Investments and investor services
Hipgnosis Songs considering share issue for £1bn of opportunities
Shareholders yesterday approved an increase in the borrowing capacity of the business for up to 30% of Net Asset Value
Company
LON:SONG
Hipgnosis Songs fund is a specialist investment company investing in songs and musical intellectual property rights.
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Investments and investor services
Shareholders yesterday approved an increase in the borrowing capacity of the business for up to 30% of Net Asset Value
Investments and investor services
The catalogue includes AC/DC's 'Black Ice', The Killers album 'Battle Born' and Bruce Springsteen's Grammy award-winning album 'The Rising'
Investments and investor services
In the first half to 30 September, net income from the portfolio rocketed 68% to £22.6mln with profit before tax 76% higher at £12.6mln
The music investment fund receives royalty payments each time one of its songs is played on the radio, streamed online, featured in media, or bought on CDs or vinyl
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Hipgnosis will now receive The Chainsmokers’ cut of the royalties from tracks such as Closer and Something Just Like This
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Hipgnosis will now receive David A Stewart’s cut of the royalties from tracks such as Sweet Dreams (Are Made of This) and more than 1,000 other songs he has helped write or produce
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Hipgnosis will now receive royalties from hit songs such as Rihanna’s ‘Needed Me’, Drake’s ‘Fake Love’ and Nicki Minaj’s ‘No Frauds’
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The fund's investment adviser had identified a number of further significant catalogues for potential acquisition and the company has indicated that an equity issue was on the cards, so this share issue should not come as a surprise
"He has quietly been the partner of choice for everyone from Akon to David Guetta and has been instrumental, literally, in their incredible successes", said Merck Mercuriadis, the founder of Hipgnosis Songs Fund
The fund listed in July and is confident the company will have invested all of the issue proceeds within the stated target of 12 months following admission
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Edwards, who died in 1996, is best known for his partnership with Nile Rodgers, together founding CHIC in 1976 and co-writing Number 1 songs for the band and other artists including Sister Sledge and Diana Ross
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"I finally feel confident and comfortable that I'm doing this deal with the best company in the business," said Poo Bear, one of Justin Bieber's closest collaborators. "It's beyond the money, it's the assurance that my catalogue will be res