Round Hill Music prospectus published

Round Hill Music prospectus published – We promised to bring you Round Hill’s prospectus when it was published – here it is.

Round Hill Music Royalty Fund aims to provide investors with an attractive level of regular and growing income and capital returns from investment primarily in high quality, music intellectual property. The company will invest in a songwriter’s copyright interest in a musical composition or song (being their writer’s share, their publisher’s share and their performance rights) together with the rights in the recording of the musical composition or song (known as the master recording rights) together with all rights and assets considered by the investment manager to be ancillary thereto.

The company intends to invest in small to medium sized catalogues (typically 100-1000 copyrights) that are diversified by artist, genre, decade and royalty type. The company also intends to invest predominantly in classic, older copyrights with enduring appeal and which experience consistent usage.

The company hopes to list on the Specialist Fund Segment of the London Stock Exchange. Access to the placing and the offer subscription is restricted by geography and investor type. Closing dates for applications are 10 November. If all goes well, the company hopes to announce the results of the issue on 11 November and start trading on 13 November.

Note: this prospectus is provided for information purposes only. We are not making any recommendation with respect to the issue. Ensure you read the prospectus before making a an investment decision.

Update 3 November

The Board of Round Hill Music Royalty Fund Limited has announced the publication of a supplementary prospectus. The supplementary prospectus is supplemental to, and should be read in conjunction with, the prospectus published on 19 October 2020.

Cornerstone Investor

The company has been involved in a process of due diligence undertaken by M&G Investment Management in connection with the initial issue. M&G intends to make an investment subject to two revisions being made to the structure. These are:

  • minor amendments to certain of the investment restrictions contained in the investment policy; and
  • the introduction of a key person provision in the investment management agreement between the company and Round Hill.

[We haven’t seen a copy of this yet – it’s not yet on their website (at midday on 3 November) but we expect it will be shortly. Securing a cornerstone investor could be a great help in getting the issue done.]

RHM : Round Hill Music prospectus published

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