- Music rights investor Hipgnosis Songs Fund said it had upped its dividend target to 5.5p per year.

The company said it would target the payment of four equal quarterly dividends of 1.3125p per share.

The payments would commence from the next interim dividend for the period from 1 July to 30 September, which was expected to be declared in October.

'This reflects the board's, and the investment adviser's, confidence in the uncorrelated and reliable nature of Songs' income during the global Covid-19 crisis as well as the growth in global recorded music revenues driven by streaming,' Hipgnosis Songs said.

The company also announced that it had invested around 82% of the net proceeds from its July C Share fundraising.

Accordingly, it planned to convert the C Shares into ordinary shares.

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