Round Hill Music Royalty Fund (LSE:RHM) Ltd (LSE:RHM) has acquired an interest in the music publishing catalogue of Trevor Rabin, formerly guitarist with prog-rockers Yes.
Since 1994, South African Rabin has been earning a crust writing film scores and has worked on more than 40 films to date.
He has a catalogue of 3,528 film cues and songs, Round Hill said.
The film scores are ideally placed to offer exposure to the improving outlook for film and TV-linked performance revenues, according to Round Hill.
"We are delighted to announce this first open market acquisition for the company since its IPO [initial public offering], and this demonstrates Round Hill's ability to execute on its near-term pipeline of copyrights,” claimed Trevor Bowen, the chair of Round Hill.
“This catalogue acquisition ideally fits the investment manager's ten-year track record for delivering reliable long-term returns for investors by remaining disciplined asset managers, focused on acquiring proven copyrights at attractive valuations. The company's investment pipeline remains extensive with a number of near-term opportunities in exclusivity,” Bowen added.
Josh Gruss, the boss of the company’s investment manager, described Rabin as “an iconic songwriter” and Yes as “one of the most important progressive rock bands of the 1980s and 1990s”.
Rabin said he knows his music will be “in good hands” at Round Hill.
Shares in Round Hill were unchanged in mid-morning trade.