Proactive Investors - Run By Investors For Investors

Hipgnosis Songs issues shares at modest discount

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
Pound symbol
The placing price represents a discount of 3.8% to last night's close

After stumping up for a music catalogue on Tuesday, Hipgnosis Songs Fund Limited (LON:SONG) today tapped the market for up to £100mln.

The fund, which invests in song catalogues and musical intellectual property rights, plans to place the shares at 102p, a modest discount to last night’s mid-market closing price of 106p.

READ: Acquisition of Music Catalogue

The shares were down 2p at 104p in early deals.

The company said it was issuing the shares to satisfy demand from existing shareholders and to provide additional funding for investments in line with its investment policy.


View full SONG profile View Profile

Hipgnosis Songs Fund Limited Timeline

Related Articles

April 16 2019
The specialty finance company offers revenue-based financing, allowing SaaS (Software as a service) and knowledge-based start-ups to 'pay as they grow'
April 24 2019
Kingswood has a new management team in place to implement the group’s three-year growth strategy.
Founded in 2016, the company has invested in a number of projects that it believes will power the development of the decentralised blockchain infrastructure

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use