The fund listed in July and is confident the company will have invested all of the issue proceeds within the stated target of 12 months following admission

The company’s chairman is Andrew Sutch; he’s not a Lord and he doesn’t scream

The first set of interim results since Hipgnosis Songs Fund Limited (LON:SONG) listed in July showed the company made a loss of £736,322.

Most of this – £500,500 – was due to advisory fees while an amortisation charge of £202,243 to the songbook catalogues accounted for most of the rest.

READ: We Are Family: Hipgnosis acquires 37.5% interest in CHIC co-founder Bernard Edwards music catalogue

Income for the six months to the end of September clocked in at £599,996.

As previously announced, Hipgnosis’s operative net asset value (NAV) per share at the end of September was 98.74p. The shares currently trade at 107.5p.

The company, which invests in song catalogues, said conditions in the music industry, and revenues from songs, remain favourable and have been particularly boosted by the strong growth in streaming services and the income derived from them.

READ: What Major Music Streaming Services Pay Artists, Visualized

The fund’s investment adviser is looking for good quality catalogues and carries out detailed due diligence on them before recommending any purchase to the board.

Negotiations for the acquisition of a number of catalogues of songs are at an advanced stage, Hipgnosis said.