Migration of Listing Segment

 18 July 2022

ROUND HILL MUSIC ROYALTY FUND LIMITED

("RHM" or the "Company")

Registration number: 68002

Legal Entity Identifier: 213800752UO1CJTV8C39

Migration of Listing Segment

The Board of Round Hill Music Royalty Fund Limited (the "Company") is pleased to announce that it has received confirmation from the FCA that it is eligible for a premium listing on the Official List.

Accordingly, the Company has made applications to the FCA and the London Stock Exchange for listing on the Official List and a transfer to trading from the Specialist Fund Segment to the Premium Segment of the Main Market of the London Stock Exchange in respect of 407,621,300 ordinary shares of no par value (the "Migration").

The Premium Segment of the Main Market is an established market which is accessible to a wide range of investors. Accordingly, the Migration is anticipated to result in a broader investor base over the longer term, which the Directors believe may enhance the liquidity of RHM's shares in the secondary market.

Since IPO, the Company has voluntarily complied with the Listing Rules. However, as a Company whose shares are admitted to the premium listing segment of the Official List, the Company will now be required formally to comply with the Listing Rules, in particular Chapter 15 of the Listing Rules for closed-ended investment funds.

In addition, the Board has taken steps to facilitate the Company's eligibility for inclusion in the FTSE UK Index Series (the "Index") which, it is expected, should help raise the Company's profile in the market. In particular, the Company has applied to introduce an additional market quote for the shares on the London Stock Exchange denominated in Sterling which would satisfy one of the criteria for inclusion in the Index (the "Sterling Quote"). The Sterling Quote will appear alongside the Company's existing US Dollar market quote (the "Dollar Quote") and there will be no changes to the legal form or nature of the Company's shares nor to the reporting currency of the Company's financial statements (which will remain in US Dollars). For the avoidance of doubt, shares traded under either quote will have the same currency exposure, namely US Dollars.

All dividends will continue to be declared and paid in US Dollars. Admission is expected to occur with effect from 8.00 a.m. on 19 July 2022 ("Admission").

The Company's existing ticker, ISIN and SEDOL will remain unchanged. However, in connection with the Sterling Quote the Company will introduce a new ticker and SEDOL with effect from Admission, as set out below.

In accordance with LR6.7.1R, the Board of RHM is of the opinion that the working capital available to the Group (being the Company with its UK Subsidiaries) is sufficient for its present requirements, that is for at least 12 months from the date of Admission.

 FOR FURTHER INFORMATION

Notes: 

Terms defined in the prospectus published by the Company on 19 October 2020 and the supplementary prospectus published on 3 November 2020 (together the "Prospectus") shall have the same meaning when used in this announcement.

The Company is a non-cellular Guernsey company. The Company's Investment Objective is to provide investors with an attractive level of regular and growing income and capital returns from investment primarily in high quality, music intellectual property. In order to achieve its Investment Objective the Company will invest in a songwriter's copyright interest in a musical composition or song (being their writer's share, their publisher's share and their performance rights) together with the rights in the recording of the musical composition or song (known as the master recording rights) together with all such rights and assets considered by its investment manager, Round Hill Music LP, to be ancillary thereto. 

Founded in 2010, Round Hill is a fully integrated owner and operator of music copyright properties. Headquartered in New York with additional offices in Nashville, Los Angeles and London, Round Hill has an experienced management and investment team with an established reputation and extensive experience in the music and finance industries.