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Duke Royalty makes £3.1m follow-on investment into existing royalty partner MRDB
StockMarketWire.com
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Venture capital company Duke Royalty said it had made a follow-on investment of £3.1 million into its existing royalty partner MRDB, which undertook business as Miriad Products.
Miriad, formed in 1977, was the largest privately-owned recreational vehicle parts wholesale company in the UK.
Duke increased its equity interest in Miriad to 30%, with £13.1 million invested to date.
The funds would enable Miriad to buyout and cancel all of the company's subordinated vendor loan notes at a material discount to their current face value plus accrued interest, which stood at £4.9 million, Duke said.
Miriad had experienced an initial drop in business volumes in April and May, but both revenue and EBITDA had recovered strongly since June, it added.
At 8:05am: (LON:DUKE) Duke Royalty Limited share price was 0p at 25.5p
Story provided by StockMarketWire.com
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