Hipgnosis Songs looking for £72m – On 14 August 2019, Hipgnosis announced that it had fully committed its spare cash to investment opportunities and was thinking about issuing more shares to finance its pipeline of investment opportunities. Today, it says it will make a placing of new ordinary shares at a price of 105.5p. This is a premium of 0.5% to the closing price of 105 pence on 23 August 2019 and a premium of 2.2% to the last published NAV of 103.27p (as at 31 March 2019).
The placing is available to professional investors on a non-pre-emptive basis through the broker, N+1 Singer Advisory LLP (“N+1 Singer”).
Hipgnosis will issue up to 68,185,359 new shares (about 20% of the existing issued share capital) and, when issued, the placing shares will rank pari passu with the existing ordinary shares in issue.
The date that the new shares will be admitted to trading will be agreed between the company and N+1 Singer following close of the placing, and announced shortly thereafter, but in any event will not be later than 6 September 2019.
SONG : Hipgnosis Songs looking for £72m
Click here to subscribe for free equity research on investment trusts, funds and listed companies.