Result of Retail Offer and Broker Option

Further to its recent announcement regarding the Fundraising, the Company is pleased to announce that the Retail Offer, made available through the BookBuild Platform, has now closed and was significantly oversubscribed. As a result, in consideration of Duke's valued and supportive retail shareholder base, the Company has chosen to upscale the maximum size of the Retail Offer to £5.0 million to enable fuller allocation to Retail Investors. Given the over-subscription, allocation preference has been given to existing shareholders of the Company.

In addition, the Broker Option granted to Cavendish and Canaccord has received valid applications for 4,727,362 Broker Option Shares, representing additional gross proceeds of £1.3 million.

Accordingly, the Company can confirm that it has conditionally raised total gross proceeds of £23.5 million pursuant to the Fundraising, comprising the Placing, Subscription, Retail Offer and Broker Option.

Consequently, conditional on the passing of the Resolution at the Extraordinary General Meeting, the Company will issue 85,454,636 New shares comprising 56,836,367 Placing Shares, 4,727,362 Broker Option Shares, 5,709,089 Subscription Shares, and 18,181,818 Retail Offer Shares.

Admission and Total Voting Rights

Application will be made for the New Shares to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on or around 4 December 2024.

Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 509,815,773 with each Ordinary Share carrying the right to one vote. There are no shares held in treasury and therefore, following Admission, the total number of voting rights in the Company will be 509,815,773. The above figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure, Guidance and Transparency Rules.

Capitalised terms used in this announcement have the meaning given to them in the Placing and Retail Offer announcements dated 14 November 2024, unless otherwise defined in this announcement.