Hipgnosis Songs Fund Limited – Result of Placing
Further to its announcement earlier today, Hipgnosis and its Investment Adviser, The Family (Music) Limited, are pleased to announce that the Company has successfully raised approximately £51.1 million at a price of 105.5 pence per share, principally from existing shareholders, and accordingly the Placing has now closed.
The new Ordinary Shares to be issued under the Placing will represent 12.4% of the Company’s enlarged issued Ordinary Share capital.
Application has been made in respect of 48,429,541 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 new Ordinary Shares will commence at 8.00 a.m. (London time) on 29 August 2019.
Total Voting Rights
Following Admission, the Company will have 389,356,341 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 389,356,341 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:
“We are delighted to continue giving our shareholders exposure to music royalties via new acquisitions of some of the most iconic songs of all time. I’m very grateful for the constant enthusiasm and support that the finest institutional investors in the world have given us to establish songs as an asset class. This is not only great for the investors but the songwriting and artistic community as well.”
|Trade date||27 August 2019|
|Admission||08.00 a.m. on 29 August 2019|
|Crediting of CREST stock accounts in respect of the new Ordinary Shares||29 August 2019|
Unless otherwise defined, capitalised terms in this announcement shall have the meaning given to them in the announcement made on 27 August 2019 at 07:00.