Duke Royalty posts an operating loss of £76,439 for the interim period to the end of September against a loss of £675,277 last time. It said this was the company's first period of revenue since the change in investing policy, having generated £0.31m of receipts due under contract and a loss for the period £0.08m. Chairman Nigel Birrell said Duke Royalty was now operating at a cashflow positive run rate. Separately, Duke Royalty and Partners Value Investments announced an advisory agreement. Partners Value Investment is Duke's second largest shareholder with circa 9.6% of the company's issued share capital. Under the advisory agreement, PVI will provide input on transaction sourcing and capital raising activities. In consideration for entering into the advisory agreement and to reflect the assistance received to date with the development of the company's business, PVI has been issued 2,000,000 warrants to subscribe for shares in Duke at a price of 42p per share. The warrants may be exercised within a period of five years from the date of the agreement. PVI may be compensated in the future based on criteria agreed upon from time to time by Duke and PVI.
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