Round Hill Music - Net Asset Value(s)
07/03/2022 07:00
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RNS Number : 7757D Round Hill Music Royalty Fund Ltd 07 March 2022
ROUND HILL MUSIC ROYALTY FUND LIMITED
(the "Company" or "RHM")
Registration number: 68002
Legal Entity Identifier: 213800752UO1CJTV8C39
NET ASSET VALUES PER ORDINARY SHARE AND PER C SHARE AS AT 31 DECEMBER 2021
The Company announces that as at 31 December 2021 its Economic Net Asset Value
per Ordinary Share was US$1.11 and its unaudited IFRS NAV per Ordinary Share
was US$0.93.
The Company also announces that as at 31 December 2021 its Economic Net Asset
Value per C Share was US$1.03 and its unaudited IFRS NAV per C Share was
US$0.97.
During the six-month period to 31 December 2021 (the "Period"), the Company
acquired an additional ten catalogues. Of these new catalogues, five were
acquired utilising the Company's debt facility and attributable to the
Ordinary Shares, with the balance purchased with the net proceeds of the C
Share issue.
Ordinary Shares
The acquired catalogues attributable to the Ordinary Shares comprised Dennis
Elliott, The O'Jays, Tim Palmer, Trevor Rabin and a renewal of the rights
associated with What a Wonderful World. As at 31 December 2021, the fair
market value of these catalogues exceeded cost, adding approximately US$0.015
per Ordinary Share.
On a like-for-like comparison basis during the Period, the original seed
portfolio's valuation (excluding RH Carlin Holdings LLC ("Carlin")) increased
by approximately US$11.14 million or approximately US$0.033 per Ordinary
Share.
Due to the fact that the audited financial information for Carlin is not
currently available, for purposes of calculating the unaudited Economic Net
Asset Value per Ordinary Share, the Board has decided to use the fair market
value attributed to Carlin as at 30 June 2021. The Directors would like to
highlight that this may lead to a minor adjustment in the Economic Net Asset
Value per Ordinary Share when the annual financial statements are released in
late April.
C Shares
During the Period the Company acquired five new catalogues utilising some of
the net proceeds of the C Share issue. These comprised Nancy Wilson, Niko
Moon, Rebelution, The Richardsons and Supertramp. The fair market value of
these catalogues has increased by approximately US$5.6 million or US$0.06 per
C Share.
Valuation Matrix
The latest valuation matrix, containing some of the key assumptions utilised
by the Company's independent valuer, will be available on RHM's website in due
course.
Investments made following 31 December 2021
On 11 February 2022, the Company announced that it had successfully invested
all the net proceeds of the C Share issue. Round Hill Music LP ("Round Hill"),
the Company's investment manager, continues to see exciting opportunities and
has identified a near term pipeline in excess of US$120 million of investment
opportunities.
Unless the context otherwise requires, capitalised terms used in this
announcement have the meanings in the Company's prospectus.
For additional information, please contact any of the undersigned:
Round Hill
Josh Gruss, Chairman 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
End of announcement
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