Hipgnosis Songs Fund raises £141m14 April 2019 - Press release
Hipgnosis Songs Fund Limited (“Hipgnosis” or the “Company”)
Result of Placing under the Placing Programme
Further to its announcement on 12 April 2019, Hipgnosis and its Investment Adviser, The Family (Music) Limited, are pleased to announce that as a result of increased institutional demand from existing investors the Placing has been oversubscribed, significantly exceeding the target amount of £100 million.
Accordingly, the Board has resolved to increase the gross proceeds of the Placing to approximately £141.5 million. The Placing has now closed and gross proceeds of approximately £141.5 million has been raised at a price of 102 pence per share, pursuant to the Placing Programme described in the Prospectus published by the Company on 27 June 2018.
The new Ordinary Shares to be issued under the Placing represent 40.7% of the Company's enlarged issued Ordinary Share capital.
Application has been made in respect of 138,750,000 Ordinary Shares to be admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange plc ("Admission"). It is expected that Admission will become effective and that dealings in the Ordinary Shares will commence at 8.00 a.m. (London time) on 17 April 2019.
Total Voting Rights
Following Admission, the Company will have 340,926,800 Ordinary Shares in issue. The Company does not hold any Ordinary Shares in Treasury. Therefore, the total number of voting rights of the Company will be 340,926,800 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.
Merck Mercuriadis, Founder of The Family (Music) Limited and 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”.