Duke Royalty enters advisory agreement with Partners Value Investments

Diversified royalty company Duke Royalty announced a new advisory agreement with Partners Value Investments on Wednesday.

The AIM-traded firm confirmed Partners Value Investment is its second largest shareholder with around 9.6% of the company's issued share capital.

Under the advisory agreement, PVI will provide input on transaction sourcing and capital raising activities.

In consideration for entering into the advisory agreement and to reflect the assistance received to date with the development of the company's business, PVI has been issued 2,000,000 warrants to subscribe for shares in Duke at a price of 42p per share.

The warrants may be exercised within a period of five years from the date of the agreement, Duke’s board said.

PVI could be compensated in the future based on criteria agreed upon from time to time by Duke and PVI, it added.

“We are pleased to benefit from the expertise of Partners Value Investments as we continue to build the royalty model of Duke,” said Duke CEO Neil Johnson.

“Having entered into the advisory agreement, which is complementary to our strategic collaboration with Oliver Wyman, Duke now has two relationships with companies with global reach and expertise which far exceeds anything our in-house team could replicate.”