TIDMDUKE
RNS Number : 8591C
Duke Royalty Limited
14 October 2022
14 October 2022
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 3,954,700 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 2022 have been granted
are as follows:
Neil Johnson 1,411,800
Charlie Cannon Brookes 1,270,600
-----------
Other employees (non-PDMRs) 1,272,300
-----------
Total 3,954,700
-----------
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 2019 PSAs, transfer from EBT & Director/PDMR
interests
The Company also announces that a total of 1,799,688 PSAs,
previously granted under the Company's LTIP in relation to the
financial year ended 31 March 2019, have vested, representing 75%
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) 5,629,173
----------------------------
Charlie Cannon Brookes (2) 8,167,530
----------------------------
(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 is the investment 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 1,382,688 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
1,382,688 shares to be admitted to trading on AIM, which is
expected to occur on 18 October 2022 ("Admission").
Following Admission and transfer of the 1,382,688 shares to LTIP
beneficiaries, the Company will have 417,534,034 ordinary shares in
issue admitted to trading on AIM, of which 9,773,000 will be held
by the EBT. This figure (417,534,034) 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 / Charlie
Cannon Brookes /
Duke Royalty Limited Hugo Evans +44 (0) 1481 730 613
Cenkos Securities
plc Stephen Keys / Callum
(Nominated Adviser Davidson / Julian
and Joint Broker) Morse +44 (0) 207 397 8900
Canaccord Genuity Adam James / Georgina
(Joint Broker) McCooke +44 (0) 207 523 8000
Sec Newgate (PR) Elisabeth Cowell/ +44 (0) 20 3757 6880
Richard Bicknell dukeroyalty@secnewgate.co.uk
/ Max Richardson
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 1,411,800
----------- -----------
---- ------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
---- ------------------------------------------------------- -------------------------------------------------------
e) Date of transaction Award date: 13 October 2022
---- ------------------------------------------------------- -------------------------------------------------------
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 637,500
----------- -----------
---- ------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
---- ------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 13 October 2022
---- ------------------------------------------------------- -------------------------------------------------------
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 1,270,600
----------- -----------
---- ------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
---- ------------------------------------------------------- -------------------------------------------------------
e) Date of transaction Award date 13 October 2022
---- ------------------------------------------------------- -------------------------------------------------------
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 450,000
----------- -----------
---- ------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
---- ------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 13 October 2022
---- ------------------------------------------------------- -------------------------------------------------------
f) Place of transaction Outside a trading venue
---- ------------------------------------------------------- -------------------------------------------------------
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END
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