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(Alliance News) - Round Hill Music Royalty Fund Ltd on Tuesday confirmed its plan for an initial public offering on the specialist fund segment of the Main Market of the London Stock Exchange through the placement of 375 million shares at USD1.00 each.
The company's investment objective is to provide investors with an "attractive" level of regular and growing income and capital returns from investing in music intellectual property.
This will involve investment into a songwriter's copyright interest in a musical composition or song together with the rights in the recording of the musical composition or song.
Round Hill Music Royalty Fund is managed by New York-based Round Hill, which is a fully integrated owner and operator of music copyright properties as well as a music publishing company.
Round Hill Music Royalty Fund is targeting total returns of 9% to 11% per annum, with a dividend yield of 4.5%.
The raise will be led by Cenkos Securities PLC, who will act as sole bookrunner and financial adviser.
The Round Hill fund will join FTSE 250-constituent Hipgnosis Songs Fund Ltd on the London market. Hipgnosis raised GBP200 million in its July 2018 IPO and now has a market capitalisation of GBP923.4 million.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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