REG - Hipgnosis Songs Fund - Contemplation of Equity Raise and USD Quote

Hipgnosis Songs FundAnnouncement

26/02/2020 07:00

RNS Number : 1124E
  
Hipgnosis Songs Fund Limited
  
26 February 2020
  
 

Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Contemplation of Equity Raise 
and
Application re: US Dollar Quote
 
On 13 January 2020, Hipgnosis announced that approximately 95% of the net proceeds of the C Share fundraising from October 2019 had been invested. The Company is now contemplating a further equity raise under its Placing Programme pursuant to the prospectus published on 27 September 2019 to fund investments in line with its investment policy, with a view to delivering further value for its shareholders. 
A further announcement will follow in due course.
The Company also announces that it has applied to introduce an additional market quote for the shares on the London Stock Exchange denominated in US Dollars (the "US Dollar Quote"). The US Dollar Quote will appear alongside the Company's existing GBP Sterling market quote (the "Sterling Quote") and there will be no changes to the legal form or nature of the Company's shares nor to the reporting currency of the Company's financial statements (which will remain in Sterling). 
The Company's existing ticker, ISIN and SEDOL will remain unchanged. However, in connection with the US Dollar Quote the Company will introduce a new ticker and SEDOL with effect from 8am on 2 March 2020, as set out below.







Sterling Quote


US Dollar Quote




ISIN


GG00BFYT9H72


GG00BFYT9H72




SEDOL


BFYT9H7


BLH8YF6




Ticker


SONG


SOND



 
In addition, in the future the US Dollar equivalent of the GBP Sterling net asset value per share will be presented for information purposes only alongside the GBP Sterling net asset value per share, at the GBP:USD spot rate on the close of business on the net asset value calculation date.  All dividends will continue to be declared and paid in GBP Sterling. 
For further information, please contact:



The Family (Music) Limited
Merck Mercuriadis
 


Tel: +44 (0)1481 742742




N+1 Singer - Joint Corporate Broker
James Maxwell / James Moat (Corporate Finance)
Alan Geeves / James Waterlow / Sam Greatrex (Sales)
 


Tel: +44 (0)20 7496 3000




J.P. Morgan Cazenove - Joint Corporate Broker
William Simmonds / Jérémie Birnbaum (Corporate Finance)
James Bouverat
 


Tel: +44 (0)20 7742 4000




The Outside Organisation
Alan Edwards / Nick Caley


Tel: +44 (0)7711 081 843



 
NOTES TO EDITORS
About Hipgnosis Songs Fund Limited
(www.hipgnosissongs.com)
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. The Company has raised a total of over £625 million (gross equity capital) through its Initial Public Offering on 11 July 2018, and subsequent issues in April 2019, August 2019 and October 2019. In September 2019, Hipgnosis transferred its entire issued share capital to the Premium listing segment of the Official List of the FCA and to the London Stock Exchange's Premium segment of the Main Market.
About The Family (Music) Limited
The Company's Investment Adviser is The Family (Music) Limited, which was founded by Merck Mercuriadis, former manager of globally successful recording artists, such as Elton John, Guns N' Roses, Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as Diane Warren, Justin Tranter and The-Dream, and former CEO of The Sanctuary Group plc. The Investment Adviser has assembled an Advisory Board of highly successful music industry experts which include award winning members of the artist, songwriter, publishing, legal, financial, recorded music and music management communities, all with in-depth knowledge of music publishing. Members of The Family (Music) Limited Advisory Board include Nile Rodgers, The-Dream, Giorgio Tuinfort, Starrah, Nick Jarjour, David Stewart, Bill Leibowitz, Ian Montone, and Jason Flom.
 


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