26 June 2023

Duke Royalty Limited

("Duke Royalty" or "Duke")

Follow-On Investment into Existing Royalty Partner

Duke Royalty, 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 £1.8 million into existing royalty partner Tristone Healthcare Limited ("Tristone"), to fund its latest acquisition.

Tristone provides specialist residential, nursing and domiciliary care and support in two end markets: i) high acuity adults with severe mental, physical or learning disabilities; and ii) children and young people who require care, support and specialist education.

Highlights:

·     Duke's funds will facilitate Tristone's acquisition of South West Intervention Services Limited, trading as SWIS, a provider of bespoke learning packages to young people who may be at risk of exclusion from education, in Buckfastleigh, near Plymouth

·     The financing increases Duke's total investment in Tristone to £19.4 million. The investment terms are the same as Duke's previous follow-on investment into Tristone, including a starting yield of 13.5% and a +/- 6% annual revenue adjustment factor in respect of royalty payments due

·     SWIS represents Tristone's fourth acquisition supported by Duke, in line with Tristone's stated buy & build strategy

Neil Johnson, CEO of Duke Royalty, said:

"I'm excited to see Tristone further strengthen its position in the social care sector via the acquisition of SWIS. Given the outstanding level of care that they provide, SWIS is a natural fit for Tristone, and will also add new specialisms to Tristone's expanding portfolio."

Further information regarding SWIS

SWIS provides bespoke learning packages to young people who may be at risk of exclusion from education, as well as a variety of support services for vulnerable children and young people. These include intervention, emergency crisis, family support, supervised contact, and enabling activities. All services are managed from a central office in Buckfastleigh, Devon, the central office also houses the main Alternative Education Provision.

SWIS provides bespoke packages of Education to young people excluded from mainstream Education and the wider Community, as well as Support Services in various forms such as a diverse care offering targeted towards vulnerable children and young people for behavioural management and circumstances of crises or abuse. The service currently has 120 young people on role, up to 25 years of age. SWIS has a staff team of 35 individuals who span across all service offerings supporting all 120 young people.

Duke Royalty Portfolio

A full list of Duke's current Royalty Partners are now included for reference on the Partners page of our website: www.dukeroyalty.com/partners

***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.