Business
Portfolio Update
Portfolio Update.
About this update from Duke Capital Limited
[{"type":"text","content":"\n \nRNS Number : 5133Z Duke Royalty Limited 13 January 2020 \n\n13 January 2020\n \nDuke Royalty Limited\n(\"Duke Royalty\", \"Duke\" or the \"Company\")\n \nPortfolio Update\n \nDuke Royalty Limited (AIM: DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, is pleased to update the market regarding three investments completed in December into existing portfolio companies. These investments are made in line with the Company's intended deployment of proceeds raised from the October 2019 equity issue. \n \n· Approximately £2.0 million follow-on investment into Welltel (Ireland) Limited (\"Welltel\"), which takes the total investment to £8.1 million. The entire facility was re-financed on Duke's typical investment terms. The proceeds were used to acquire Invistech Limited, a long established and profitable IT managed service and telecommunications business. Invistech provides strategic geographical diversification and the opportunity to cross sell to Invistech's 450 SME customer base in southern Ireland \n \n· £1.0 million follow-on investment into Trimite Global Coatings Limited (\"Trimite\") to support the expansion of its international operations and to conclude some legacy site rationalisation in the UK \n \n· €4.3 million follow-on investment into Temarca B.V. (\"Temarca\"), enabling it to acquire the only leased river cruise boat in its fleet, taking its fleet to three wholly owned vessels. A recent independent valuation conducted in November 2019 on the MS Carmen by Van Pelt and Co BV ascribed an estimated value on the vessel of €5.4 million. Duke retains a first mortgage on each of the three vessels owned by Temarca\n \nFollowing these investments, Duke still retains approximately £31 million of additional liquidity available for new deployments, when considering existing cash resources plus the line of credit available from Honeycomb Investment Trust. This liquidity assumes a maximum of 30% loan to value in line with Duke's target maximum gearing percentage\n \n \nIn regard to some recent operational updates that have occurred within the Duke portfolio, Duke is pleased to announce the...