LONDON (ShareCast) - (Sharecast News) - Music rights buyer Hipgnosis said it planned to raise £150m in a share placing to fund what it called a "substantial" pipeline of songs.
Shares will be issued at 121p a share, a 2.4% discount to the closing price on June 15.

"The pipeline songs contain some of the most influential and successful Songs of all time, and offer substantial revenue growth opportunities through song management," said Hipgnosis founder Merck Mercuriadis.

"This raise gives our public markets investors, historic and new, the only chance for the next 12 months to get access to Hipgnosis' existing portfolio as well as a pipeline comprising some of the most important and successful songs of all time, at valuations that are highly attractive considering the continued explosive growth of streaming that will magnify future revenues considerably."

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