The fund’s investment adviser had identified a number of further significant catalogues for potential acquisition and the company has indicated that an equity issue was on the cards, so this share issue should not come as a surprise
After stumping up for a music catalogue on Tuesday, () today tapped the market for up to £100mln.
The fund, which invests in song catalogues and musical intellectual property rights, plans to place the shares at 102p, a modest discount to last night’s mid-market closing price of 106p.
READ: Acquisition of Music Catalogue
The shares were down 2p at 104p in early deals.
The company said it was issuing the shares to satisfy demand from existing shareholders and to provide additional funding for investments in line with its investment policy.
Read More: Hipgnosis Songs Fund Limited issues shares at modest discount