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Hipgnosis Songs Considers Equity Raise Instead Of Debt To Fund Growth

(Alliance News) - Music catalogue investment firm Hipgnosis Songs Fund Ltd said Wednesday it was ...

Alliance News 14 August, 2019 | 10:41AM
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(Alliance News) - Music catalogue investment firm Hipgnosis Songs Fund Ltd said Wednesday it was contemplating an equity raise rather than to expanding debt in a bid to fund growth.

Hipgnosis was now considering an share issue in the third quarter of 2019 in order to "finance its growing near-term pipeline of opportunities".

Consequently, the firm has withdrawn a resolution due to be voted on at a general meeting next Wednesday to increase its borrowing powers.

"The company has now committed its available capital resources to catalogue investment opportunities," Hipgnosis said in a statement. "The company will therefore use the net proceeds of any equity raise to fund further investments in line with its investment policy, with a view to delivering increased value for its shareholders."

Hipgnosis will provided further details in the equity fundraise in due course, it said.

Shares in Hipgnosis were 0.4% lower at 105.10 pence in London on Wednesday.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Hipgnosis Songs Ord 106.79 GBX -0.66 -

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