Hipgnosis Songs Fund is raising big money again.
According to a prospectus issued to the markets today (January 21) and reviewed by MBW, the UK-listed company has proposed the issuance of up to 1.5 billion shares – across an initial issue of ordinary shares, and then further placing programs of new ordinary shares and/or C class shares – over the course of the next 12 months.
At the current price of Hipgnosis’ ordinary shares (GBP £1.21 per share), a 1.5 billion share issuance would raise over USD $2 billion.
In the first instance, says Hipgnosis, it will issue a maximum of 500 million ordinary shares at a price of £1.21 each, with potential gross proceeds of up to £605 million (around $830 million).
Hipgnosis hasn’t announced a specific target for the amount of money it wishes to raise with that initial issuance, which is an unusual – but not unprecedented – approach from the company… (MBW)
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