Last checked at 
13 Jan 2020 07:00
13 January 2020
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Conversion of C Shares
The Board of Hipgnosis Songs Fund Limited and its Investment Adviser, The Family (Music) Limited, are pleased to announce that the Company has invested £214 million of the proceeds of its C Share fundraising from October 2019 in accordance with its Investment Objective and Policy. This represents approximately 95% of the net proceeds of the C Share fundraising.
Accordingly, the Board is pleased to announce that the Company intends to convert the C Shares (Ticker: SONC) into Ordinary Shares (Ticker: SONG) (the "Conversion") in accordance with the provisions of its articles of incorporation and as summarised in the Prospectus. The Calculation Time, being the close of business on the date on which the Conversion Ratio will be calculated, will be 10 January 2020. The calculation of the Conversion Ratio will be based on the net assets attributable to the Ordinary Shares and C Shares as at close of business on 10 January 2020. The Conversion Ratio is expected to be announced on or around 7 February 2020, together with the expected date when such Conversion will occur and the number of new Ordinary Shares to be issued.
Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Prospectus published by the Company on 27 September 2019.
For further information, please contact:
The Family (Music) Limited Merck Mercuriadis
| Tel: +44 (0)1481 742742 |
N+1 Singer - Joint Corporate Broker James Maxwell / James Moat (Corporate Finance) Alan Geeves / James Waterlow / Sam Greatrex (Sales)
| Tel: +44 (0)20 7496 3000 |
J.P. Morgan Cazenove - Joint Corporate Broker William Simmonds / Ed Murray / Jérémie Birnbaum (Corporate Finance) James Bouverat / Eddie Nissen (Sales)
| Tel: +44 (0)20 7742 4000 |
The Outside Organisation Alan Edwards / Nick Caley | Tel: +44 (0)7711 081 843 |
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. The Company has raised a total of over £625 million (gross equity capital) through its Initial Public Offering on 11 July 2018, and subsequent issues in April 2019, August 2019 and October 2019. In September 2019, Hipgnosis transferred its entire issued share capital to the Premium listing segment of the Official List of the FCA and to the London Stock Exchange's Premium segment of the Main Market.
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.