Round Hill Music - Migration of Listing Segment
18/07/2022 09:00
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RNS Number : 7862S Round Hill Music Royalty Fund Ltd 18 July 2022
18 July 2022
ROUND HILL MUSIC ROYALTY FUND LIMITED
("RHM" or the "Company")
Registration number: 68002
Legal Entity Identifier: 213800752UO1CJTV8C39
Migration of Listing Segment
The Board of Round Hill Music Royalty Fund Limited (the "Company") is pleased
to announce that it has received confirmation from the FCA that it is eligible
for a premium listing on the Official List.
Accordingly, the Company has made applications to the FCA and the London Stock
Exchange for listing on the Official List and a transfer to trading from the
Specialist Fund Segment to the Premium Segment of the Main Market of the
London Stock Exchange in respect of 407,621,300 ordinary shares of no par
value (the "Migration").
The Premium Segment of the Main Market is an established market which is
accessible to a wide range of investors. Accordingly, the Migration is
anticipated to result in a broader investor base over the longer term, which
the Directors believe may enhance the liquidity of RHM's shares in the
secondary market.
Since IPO, the Company has voluntarily complied with the Listing Rules.
However, as a Company whose shares are admitted to the premium listing segment
of the Official List, the Company will now be required formally to comply with
the Listing Rules, in particular Chapter 15 of the Listing Rules for
closed-ended investment funds.
In addition, the Board has taken steps to facilitate the Company's eligibility
for inclusion in the FTSE UK Index Series (the "Index") which, it is expected,
should help raise the Company's profile in the market. In particular, the
Company has applied to introduce an additional market quote for the shares on
the London Stock Exchange denominated in Sterling which would satisfy one of
the criteria for inclusion in the Index (the "Sterling Quote"). The Sterling
Quote will appear alongside the Company's existing US Dollar market quote (the
"Dollar 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 US Dollars). For the avoidance of doubt,
shares traded under either quote will have the same currency exposure, namely
US Dollars.
All dividends will continue to be declared and paid in US Dollars. Admission
is expected to occur with effect from 8.00 a.m. on 19 July 2022 ("Admission").
The Company's existing ticker, ISIN and SEDOL will remain unchanged. However,
in connection with the Sterling Quote the Company will introduce a new ticker
and SEDOL with effect from Admission, as set out below.
US Dollar Quote Sterling Quote
ISIN GG00BMXNVC81 GG00BMXNVC81
SEDOL BMXNVC8 BM9YL36
Ticker RHM RHMP
In accordance with LR6.7.1R, the Board of RHM is of the opinion that the
working capital available to the Group (being the Company with its UK
Subsidiaries) is sufficient for its present requirements, that is for at least
12 months from the date of Admission.
FOR FURTHER INFORMATION
Round Hill
Josh Gruss, Founder and CEO via Buchanan below
Steve Clark, COO
Cenkos
Sales:
Justin Zawoda-Martin +44 20 7397 1923
Daniel Balabanoff +44 20 7397 1909
Andrew Worne +44 20 7397 1912
Corporate:
James King +44 20 7397 1913
Will Talkington +44 20 7397 1910
Buchanan
Charles Ryland +44 20 7466 5107
Henry Wilson +44 20 7466 5111
Hannah Ratcliff +44 20 7466 5102
JTC
Mariana Enevoldsen +44 1481 702 485
Notes:
Terms defined in the prospectus published by the Company on 19 October 2020
and the supplementary prospectus published on 3 November 2020 (together the
"Prospectus") shall have the same meaning when used in this announcement.
The Company is a non-cellular Guernsey company. The Company's Investment
Objective is to provide investors with an attractive level of regular and
growing income and capital returns from investment primarily in high quality,
music intellectual property. In order to achieve its Investment Objective the
Company will invest in a songwriter's copyright interest in a musical
composition or song (being their writer's share, their publisher's share and
their performance rights) together with the rights in the recording of the
musical composition or song (known as the master recording rights) together
with all such rights and assets considered by its investment manager, Round
Hill Music LP, to be ancillary thereto.
Founded in 2010, Round Hill is a fully integrated owner and operator of music
copyright properties. Headquartered in New York with additional offices
in Nashville, Los Angeles and London, Round Hill has an experienced
management and investment team with an established reputation and extensive
experience in the music and finance industries.
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