Duke Capital has confirmed it has successfully raised £17.2 million through its recent fundraising efforts. This amount, achieved prior to expenses, comes from a combination of the Placing and Subscription at an issue price of 27.5 pence per share. These efforts have resulted in the issuance of 56,836,367 Placing Shares and 5,709,089 Subscription Shares. Cavendish and Canaccord are assisting the company as agents in managing this process.
In addition, the company has launched a Retail Offer via the BookBuild Platform, aiming to raise up to £3 million, alongside a Broker Option for additional share subscriptions. The final results of these initiatives will be disclosed around 22 November 2024, with the potential to increase the total funds raised.
Several company directors, including Neil Johnson, Nigel Birrell, and others, have participated in the fundraising by acquiring a combined total of 2,909,089 shares. This participation constitutes related party transactions under AIM Rules. Following review by Duke Capital’s independent director, Matthew Wrigley, and its Nominated Adviser, Cavendish Capital Markets, it has been confirmed that the terms are fair and reasonable for shareholders.
To proceed, shareholders will need to approve the fundraising at an Extraordinary General Meeting scheduled for 3 December 2024. A circular containing further details, including the meeting’s agenda, is expected to be distributed by 15 November 2024 and will also be accessible on the company’s website.
The admission of new shares to AIM is anticipated to occur on 4 December 2024. This will mark the completion of the process, which also hinges on shareholder approval and the resolution’s passing during the general meeting. The Retail Offer does not affect allocations under the Placing and Broker Option. A subsequent announcement will outline the final share distribution and total voting rights once the process concludes.
Further details can be found in the circular to be published and on the company’s website. This milestone solidifies Duke Capital’s position and supports its strategic ambitions.
This successful fundraising effort demonstrates strong investor confidence in Duke Capital’s strategy and leadership. The forthcoming general meeting will formalise the outcome, paving the way for the company’s continued growth and investment plans.
