Acquisitive Hipgnosis back with £300m target

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Hipgnosis Songs Fund, which acquires music catalogues, is proposing a £300m fundraise just weeks after raising £51.1m in an intraday placing.

Hipgnosis said on Tuesday that the capital raise requires FCA approval of a prospectus, which is expected to be published before the end of September. The transaction will involve an issue of C shares, including an intermediaries offer, priced at 100p for acquisitions. There will also be a new 12-month share issuance programme.

The fund raised £51.1m at the end of August, when it said that it had already fully committed all of the capital from a £141.5m fundraising in April.

Hipgnosis will also apply to the FCA to move its shares from AIM to the premium segment of the main market in London.

JP Morgan and N+1 Singer will manage the capital raise.

Hipgnosis shares were unmoved by news of the fundraising, opening flat to the 105p Monday close and remaining at that level during the morning.

Doing it for themselves