I Agree

We have updated our Privacy and Cookie Policy. By clicking "I Agree" below, you acknowledge that you accept our Privacy and Cookie Policy and Terms of Use.


This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here



It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

Hipgnosis Songs Fund (SONG)

Hipgnosis Songs Fund

Contemplation of Equity Raise and USD Quote
RNS Number : 1124E
Hipgnosis Songs Fund Limited
26 February 2020

Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")

Contemplation of Equity Raise


Application re: US Dollar Quote


On 13 January 2020, Hipgnosis announced that approximately 95% of the net proceeds of the C Share fundraising from October 2019 had been invested. The Company is now contemplating a further equity raise under its Placing Programme pursuant to the prospectus published on 27 September 2019 to fund investments in line with its investment policy, with a view to delivering further value for its shareholders.

A further announcement will follow in due course.

The Company also announces that it has applied to introduce an additional market quote for the shares on the London Stock Exchange denominated in US Dollars (the "US Dollar Quote"). The US Dollar Quote will appear alongside the Company's existing GBP Sterling market quote (the "Sterling 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 Sterling).  

The Company's existing ticker, ISIN and SEDOL will remain unchanged. However, in connection with the US Dollar Quote the Company will introduce a new ticker and SEDOL with effect from 8am on 2 March 2020, as set out below.

Sterling Quote

US Dollar Quote











In addition, in the future the US Dollar equivalent of the GBP Sterling net asset value per share will be presented for information purposes only alongside the GBP Sterling net asset value per share, at the GBP:USD spot rate on the close of business on the net asset value calculation date.  All dividends will continue to be declared and paid in GBP Sterling. 

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 / Jérémie Birnbaum (Corporate Finance)

James Bouverat


Tel: +44 (0)20 7742 4000

The Outside Organisation

Alan Edwards / Nick Caley

Tel: +44 (0)7711 081 843



About Hipgnosis Songs Fund Limited


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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close