ROUND HILL MUSIC ROYALTY FUND LIMITED (Alliance News) - Round Hill Music Royalty Fund Ltd on Wednesday said its shareholders have voted for the proposed acquisition of the fund's portfolio by Alchemy Copyrights.
The vote has been passed unanimously by 99% of those who voted, who represented approximately 69% of the shareholders eligible to vote.
Round Hill agreed to the cash takeover offer from Alchemy in September.
The offer of USD1.15 per share represents a 67% premium to RHM's closing price on September 7, being the day before the takeover offer was announced.
The shares were down 0.7% to USD1.14 each on Wednesday afternoon.
RHM is exclusively dedicated to investments in revenue-generating music copyright assets. Since listing in London three years ago, it has invested in music rights comprising 51 catalogues, with over 150,000 songs.
RHM first listed in London in November 2020 at USD1.00, with a market cap of USD282.0 million. Its shares had traded below its listing price since last summer, before rising back above USD1.00 after agreeing to the takeover.
On Wednesday, Chair Robert Naylor said: "The strength of support shown by shareholders in their vote for this transaction marks a resounding endorsement of the value that we have been able to deliver on their behalf since the IPO of the Round Hill Music Royalty Fund in November 2020. It reflects the quality of the management and the portfolio that the transaction has concluded so efficiently and with a counterparty of the calibre of Concord."
By Sophie Rose, Alliance News reporter
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