17th Oct 2019 10:39
(Alliance News) - Music catalogue investor Hipgnosis Songs Fund Ltd on Thursday confirmed it has raised GBP231 million in a 'C' share issue.
In late September, the firm said it wanted to raise GBP300 million as it targeted an "attractive" pipeline of music catalogues.
However, it has raised GBP231 million, placing 231 million new 'C' shares at a price of 100 pence each.
Merck Mercuriadis, the founder of Hipgnosis, said: "I am delighted by the strong response to this issue both from our existing shareholders and new investors. Having raised GBP231 million today and over GBP625 million since our IPO a little over a year ago, Hipgnosis has been one of the biggest fund launches on the London market in recent times, with more capital raised over the last six months than any other London listed fund.
"This is a demonstration of the financial community recognising the true value of music and proven songs. They are the currency that makes the world go round. They are predictable and reliable and they are better than gold or oil. We have lined up the finest available song catalogues and will be deploying immediately."
Hipgnosis shares were 0.4% lower on Thursday morning at 107.09 pence each.
On Wednesday, the firm reported the acquisition of a music catalogue by Timbaland, with no financial terms given.
By George Collard; [email protected]
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