Hipgnosis Songs Fund Limited Contemplation of Equity Raise and Withdrawal of GM (0238J)
August 14 2019 - 5:00AM
UK Regulatory
TIDMSONG
RNS Number : 0238J
Hipgnosis Songs Fund Limited
14 August 2019
14 August 2019
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Contemplation of Equity Raise and Withdrawal of Resolution at
General Meeting
Hipgnosis announces that, following consultation with its major
shareholders, it will withdraw the resolution at the General
Meeting to be held on 21 August 2019 to increase the Company's
borrowing powers and is instead contemplating an equity raise in Q3
of 2019 to finance its growing near-term pipeline of
opportunities.
The Company has now committed its available capital resources to
catalogue investment opportunities. The Company will therefore use
the net proceeds of any equity raise to fund further investments in
line with its investment policy, with a view to delivering
increased value for its shareholders. A further announcement will
follow in due course.
As a result of withdrawing the resolution at the General Meeting
to be held on 21 August 2019, the Company will continue to operate
under its current investment objective and policy including its
current borrowing policy.
Note: This announcement contains inside information for the
purposes of Article 7 of Regulation 596/2014 (MAR).
For further information, please contact:
The Family (Music) Limited Tel: +44 (0)1481 742742
Merck Mercuriadis
N+1 Singer Tel: +44 (0)20 7496
James Maxwell / James Moat (Corporate 3000
Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales)
The Outside Organisation Tel: +44 (0)7711 081
Alan Edwards / Nick Caley 843
NOTES TO EDITORS
About Hipgnosis Songs Fund Limited
(www.hipgnosissongs.com)
Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey
registered investment company established to offer investors a
pure-play exposure to songs and associated musical intellectual
property rights. In its Initial Public Offering on the Specialist
Fund Segment of the London Stock Exchange's main market on 11 July
2018, the Company raised approximately GBP200m gross equity
capital. In its Subsequent Placing under its Placing Programme on
12 April 2019, the Company raised approximately GBP140m of further
equity capital.
About The Family (Music) Limited
The Company's Investment Adviser is The Family (Music) Limited,
which was founded by Merck Mercuriadis, former manager of globally
successful recording artists, such as Elton John, Guns N' Roses,
Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as
Diane Warren, Justin Tranter and The-Dream, and former CEO of The
Sanctuary Group plc. The Investment Adviser has assembled an
Advisory Board of highly successful music industry experts which
include award winning members of the artist, songwriter,
publishing, legal, financial, recorded music and music management
communities, all with in-depth knowledge of music publishing.
Members of The Family (Music) Limited Advisory Board include Nile
Rodgers, The-Dream, Giorgio Tuinfort, Starrah, Nick Jarjour, David
Stewart, Bill Leibowitz, Ian Montone, and Jason Flom.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
GMSPIMPTMBIBMML
(END) Dow Jones Newswires
August 14, 2019 05:00 ET (09:00 GMT)
Hipgnosis Songs (LSE:SONG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hipgnosis Songs (LSE:SONG)
Historical Stock Chart
From Jul 2023 to Jul 2024