Source - LSE Regulatory
RNS Number : 9835A
Duke Royalty Limited
02 October 2020
 

 

Duke Royalty Limited

("Duke Royalty", "Duke" or the "Company")

Long Term Incentive Plan ("LTIP") Awards

Issue of Equity

Director/PDMR Dealings

 

New grant under LTIP  

 

Duke Royalty Limited (AIM: DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, announces that the Company's Remuneration Committee has approved the grant of a total of 6,665,000 conditional rights to acquire ordinary shares of no par value ("Performance Share Awards" or "PSA's") under the Company's Long-Term Incentive Plan ("LTIP"). The LTIP framework was detailed within the Company's admission document which was published on 20 March 2017 and was put into place post Admission.

 

PSA's for the financial year to 31 March 2020 have been granted are as follows:

 

Neil Johnson

     1,500,000

Charlie Cannon Brookes

     1,450,000

Jim Webster

        375,000

Other employees

     3,340,000

Total

     6,665,000

 

 

The PSA's vest after a period of three years and are subject to various performance conditions outlined in the Company's admission document (and available on the Company's website) and set by the Remuneration Committee, all in accordance with the LTIP rules. The LTIP Awards will be subject to performance conditions, (50 per cent. based on growth in total shareholder return ("TSR") and 50 per cent. on growth in total cash available for distribution per share ("TCAD per Share")). TSR can be defined as the returns generated by shareholders based on the combined value of the dividends paid out by the Company and the share price performance over the period in question.

 

Vesting of 2017 PSAs, transfer from EBT & Director/PDMR interests

 

The Company also announces that a total of 512,500 PSAs previously granted under the Company's 2017 LTIP award have vested, representing 50% of the PSA's granted at that time. Accordingly, 512,500 existing ordinary shares held by the EBT have been transferred to beneficiaries in the following amounts:

 

Neil Johnson

        250,000

Charlie Cannon Brookes

        175,000

Other vested PSAs

           87,500

Total

512,500

 

Following today's grant of PSAs and the transfer of ordinary shares from the EBT under the vested 2017 PSAs, the following Directors / PDMRs have the following total interest in ordinary shares and options:

 

 

Director/PDMR

Total ordinary shares held

Total shares under option (3)

Neil Johnson (1)

3,968,997

3,200,000

Charlie Cannon Brookes (2)

5,836,734

2,650,000

Jim Webster

-

805,000

 

 

(1)  Mr Johnson is Abingdon Capital Corporation's sole voting shareholder which legally owns 1,834,223 ordinary shares included within this figure.

 

(2)  Mr Cannon Brookes is the investment director and shareholder of Arlington Asset Management Limited ("Arlington"). This figure includes 2,706,914 ordinary shares legally owned by Arlington.

 

(3)  Includes PSAs under the Company's LTIP.

 

 

Total voting rights and EBT shares

 

The Company has issued 6,152,500 new ordinary shares (representing the 6,665,000 new PSAs less 512,000 unvested PSAs granted in 2017) into the Duke Royalty Employee Benefit Trust ("EBT"), ownership of which shall be transferred, in part or in full, to individual beneficiaries, subject to achievement of the performance criteria following the vesting period. Application has been made for these 6,152,500 shares to be admitted to trading on AIM, which is expected to occur on 7 October 2020. 

 

 

Following Admission and transfer of the 512,500 shares to LTIP beneficiaries, the Company will have 252,783,644 ordinary shares in issue admitted to trading on AIM, of which 10,855,000 will be held by the EBT. This figure (252,783,644) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

 

 

For further information, please contact www.dukeroyalty.com, or contact: 

 

 

Duke Royalty Limited

Neil Johnson / Charlie Cannon Brookes / Hugo Evans

 

+44 (0) 1481 741 240

Cenkos Securities plc 

(Nominated Adviser and Broker)

 

Stephen Keys / Callum Davidson / Julian Morse / Michael Johnson

 

+44 (0) 207 397 8900

Newgate Communications (PR)

Elisabeth Cowell/ Ian Silvera/ Megan Kovach

+ +44 (0) 20 3757 6880 dukeroyalty@newgatecomms.com

 

 

 

Notifications of dealings by PDMRs:

 

1.

Details of the person discharging managerial responsibilities/persons closely associated

a)

Name

Neil Johnson

2.

Reason for notification

a)

Position/Status

Chief Executive Officer

b)

Initial notification/amendment

Initial

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Duke Royalty Limited

b)

LEI

213800GUTKPSJ39SER44

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument and identification code

Ordinary shares of nil par value

GG00BYZSSY63

b)

Nature of transaction

Grant of conditional performance share awards under LTIP

c)

Price(s) and volume(s)

Price(s)

Volume(s)

N/A

1,500,000

d)

Aggregated Information

n/a

e)

Date of transaction

Award date 1 October 2020

f)

Place of transaction

Outside a trading venue

 

1.

Details of the person discharging managerial responsibilities/persons closely associated

a)

Name

Neil Johnson

2.

Reason for notification

a)

Position/Status

Chief Executive Officer

b)

Initial notification/amendment

Initial

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Duke Royalty Limited

b)

LEI

213800GUTKPSJ39SER44

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument and identification code

Ordinary shares of nil par value

GG00BYZSSY63

b)

Nature of transaction

Acquisition of ordinary shares following vesting of conditional performance share awards under LTIP

c)

Price(s) and volume(s)

Price(s)

Volume(s)

N/A

250,000

d)

Aggregated Information

n/a

e)

Date of transaction

2 October 2020

f)

Place of transaction

Outside a trading venue

 

1.

Details of the person discharging managerial responsibilities/persons closely associated

a)

Name

Charlie Cannon Brookes

2.

Reason for notification

a)

Position/Status

Executive Director

b)

Initial notification/amendment

Initial

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Duke Royalty Limited

b)

LEI

213800GUTKPSJ39SER44

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument and identification code

Ordinary shares of nil par value

GG00BYZSSY63

b)

Nature of transaction

Grant of conditional performance share awards under LTIP

c)

Price(s) and volume(s)

Price(s)

Volume(s)

N/A

1,450,000

d)

Aggregated Information

n/a

e)

Date of transaction

Award date 1 October 2020

f)

Place of transaction

Outside a trading venue

 

1.

Details of the person discharging managerial responsibilities/persons closely associated

a)

Name

Charlie Cannon Brookes

2.

Reason for notification

a)

Position/Status

Executive Director

b)

Initial notification/amendment

Initial

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Duke Royalty Limited

b)

LEI

213800GUTKPSJ39SER44

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument and identification code

Ordinary shares of nil par value

GG00BYZSSY63

b)

Nature of transaction

Acquisition of ordinary shares following vesting of conditional performance share awards under LTIP

c)

Price(s) and volume(s)

Price(s)

Volume(s)

N/A

175,000

d)

Aggregated Information

n/a

e)

Date of transaction

2 October 2020

f)

Place of transaction

Outside a trading venue

 

1.

Details of the person discharging managerial responsibilities/persons closely associated

a)

Name

Jim Webster

2.

Reason for notification

a)

Position/Status

Chief Investment Officer

b)

Initial notification/amendment

Initial

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Duke Royalty Limited

b)

LEI

213800GUTKPSJ39SER44

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument and identification code

Ordinary shares of nil par value

GG00BYZSSY63

b)

Nature of transaction

Grant of conditional performance share awards under LTIP

c)

Price(s) and volume(s)

Price(s)

Volume(s)

N/A

375,000

d)

Aggregated Information

n/a

e)

Date of transaction

Award date 1 October 2020

f)

Place of transaction

Outside a trading venue

 

 

 

 

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