Hipgnosis raises £231m
17 October 2019 - Press releaseHIPGNOSIS SONGS FUND LIMITED (the “Company” or “Hipgnosis”) LEI: 213800XJIPNDVKXMOC11
RESULT OF C SHARE ISSUE
Further to its announcement on 27 September 2019, Hipgnosis and its Investment Adviser, The Family (Music) Limited, are pleased to announce that the Company has raised total gross proceeds of £231 million by way of the Initial Placing, Offer for Subscription and Intermediaries Offer of C Shares.
A total of 231,000,000 C Shares have been placed by Nplus1 Singer Advisory LLP (“N+1 Singer”) and J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) (“J.P. Morgan Cazenove”) to new and existing investors at a price of 100 pence per C Share.
Applications have been made for all of the C Shares to be admitted to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities ("Admission"). It is expected that Admission will become effective and that dealings will commence at 8.00 a.m. on 22 October 2019.
Following Admission, the Company will have 389,356,341 Ordinary Shares and 231,000,000 C Shares in issue. The C Shares carry the right to receive notice of, attend and vote at general meetings of the Company. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights of the Company will be 620,356,341 and this 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, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Save for expressions defined in this announcement, words and expressions defined in the Prospectus published on 27 September 2019 shall have the same meaning in this announcement. The Prospectus is available on the Company's website which is located at www.hipgnosissongs.com.
Merck Mercuriadis, Founder of The Family (Music) Limited and 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.”
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