Hipgnosis Songs (SONG) announced that the company has invested approximately 82% of the net proceeds from its July C share fundraising. Accordingly, the board has announced that the company intends to convert the C shares (Ticker: SONC) into ordinary shares (Ticker: SONG).
Increase in target dividend to 5.25p
The board also announced an increase in the company’s target dividend to 5.25p per annum. The company will target the payment of four equal quarterly dividends of 1.3125p per Ordinary Share commencing from the next interim dividend for the period from 1 July 2020 to 30 September 2020 which is expected to be declared in October 2020. In the announcement, it was noted that “this reflects the board’s, and the investment adviser’s, confidence in the uncorrelated and reliable nature of SONG’s income during the global COVID-19 crisis as well as the growth in global recorded music revenues driven by streaming.”
SONG: Hipgnosis increases dividend target and updates on C share spend
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