On 29 June 2018, Hipgnosis Songs Fund Limited, the first investment company to be admitted to trading on the main market of the London Stock Exchange offering pure-play exposure to Songs and associated musical intellectual property rights, announced that it had successfully raised gross proceeds of £200 million pursuant to the Initial Placing of its ordinary shares (the “Ordinary Shares”) as described in the prospectus published by the Company on 27 June 2018 (the “Prospectus”). The Initial Placing was oversubscribed with demand exceeding the target fundraise amount of £200 million and accordingly applications were scaled back so that commitments under the Initial Placing equal the £200 million target amount.