- Music rights investor Hipgnosis Songs Fund launched a £254m share issue to fund the acquisition of more song catalogues.

New shares in the company were being offered at 116p each, a 7.9% discount to the Hipgnosis closing price on Friday. The raising includes a £250m placing and a £4m retail offer.

The company said the proceeds would fund the acquisition of a 'significant pipeline' of catalogues with a blended acquisition multiple of around 18 times historic annual income.

'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,' founder Merck Mercuriadis said.

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