Hipgnosis Songs Fund Limited Conversion of C Shares (5168Z)
January 13 2020 - 1:00AM
UK Regulatory
TIDMSONG
RNS Number : 5168Z
Hipgnosis Songs Fund Limited
13 January 2020
13 January 2020
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Conversion of C Shares
The Board of Hipgnosis Songs Fund Limited and its Investment
Adviser, The Family (Music) Limited, are pleased to announce that
the Company has invested GBP214 million of the proceeds of its C
Share fundraising from October 2019 in accordance with its
Investment Objective and Policy. This represents approximately 95%
of the net proceeds of the C Share fundraising.
Accordingly, the Board is pleased to announce that the Company
intends to convert the C Shares (Ticker: SONC) into Ordinary Shares
(Ticker: SONG) (the "Conversion") in accordance with the provisions
of its articles of incorporation and as summarised in the
Prospectus. The Calculation Time, being the close of business on
the date on which the Conversion Ratio will be calculated, will be
10 January 2020. The calculation of the Conversion Ratio will be
based on the net assets attributable to the Ordinary Shares and C
Shares as at close of business on 10 January 2020. The Conversion
Ratio is expected to be announced on or around 7 February 2020,
together with the expected date when such Conversion will occur and
the number of new Ordinary Shares to be issued.
Terms used in this announcement shall, unless the context
otherwise requires, bear the meanings given to them in the
Prospectus published by the Company on 27 September 2019.
For further information, please contact:
The Family (Music) Limited Tel: +44 (0)1481 742742
Merck Mercuriadis
N+1 Singer - Joint Corporate Broker Tel: +44 (0)20 7496
James Maxwell / James Moat (Corporate 3000
Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales)
J.P. Morgan Cazenove - Joint Corporate Tel: +44 (0)20 7742
Broker 4000
William Simmonds / Ed Murray / Jérémie
Birnbaum (Corporate Finance)
James Bouverat / Eddie Nissen (Sales)
The Outside Organisation Tel: +44 (0)7711 081
Alan Edwards / Nick Caley 843
NOTES TO EDITORS
About Hipgnosis Songs Fund Limited
(www.hipgnosissongs.com)
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 GBP625
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.
END
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