Hipgnosis considers £300m C share issuance and nears main market application – Hipgnosis Songs (SONG) has this morning announced that it is considering increasing its capital base through an issue of C shares at a price of 100 pence per C share, with the aim of raising £300m.
Proceeds from a potential issue would be used to take advantage of an attractive pipeline of opportunities. SONG says that were it to raise capital through a C shares issue, the relevant investments (or part thereof, as appropriate) and income accrued thereon will be allocated to the pool of assets and NAV attributed to said C shares and will be accounted for in this separate pool of C share assets until the C shares convert into new ordinary shares.
SONG adds that any issue of C shares will be subject to the approval of a prospectus in connection with the Issue by the FCA. If the company proceeds with the issue, the prospectus will be published before the end of September 2019 and trading in the C shares will commence before the end of October 2019.
Premium market move plans afoot
SONG also confirmed its intention to apply to the FCA for its ordinary shares (and any C shares to be issued in connection with the Issue) to be admitted to the premium segment of the official list of the UK listing authority and to the London Stock Exchange for the ordinary shares (and any C shares to be issued in connection with the Issue) to be admitted to the premium segment of the main market in the near future (the “Migration”). The migration would serve to broaden the company’s share register and facilitate the SONG’s eligibility for inclusion in the FTSE UK index series.
SONG: Hipgnosis considers £300m C share issuance and nears main market application
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