Hipgnosis Songs Fund, one of the most aggressive acquisitive parties in the modern music business, has just raised another £231m ($295m).
The UK-based company, run by Merck Mercuriadis, raised the cash “by way of the Initial Placing, Offer for Subscription and Intermediaries Offer of C Shares”.
A total of 231,000,000 C Shares have been placed by Nplus1 Singer Advisory LLP and
J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) to new and existing investors at a price of 100 pence per C Share.
Earlier this week, Hipgnosis announced that it had acquired rights to a tranche of songs by Timbaland.
Merck Mercuriadis (pictured), Founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said: “I am delighted by the strong response to this issue both from our existing shareholders and new investors. Having raised £231 million today and over £625 million since our IPO a little over a year ago, Hipgnosis has been one of the biggest fund launches on the London market in recent times, with more capital raised over the last six months than any other London listed fund. This is a demonstration of the financial community recognising the true value of music and proven songs.
“They are the currency that makes the world go round. They are predictable and reliable and they are better than gold or oil. We have lined up the finest available song catalogues and will be deploying
immediately.”Music Business Worldwide