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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.


 

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Hipgnosis Songs Fund Limited Timeline

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