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Summary
- Duke Royalty Limited announced that it had made a follow-on investment of EUR 1.1 million into BHPC Ltd, its existing royalty partner
- The AIM-listed financial provider said that the current investment would facilitate BHPC’s growth capital
Duke Royalty Limited (LON:DUKE), the provider of alternative capital solutions, announced on 24 December that it has made a follow-on investment of EUR 1.1 million into BHPC Ltd, its existing royalty partner. BHPC Ltd, which had been strongly performing all through the year, is an Irish brokerage.
The AIM-listed financial provider said that the current investment would facilitate BHPC’s growth capital, which will enhance the business in the coming year and make it well- positioned with Ireland gradually recovering from the coronavirus pandemic. It will also result in increasing the equity value of BHPC.
Duke owns 10.5 per cent equity stakes in the Irish company. In August 2019, the company had made the primary investment of a total of EUR 4.6 million in BHPC. The fresh investment will raise the invested capital of Duke to EUR 5.7 million.
The company said that BHPC’s performance is in accordance with the management’s expectations and is projected to achieve profit in the full year because of its resilient performance during the Covid-19 crisis.
Duke Royalty CEO Neil Johnson said that the company was delighted to make the follow-on investment into BHPC.
Recent Updates of Duke Royalty
On 22 December, Duke Royalty announced the follow-on investment of £3.1 million into its existing royalty partner MRDB Holdings Limited Group’s undertaking business -- Miriad Products.
Based in the UK, Miriad was established in 1977 as the largest privately-owned wholesale company of recreational vehicle parts. The fresh investment will help Miriad to buyout and cancel all the £4.9 million worth subordinated vendor loan notes of the company.
The initial investment that was made by Duke in April 2019 into Miriad was £10 million. The follow-up investment would raise the invested capital to £13.1 million, which will result in Miriad becoming one of the largest investments of Duke Royalty.
Financial Highlights
Duke Royalty released its half-yearly results for the six months ending 30 September 2020, presenting a strong business model of the company.
The cash revenue that was generated by the company was £4.4 million for the six months period (2019: £5.0 million). Duke recorded a slight decline in the net cash inflow from operations, which was £3.6 million (2019: £3.9 million). There was also a fall in cash operating costs to £890,000 (2019: £1.1 million).
The company has announced dividends to be paid to its shareholders of 1.0 pence per share. A 0.50 pence per share reinstatement of quarterly cash dividend was announced for the third quarter for FY2021.
The shares of Duke ended at GBX 30.90 on 24 December, higher by 2.15 per cent from the previous day’s close.
