12th Apr 2019 09:33
LONDON (Alliance News) - Hipgnosis Songs Fund Ltd said Friday it intends to raise up to GBP100 million through a share placing in an attempt to raise funds to add to its song catalogue.
The shares will be priced a 102 pence, a discount of 3.8% to Thursday's closing price of 106p. Shares in Hipgnosis were down 2.8% Friday morning at 103.00p.
The final number of shares on offer will be decided by Hipgnosis and the company's broker N+1 Singer.
Since the company's initial public offering in July last year, Hipgnosis has acquired the intellectual property rights to a catalogue of songs valued at GBP234.1 million.
Hipgnosis said it has identified "a number of further significant catalogues", and will use the proceeds of the placing to fund these acquisitions.
Related Shares:
SONG.L