Round Hill Music Royalty Fund’s (RHM’s) C-share placing has raised gross proceeds of US$86.5m, which significantly exceeds the target minimum capital raise of US$50m. The company says that it intends to use the net proceeds of the C Share Offer together with the remaining undrawn balance of its existing revolving credit facility to assist in acquiring its near-term pipeline of Copyrights, and the board and manager expect to deploy the net proceeds of the C Share Offer within three months from Admission.
Under the terms of the placing, RHM is to issue 86,500,000 million C Shares at an issue price of US$1.00 per C Share. The company expects that Admission to the specialist fund segment of the London Stock Exchange will become effective on 20 July 2021, with dealings in these shares expected to commence at 8.00 am that day. Following admission of the C shares, RHM will have 330,100,000 ordinary shares in issue, all with voting rights, as well as 86,500,000 C shares, all with voting rights. As such, the total number of voting rights in the Company will be 416,600,000.
About Round Hill Music Royalty Fund
RHM’s investment objective is 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 invests 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 such rights and assets considered by its investment manager, Round Hill Music LP. RHM’s website can be accessed here.