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Hipgnosis Songs Fund Limited raises £51.1 million

On 27 August 2019, Hipgnosis Songs Fund Limited and its Investment Adviser, The Family (Music) Limited, announced the Company had successfully raised proceeds of approximately £51.1 million at a price of 105.5 pence per share, principally from existing shareholders.

Prior to this, on 14 August 2019, the Company announced that it had fully committed its available capital resources to investment opportunities and that it was, therefore, contemplating an equity raise to finance its growing near-term pipeline of opportunities. The Company will use the net proceeds of the Placing to fund investments in line with its investment policy and to create further value for its shareholders.

Merck Mercuriadis, Founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said:

“We are delighted to continue giving our shareholders exposure to music royalties via new acquisitions of the most iconic songs of all time. I’m very grateful for the constant enthusiasm and support that the finest institutional investors in the world have given us to establish songs as an asset class. This is not only great for the investors, but the songwriting and artistic community as well.”

Singer Capital Markets is acting as sole Financial Adviser, Placing Agent and Broker to the Company.

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. In its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange’s Main Market on 11 July 2018, the Company raised approximately £200 million gross equity capital. In its Subsequent Placing under its Placing Programme on 12 April 2019, the Company raised approximately £140 million of further equity capital.

Ticker: SONG
Market Cap: £358 million*
Website: Click here

*As at 28/08/2019

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