Hipgnosis Songs (SONG) announced plans to raise approximately £150m through an ordinary shares placing at a price of 121p.
The issue price represents a:
- 2.4% discount to SONG’s closing share price of 124p on 15 June 2021.
- 2.0% premium to the adjusted operative NAV, based on the GBP to USD exchange rate of 1.4115 on 11 June 2021.
‘Pipeline contains some of the most influential and successful songs of all time’
SONG expects to use the net proceeds of the placing to acquire a substantial pipeline of songs that its manager (The Family (Music) limited) has identified. SONG’s announcement notes that the pipeline contains some of the most influential and successful songs of all time, and offer substantial revenue growth opportunities through song management.
SONG: Hipgnosis looks to raise £150m