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(Alliance News) - Hipgnosis Songs Fund Ltd on Wednesday unveiled plans to raise GBP150 million to buy a "substantial pipeline of songs".
The music intellectual property rights investor will price its shares at 121 pence each, a 2.4% discount to its closing price on Tuesday. It will target an issue of 124.0 million shares.
Shares in the company were 1.2% lower at 122.47p each in London on Wednesday morning.
Its advisor, The Family (Music) Ltd, has identified a number of songs for the investor to add to its already vast portfolio. The company's catalogue includes work by the likes of Mark Ronson and singer-songwriter Neil Young.
The pipeline contains "some of the most influential and successful songs of all time", it asserted.
"This raise gives our public markets investors, historic and new, the only chance for the next 12 months to get access to Hipgnosis' existing portfolio as well as a pipeline comprising some of the most important and successful songs of all time, at valuations that are highly attractive considering the continued explosive growth of streaming that will magnify future revenues considerably," said Merck Mercuriadis, founder of Hipgnosis as well as of The Family (Music).
By Eric Cunha; ericcunha@alliancenews.com
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