Hipgnosis urged to use equity raise prospectus to shed more light on financial disclosures

Raising at 1.2% discount to share price

David Brenchley
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Producer Bob Rock has collaborated with Michael Bublé. Photo: Amanda Nobles/Flickr CC BY 2.0
Image:

Producer Bob Rock has collaborated with Michael Bublé. Photo: Amanda Nobles/Flickr CC BY 2.0

Analysts hope Hipgnosis Songs Fund will provide shareholders with more detailed financial disclosures on recent acquisitions in the prospectus for its forthcoming equity issue.

Hipgnosis said on Thursday (21 January) it would raise further capital at 121p, a 1.2% discount to Wednesday's closing share price, in order to acquire a fresh pipeline of catalogues. It will be the fund's third raise in the space of six months, and came alongside the announcement it had bought 100% of the producer rights to Metallica and Michael Bublé collaborator Bob Rock. Stifel poses key questions around Hipgnosis' future capital growth prospects Yet again, Hipgnosis provided investors with no financial details of the purchase, with Numis analyst Priyesh Parmar once more noting...

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