Placing of £141.5 million for Hipgnosis Songs Fund Ltd.
On 12 April 2019, Hipgnosis (AIM:SONG) announced that it had raised gross proceeds of approximately £141.5 million via a Placing under its placing programme.
The Placing was oversubscribed, significantly exceeding the target amount of £100 million, and follows on from the Company’s £202 million IPO in July 2018.
Merck Mercuriadis, Founder of Hipgnosis Songs Fund Limited, said:
“Less than a year ago we set out to demonstrate to the financial community that proven hit songs were as predictable and reliable, and therefore as investable as gold or oil. Having raised over £140 million today and almost £350 million since the IPO, I am delighted that we have this tremendous early support from best in class investors as this is not only a vote of confidence in Hipgnosis, it’s an acknowledgement of the power of hit songs all over the world. Thanks to streaming, the music industry, once again, has its best days in front of it and our aim is to highlight the fact that great songs, and their creators, are its most valuable currency while delivering a great return for our investors.”
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 £202 million gross equity capital.
Current Market Cap: £210 million*
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*As at 15/04/2019
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