2 April 2025

Duke Capital Limited

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

Follow-On Investment into New Path Fire and Security Limited

Duke Capital Limited (AIM: DUKE), a leading provider of hybrid capital solutions for SME business owners in Europe and North America, is pleased to announce a follow-on investment of £3.3m into its existing capital partner, New Path Fire and Security Limited ("New Path"). This investment will enable New Path to complete a further acquisition, in line with its acquisitive growth strategy.

New Path is a buy-and-build platform in the fire and security sector, primarily servicing SME clients in and around London and the South of England. New Path's operating subsidiaries are established businesses with strong reputations in their local territories.

Highlights:

·       Duke's funds will facilitate New Path's acquisition of Elite Entrance Systems Ltd ("Elite"), a specialist in the installation and maintenance of automatic door entrance systems

·       The financing increases Duke's total credit financing in New Path to £14.30 million. The investment terms are the same as Duke's initial investment into New Path, including a starting yield of 13.5% and a +/- 6% annual revenue adjustment factor in respect of royalty payments due

·       As part of the deal, Duke will purchase additional equity in New Path, increasing their ownership stake from 15.0% to 20.9%

·       Duke has now supported seven New Path acquisitions. Following the acquisition of Elite, the enlarged New Path Fire Group will have strengthened operations across SE England and London, with more than 135 employees and a customer base exceeding 10,000

Neil Johnson, CEO of Duke Capital, said:

"The acquisition of Elite provides a great opportunity to expand New Path's capabilities in the security space, and attain a wider base of clients, including established institutions such as schools, universities and the NHS. Additionally, we are excited to invest further equity in New Path and increase Duke's stake, continuing to support the long-term partnership we have established."

Further information regarding Elite

Founded in 2008, Elite specialises in the installation and maintenance of automatic door entrance systems. This includes numerous types of automated doors, roller shutters, fire doors and other entrance systems such as speed lanes, gates and barriers. The company operates out of Chelmsford, Essex, and have their main warehouse located nearby in Maldon, Essex.

Elite services a wide variety of customers across London, the South Coast and the East of England, and currently have 4,500 doors and 1,500 roller shutters under contract. Customers include established institutions such as supermarkets, Universities, the NHS, public council buildings, schools and a range of private companies.

Duke Capital Portfolio

A full list of Duke's current partners is included for reference on the Partners page of the Company's website: www.dukecapital.com/partners.

***ENDS***

For further information, please visit https://dukecapital.com/ or contact:

About Duke Capital

Duke is a leading provider of hybrid capital solutions for SME business owners in Europe and North America, combining the best features of both equity and debt.

Since 2017, Duke has provided unique long-term financing which eliminates re-financing risk and necessity for a short-term exit by providing a unique 'corporate mortgage' while also aligning its returns to grow with the success of the business.

Duke is focused on generating attractive risk-adjusted returns for shareholders and has a track record of achieving this across market cycles. It's three investment pillars are capital preservation, attractive dividend yield, and to provide upside upon exits.

Duke is listed on the AIM market under the ticker DUKE and is headquartered in Guernsey.