12th Apr 2019 17:12
LONDON (Alliance News) - Hipgnosis Songs Fund Ltd on Friday said it raised GBP141.5 million in an oversubscribed share placing at 102 pence per share.
Shares in Hipgnosis closed 2.6% lower on Friday at 103.25p.
Earlier in the day, the investment firm said it was planning to raise GBP100.0 million, with the funds to be used to add to its song catalogue.
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.
The company issued 138.8 million shares, or 41% of its enlarged capital.
Admission is expected to take place on April 17, following which Hipgnosis will have 340.9 million shares in issue.
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SONG.L