Hipgnosis Songs Fund Limited Conversion of C Shares (5168Z)

TIDMSONG

RNS Number : 5168Z

Hipgnosis Songs Fund Limited

13 January 2020

13 January 2020

Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")

Conversion of C Shares

The Board of Hipgnosis Songs Fund Limited and its Investment Adviser, The Family (Music) Limited, are pleased to announce that the Company has invested GBP214 million of the proceeds of its C Share fundraising from October 2019 in accordance with its Investment Objective and Policy. This represents approximately 95% of the net proceeds of the C Share fundraising.

Accordingly, the Board is pleased to announce that the Company intends to convert the C Shares (Ticker: SONC) into Ordinary Shares (Ticker: SONG) (the "Conversion") in accordance with the provisions of its articles of incorporation and as summarised in the Prospectus. The Calculation Time, being the close of business on the date on which the Conversion Ratio will be calculated, will be 10 January 2020. The calculation of the Conversion Ratio will be based on the net assets attributable to the Ordinary Shares and C Shares as at close of business on 10 January 2020. The Conversion Ratio is expected to be announced on or around 7 February 2020, together with the expected date when such Conversion will occur and the number of new Ordinary Shares to be issued.

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Prospectus published by the Company on 27 September 2019.

For further information, please contact:

 
 The Family (Music) Limited                          Tel: [phone] 
  Merck Mercuriadis 
 N+1 Singer - Joint Corporate Broker                 Tel: [phone] 
  James Maxwell / James Moat (Corporate               3000 
  Finance) 
  Alan Geeves / James Waterlow / Sam Greatrex 
  (Sales) 
 J.P. Morgan Cazenove - Joint Corporate              Tel: [phone] 
  Broker                                              4000 
  William Simmonds / Ed Murray / Jérémie 
  Birnbaum (Corporate Finance) 
  James Bouverat / Eddie Nissen (Sales) 
 The Outside Organisation                            Tel: [phone] 
  Alan Edwards / Nick Caley                           843 
 

NOTES TO EDITORS

About Hipgnosis Songs Fund Limited

(www.hipgnosissongs.com)

Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey registered investment company established to offer investors a pure-play exposure to songs and associated musical intellectual property rights. The Company has raised a total of over GBP625 million (gross equity capital) through its Initial Public Offering on 11 July 2018, and subsequent issues in April 2019, August 2019 and October 2019. In September 2019, Hipgnosis transferred its entire issued share capital to the Premium listing segment of the Official List of the FCA and to the London Stock Exchange's Premium segment of the Main Market.

About The Family (Music) Limited

The Company's Investment Adviser is The Family (Music) Limited, which was founded by Merck Mercuriadis, former manager of globally successful recording artists, such as Elton John, Guns N' Roses, Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as Diane Warren, Justin Tranter and The-Dream, and former CEO of The Sanctuary Group plc. The Investment Adviser has assembled an Advisory Board of highly successful music industry experts which include award winning members of the artist, songwriter, publishing, legal, financial, recorded music and music management communities, all with in-depth knowledge of music publishing. Members of The Family (Music) Limited Advisory Board include Nile Rodgers, The-Dream, Giorgio Tuinfort, Starrah, Nick Jarjour, David Stewart, Bill Leibowitz, Ian Montone, and Jason Flom.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

CONKKBBPKBKBADD

(END) Dow Jones Newswires

January 13, 2020 02:00 ET (07:00 GMT)