For this podcast, Graham was pleased to be joined by Neil Johnson, Executive Director and CEO of Duke Royalty (DUKE) (latest share price 41.4p, market cap £83 million).

Duke is “a Guernsey-based diversified royalty investment company. The Company specializes in diversified royalty financing and provides alternative capital solutions to a diversified range of businesses in Europe and abroad”.

Podcast index:

0:00 Background to Duke.

04:00 Nature of the product.

08:00 Protection in defaults.

13:00 Capital Step acquisition

17:00 Features of CS investments

24:00 Portfolio diversification and growth

27:00 Miriad Products & Duke’s equity holdings

38:00 Dividend policy

46:00 Duke’s debt facility

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At the time of publication, Graham Neary has a long position in DUKE.