Hipgnosis is to raise a further £250 million in order to acquire more songwriting catalogues.
The board of Hipgnosis has notified the London Stock Exchange of its intention to raise the sum by placing new ordinary shares each priced 116 pence.
In conjunction with the placing, there will be an offer made on the PrimaryBid platform of new ordinary shares to provide retail investors with an opportunity to participate in the equity fundraising alongside institutional investors.
The investment adviser has targeted and secured exclusivity on approximately 50 catalogues that are in line with the company's investment policy.
Hipgnosis has been on a buying spree with recent acquisitions of songwriter shares in catalogues from Nikki Sixx, No ID, Blondie’s Debbie Harry and Chris Stein, Barry Manilow and Chrissie Hynde.
The copyrights investment company has also evolved into a music publisher with its acquisition of Big Deal Music, as well as making key hires in Ted Cockle and Amy Thomson.
The company announced on September 9 that it has invested approximately 82% of the net proceeds from its July C share fundraising.
Merck Mercuriadis, founder of Hipgnosis Songs Fund Limited and The Family (Music) Limited, said: "We have made a significant impact on the songwriting community over the last two-plus years, and the overwhelming love and support we have from these great creators has led to further opportunities on evergreen songs and catalogues. I would like to thank all the songwriters, artists and producers that have made us first choice to look after your incomparable legacies."
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