2 June 2025

Duke Capital Limited

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

Follow-On Investment into Tristone Healthcare 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 £2.0m into its existing capital partner, Tristone Healthcare Limited ("Tristone"). This investment will enable Tristone to complete a further acquisition, in line with its acquisitive growth strategy.

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 Serenity Care Homes Limited ("Serenity"), a specialist in therapeutic care for service users between the ages of 7 and 18.

·       The financing increases Duke's total credit financing in Tristone to £21.2 million. The investment terms are the same as Duke's initial investment into Tristone, including a starting yield of 13.5% and a +/- 6% annual revenue adjustment factor in respect of hybrid credit payments due.

·       As part of the deal, Duke will also invest £500k of additional equity in Tristone, increasing their ownership stake from 21.3% to 28.4%.

·       Duke has now supported five Tristone acquisitions. Following the acquisition of Serenity, the enlarged Tristone Group will have extended its reach and impact in the social care sector, employing over 800 staff members.

Neil Johnson, CEO of Duke Capital, said:

"The acquisition of Serenity Care Homes will enable Tristone to cater for a growing number of young adults with complex needs, expanding its presence in the South of England. Serenity's established relationships with Local Authorities, who make up the majority of referrals, will deepen Tristone's regional partnerships and reinforce its reputation for delivering high-quality care. Duke is also excited to invest additional equity into Tristone, increasing our stake in the business and supporting the ongoing growth of the platform."

Further information regarding Serenity

Established in 2015, Serenity provides therapeutic care for service users between the ages of 7 and 18. The business consists of two residential care homes in New Milton, Hampshire, which are less than a mile apart, and currently employs 15 staff members.

Referrals to Serenity come from Local Authorities, who comprise the vast majority of the Company's income. Each service user has a tailored plan whilst under the care of Serenity, which caters for their individual needs and is closely followed by all staff members to ensure a high standard of service.

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.