admission").
Following Admission and transfer of the 3,954,700 shares to LTIP
beneficiaries, the Company will have 421,488,734 ordinary shares in
issue admitted to trading on AIM, of which 6,062,700 will be held
by the EBT. This figure (421,488,734) 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:
Neil Johnson / Charles
Cannon Brookes / Hugo
Duke Royalty Limited Evans +44 (0) 1481 231 816
Cenkos Securities
plc
(Nominated Adviser Stephen Keys / Callum
and Joint Broker) Davidson / Michael Johnson +44 (0) 207 397 8900
Canaccord Genuity
(Joint Broker) Adam James / Harry Rees +44 (0) 207 523 8000
SEC Newgate (PR) Elisabeth Cowell / Alice +44 (0) 20 3757 6882
Cho / Matthew Elliott dukeroyalty@secnewgate.co.uk
Notifications of dealings by PDMRs:
1. Details of the person discharging managerial responsibilities/persons closely associated
---- ----------------------------------------------------------------------------------------------------------------
a) Name Neil Johnson
---- ------------------------------------------------------- -------------------------------------------------------
2. Reason for 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 Ordinary shares of nil par value
instrument and identification code
GG00BYZSSY63
---- ------------------------------------------------------- -------------------------------------------------------
b) Nature of transaction Grant of conditional performance share awards under
LTIP
---- ------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------- -----------
N/A 847,100
----------- -----------
---- ------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
---- ------------------------------------------------------- -------------------------------------------------------
e) Date of transaction Award date: 27 July 2023
---- ------------------------------------------------------- -------------------------------------------------------
f) Place of transaction Outside a trading venue
---- ------------------------------------------------------- -------------------------------------------------------
1. Details of the person discharging managerial responsibilities/persons closely associated
---- ----------------------------------------------------------------------------------------------------------------
a) Name Neil Johnson
---- ------------------------------------------------------- -------------------------------------------------------
2. Reason for 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 Ordinary shares of nil par value
instrument and identification code
GG00BYZSSY63
---- ------------------------------------------------------- -------------------------------------------------------
b) Nature of transaction Acquisition of ordinary shares following vesting of
conditional performance share awards under
LTIP
---- ------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------- -----------
N/A 1,500,000
----------- -----------
---- ------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
---- ------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 27 July 2023
---- ------------------------------------------------------- -------------------------------------------------------
f) Place of transaction Outside a trading venue
---- ------------------------------------------------------- -------------------------------------------------------
1. Details of the person discharging managerial responsibilities/persons closely associated
---- ----------------------------------------------------------------------------------------------------------------
a) Name Charlie Cannon Brookes
---- ------------------------------------------------------- -------------------------------------------------------
2. Reason for 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 Ordinary shares of nil par value
instrument and identification code
GG00BYZSSY63
---- ------------------------------------------------------- -------------------------------------------------------
b) Nature of transaction Grant of conditional performance share awards under
LTIP
---- ------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------- -----------
N/A 762,400
----------- -----------
---- ------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
---- ------------------------------------------------------- -------------------------------------------------------
e) Date of transaction Award date: 27 July 2023
---- ------------------------------------------------------- -------------------------------------------------------
f) Place of transaction Outside a trading venue
---- ------------------------------------------------------- -------------------------------------------------------
1. Details of the person discharging managerial responsibilities/persons closely associated
---- ----------------------------------------------------------------------------------------------------------------
a) Name Charlie Cannon Brookes
---- ------------------------------------------------------- -------------------------------------------------------
2. Reason for 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 Ordinary shares of nil par value
instrument and identification code
GG00BYZSSY63
---- ------------------------------------------------------- -------------------------------------------------------
b) Nature of transaction Acquisition of ordinary shares following vesting of
conditional performance share awards under
LTIP
---- ------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------- -----------
N/A 1,450,000
----------- -----------
---- ------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
---- ------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 27 July 2023
---- ------------------------------------------------------- -------------------------------------------------------
f) Place of transaction Outside a trading venue
---- ------------------------------------------------------- -------------------------------------------------------
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END
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July 28, 2023 02:00 ET (06:00 GMT)
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