Hipgnosis Songs Fund Limited: C Share Issue Raising £231 million
Further to its announcement on 27 September 2019, Hipgnosis today announced that it has raised gross proceeds of £231 million by way of a Placing, Offer for Subscription and Intermediaries Offer of C Shares. Singer Capital Markets has now assisted the Company to raise over £625 million since its IPO in July 2018.
Hipgnosis intends to use the net proceeds of the issue to acquire an attractive pipeline of song catalogues in line with its investment policy. Dealings in the C Shares will commence on the Premium Segment of the Main Market of the London Stock Exchange at 8.00 a.m. on 22 October 2019.
This follows the Company’s transfer of its listing from the Specialist Fund Segment to the Premium Segment of the London Stock Exchange’s Main Market on 25 September 2019 with the intention of broadening its share register and facilitating inclusion in FTSE indices.
Singer Capital Markets acted as Sponsor, Financial Adviser and Joint Bookrunner (alongside JP Morgan Cazenove) in respect of the issue and as Sponsor and Financial Adviser in respect of the Company’s migration to the Premium Segment of the Main Market.
Merck Mercuriadis, Founder of Hipgnosis Songs Fund Limited, said:
“I am delighted by the strong response to this issue both from our existing shareholders and new investors. Having raised £231 million today and over £625 million since our IPO a little over a year ago, Hipgnosis has been one of the biggest fund launches on the London market in recent times, with more capital raised over the last six months than any other London listed fund. This is a demonstration of the financial community recognising the true value of music and proven songs. They are the currency that makes the world go round. They are predictable and reliable and they are better than gold or oil. We have lined up the finest available song catalogues and will be deploying immediately.”
About Hipgnosis Songs Fund Limited
Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey registered investment company established to offer investors a pure-play exposure to songs and associated musical intellectual property rights. The Company has raised a total of over £625 million (gross equity capital) through its Initial Public Offering on 11 July 2018, and subsequent issues in April 2019, August 2019 and October 2019.
Market Cap: £418 million*
Website: Click here
*As at 17/10/2019