Duke Royalty losses narrow

Duke Royalty posts an operating loss of £675,277 for the six months to the end of September compared with £1.7m in the period ended 30 September 2015.

Chairman Nigel Birrell said: "The company reported a loss after taxation of £603,783, which reflected the continued development and progress of the company's late stage royalty pipeline.

"In the company's full year report released to the market on 25 July 2016, I referenced the fact that the company was evaluating a number of late stage royalty opportunities and that the company was considering its options to raise additional capital, either in the form of equity or debt, to execute its investing policy and acquire a portfolio of long term, stable, and diversified royalty streams.

"By way of an update, I can confirm that company is currently in active and advanced negotiations with a variety of potential funders with a view to successfully concluding its targeted initial funding round. Successful conclusion of these negotiations would provide the company with the financial means and capability to conclude its inaugural royalty transactions. Shareholders should be aware that, subsequent to the sale of the legacy mining investments inherited from the previous management team, the company has until 30th March 2017 to conclude a transaction in line with its investing policy in accordance with AIM Rule 15 or its ordinary shares may be suspended from trading on AIM.

"While there is no certainty that the required funds can be raised to implement its investing policy, given the late stage nature of the funding negotiations the company remains confident that it will be able to conclude a transaction within this timeframe."

At 9:18am: (LON:DUKE) Duke Royalty Limited share price was 0p at 46.75p