Update: Former IRON MAIDEN, GUNS N' ROSES Manager's Trust Exceeds £200m Target
July 6, 2018, 5 years ago
Investors have piled into a music rights portfolio business headed by the former manager of high profile acts such as Elton John, Beyonce, Guns N’ Roses and Iron Maiden, reports Citywire.co.uk.
Almost exactly a year after the group last said it would try to raise equity capital, in an announcement last month the Hipgnosis Songs investment company said it would seek a London listing to raise £200 million. The company has now revealed its initial placing was oversubscribed, forcing it to scale back so commitments matched the £200 million target.
Following the offer close on 5 July, Hipgnosis said it had secured additional proceeds of £2.2 million, lifting the overall capital raise to £202.2 million. The successful launch follows a longer than anticipated 12-month delay in bringing the company to market.
In July 2017 portfolio advisory group The Family (Music) Limited, headed by veteran music executive Merck Mercuriadis, said it would pause its previously planned launch in order to court a linchpin institutional investor said to be interested in up to 20%, or £40 million, of the share issue.
Read the full story at Citywire.co.uk.
