23 December 2021

Duke Royalty Limited

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

Follow-on investment into existing Royalty Partner

Duke Royalty Limited (AIM: DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and North America, is pleased to announce a follow-on investment of £5.25 million into its existing Royalty Partner MRDB Holdings Limited Group, which undertakes business as Miriad Products ("Miriad", or the "Group"). Miriad, formed in 1977, is the largest privately-owned recreational vehicle ("RV") parts wholesale company in the UK.

·    The funds will enable Miriad to release equity value in the business and restructure its shareholdings to enhance alignment with key members of the senior management team and employees.

·    As part of the deal, Duke will also increase its equity interest in Miriad to 30% on a fully diluted basis.

·  As the UK's leading RV and caravan parts distributor, Miriad has benefitted from the changing behaviour of UK consumers who have, in increasing numbers, decided or been required to stay in the UK for their holidays. Miriad has also delivered a strong operating performance following its recent acquisition of Quest Leisure Products.

·   Following this follow-on investment, Duke's investment into Miriad will total £18.25 million. Monthly payments starting in January 2022 will total approximately £208,000 and, based on current trading, Duke expects to achieve a positive adjustment factor in February 2022.

Neil Johnson, CEO of Duke Royalty, said:

"Miriad continues to go from strength to strength and, as the Group's preferred long-term capital partner, we are delighted to provide our shareholders with further exposure to this UK success story. Miriad continues to expand and has benefitted from the 'Staycation Surge' experienced in the UK over the last two years because of the Covid-19 pandemic and increased concerns about environmental impact of travelling abroad. Using Duke's capital to release well-earned equity will allow Miriad's executive team to focus on growing the Group further rather than exploring alternative capital release options."

Penny Whitelock, CEO of Miriad, said:

"Duke's additional capital was a perfect fit for our objectives because it allowed current shareholders to receive value for what we have built to date while maintaining control of Miriad's destiny going forward. Furthermore, Duke's capital is ideal for our long-term succession planning, and enables us to offer the right sort of incentivisation to our secondary management team and future leaders of the business."

***ENDS***

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

About Duke Royalty

Duke Royalty Limited provides alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad. Duke Royalty's experienced team provide financing solutions to private companies that are in need of capital but whose owners wish to maintain equity control of their business. Duke Royalty's royalty investments are intended to provide robust, stable, long-term returns to its shareholders. Duke Royalty is listed on the AIM market under the ticker DUKE and is headquartered in Guernsey.