Business
Unaudited Interim Results
Unaudited Interim Results.
About this update from Duke Capital Limited
[{"type":"text","content":"\n \nRNS Number : 8506V Duke Royalty Limited 08 November 2017 \n\n8 November 2017\nDuke Royalty Limited\n(\"Duke Royalty\", \"Duke\" or the \"Company\")\nInterims Results for the period ended 30 September 2017 \nDuke Royalty (AIM: DUKE) is pleased to report the interim results for the period ending 30 September 2017 (\"Interim 2018\") which has been a time of significant positive change for the Company. \n \nChairman's Report\nInterim 2018 is the Company's first period of revenue since the change in investing policy, having generated GBP 0.31 million of receipts due under contract and a loss for the period GBP 0.08 million. Furthermore, due to the events post the period under review as described below, I am pleased to inform shareholders that Duke Royalty is now operating at a cashflow positive run rate. The Company has also maintained its significantly reduced operational expenditure, with Board fees and other service provider costs having been voluntarily reduced in order for the Company to implement and sustain its dividend policy for Fiscal 2018. This reduced level of operational expenditure will remain in place until the Company has successfully deployed additional capital into new royalty opportunities and until the Board and respective Board Committees decide that the level of operational expenditure should be increased.\n \nDuring Interim 2018, the Company announced its inaugural royalty financing agreement for Euro 8.0 million with Temarca, an established European river cruise provider. The financing, announced on 6 April 2017, has allowed Temarca to purchase one boat that was previously being leased, repay all outstanding senior debt, refurbish their fleet and boost working capital. Under the terms of the financing, Duke provided Euro 8.0 million to Temarca with an option at Duke's sole discretion to provide an additional Euro 2.0 million for a period of 12 months. The Financing, now fully deployed entitles Duke to receive distributions of over Euro 1.0 million per annum, equating to a cash-on-cash yield of approximately 13 per cent. It should be noted that the Euro 8.0 million was drawn down in several tranches during Interim 2018 with the facility only fully deployed just before the period end. As a result, the full revenue impact will not be felt until the se...