Round Hill Music Royalty Fund

16 July 2021 - Press release

ROUND HILL MUSIC ROYALTY FUND LIMITED 

(“RHM” or the “Company”)
Result of C Share Placing and Total Voting Rights

 

The Board of Round Hill Music Royalty Fund Limited is pleased to announce that it has successfully raised gross proceeds of US$86.5 million pursuant to the placing of 86,500,000 million C Shares at an issue price of US$1.00 per C Share under the Placing Programme as detailed in the prospectus published by the Company on 19 October 2020 and the supplementary prospectus published on 3 November 2020 (together the "Prospectus") (the "C Share Offer"). 

The US$86.5 million significantly exceeds the target minimum capital raise of US$50 million. The Company intends to use the net proceeds of the C Share Offer together with the remaining undrawn balance of its existing revolving credit facility to assist in acquiring its near-term pipeline of Copyrights in line with RHM's Investment Policy, where due diligence is well advanced. The Board and Round Hill expect to deploy the net proceeds of the C Share Offer within three months from Admission (defined below).

Application has been made to the London Stock Exchange for the C Shares to be admitted to trading on the Specialist Fund Segment ("Admission"). It is expected that Admission will become effective and that unconditional dealings in these shares will commence at 8.00 a.m. on 20 July 2021.

Immediately following Admission, the total number of Ordinary Shares in issue will be 330,100,000 with voting rights. The total number of C Shares in issue will be 86,500,000 with voting rights. The total number of voting rights in the Company will be 416,600,000.

The above figures may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Cenkos Securities plc ("Cenkos") acted as sole bookrunner and financial adviser to the Company.