DUKE Duke Capital Limited

3 April 2024

Duke Capital Limited

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

Follow-On Investment into New Path Fire and Security Limited

Duke Capital Limited (AIM: DUKE), a leading provider of hybrid capital solutions for SME business owners in Europe and North America, is pleased to announce a follow-on investment of £3.85 million into its existing capital partner, New Path Fire and Security Limited ("New Path"). This investment will enable New Path to complete two further acquisitions, in line with its acquisitive growth strategy.

New Path is a buy-and-build platform in the fire and security sector, primarily servicing SME clients in and around London and South of England. New Path's operating subsidiaries are established businesses with strong reputations in their local territories.

Highlights:

·       Duke's funds will facilitate New Path's acquisition of Electrifire Ltd ("Electrifire") and VGI Management Ltd ("VGI"), both providers of fire and security installation and maintenance services to commercial customers

·       The financing increases Duke's total investment in New Path to £10.75 million. The investment terms are the same as Duke's initial investment into New Path, including a starting yield of 13.5% and a +/- 6% annual revenue adjustment factor in respect of payments due

·    Duke has now supported five New Path acquisitions, with the company now encompassing 12 subsidiaries. Following these acquisitions the enlarged  New Path Fire Group will have substantial operations across SE England and London with more than 110 employees and a customer base numbering in excess of 6,300

Neil Johnson, CEO of Duke Capital, said:

"We are excited to once again be supporting New Path via the acquisition of two new targets which are complementary to its existing portfolio. The two acquisitions will add further scale to New Path's platform and create additional efficiency in the provision of services to its client-base in London and the South of England."

Further information regarding Electrifire

Founded in 2009, Electrifire is a Rochester-based provider of installation and maintenance services focused on fire alarms, intruder alarms, access control and CCTV systems, with commercial and office customers predominantly in central London and the Kent area.

Further information regarding VGI

Founded in 2003, VGI is a provider of installation and maintenance services focused on security (CCTV, alarms, access control and perimeter security), electrical work (lighting, power and heating) and fire safety (fire alarm systems and automatic smoke opening vents). The company focuses on servicing the property management sector in South West London and Surrey and is run from a commercial premise in Byfleet, England.

Duke Capital Portfolio

A full list of Duke's current partners is included for reference on the Partners page of the Company's website: www.dukecapital.com/partners.

***ENDS***

For further information, please visit www.dukecapital.com or contact:

About Duke Capital

Duke is a leading provider of hybrid capital solutions for SME business owners in Europe and North America, combining the best features of both equity and debt.

Since 2017, Duke has provided unique long-term financing which eliminates re-financing risk and necessity for a short-term exit by providing a unique 'corporate mortgage' while also aligning its returns to grow with the success of the business.

Duke is focused on generating attractive risk-adjusted returns for shareholders and has a track record of achieving this across market cycles. Its three investment pillars are capital preservation, attractive dividend yield, and to provide upside upon exits. Duke is listed on the AIM market under the ticker DUKE and is headquartered in Guernsey.