Business
Royalty Partner Operational Update
Royalty Partner Operational Update.
About this update from Duke Capital Limited
[{"type":"text","content":"\n \nRNS Number : 5909H Duke Royalty Limited 09 June 2017 \n\n9 June 2017\nDuke Royalty Limited\n(\"Duke Royalty\" or the \"Company\")\nRoyalty Partner Operational Update \n \nDuke Royalty Limited (AIM: DUKE) is pleased to announce that on 2 June 2017 Temarca B.V. (\"Temarca\"), Duke's inaugural royalty investment, successfully launched its maiden voyage for its third vessel, the Carmen. This marks a memorable day for Temarca and demonstrates the rapid progress made since Duke's €8 million royalty investment (the \"Financing\") which was concluded in April 2017. \nIn response to the growing demand from Temarca's customers, Duke is pleased to report that all three vessels are now sailing on the Rhine and Danube and each have sold out their total capacity for the remaining sailing season for 2017 as well as for the entire sailing season for 2018. The sailing season encompasses 220 days from April - October but during the non-sailing season, Temarca is able to generate incremental revenues from its vessels by using them as mobile hotels as well as for corporate receptions and other functions. \nThe Financing provides growth for Duke's shareholders by participating in the revenue growth of Temarca on an annual basis. Given that the contracted sailing days for the Temarca fleet has grown 33 per cent., Duke is confident that it will benefit from the maximum possible increase in its royalty payment of 6 per cent. when the annual reset is made in July 2018. Additionally, given that the contracted sailing days for the fleet in 2018 is already up 9 per cent. from 2017, this bodes well for a further increase in the royalty payment at the annual reset in July 2019 as well.\n\"This marks a milestone in the growth of our royalty partner, Temarca, and a culmination of a lot of hard work by its owners Teun and Marijke,\" said Neil Johnson, CEO of Duke. \"Temarca has responded to increasing demand by acquiring an additional vessel for the 2017 season, and Duke is proud to partner with Temarca to finance the growth of the business.\" Mr. Johnson continued, \"This is a great example of how Duke's capital may be used by our royalty partners.\" \nIn addition, Duke continues to work towards securing its second royalty investment and looks forward to being able to update the market in this regard in...