TIDMRHM
RNS Number : 1387N
Round Hill Music Royalty Fund Ltd
28 September 2021
28 September 2021
ROUND HILL MUSIC ROYALTY FUND LIMITED
("RHM" or the "Company")
Acquisition of The O'Jays catalogue
Further diversifies portfolio with increased exposure to classic
R&B and Soul
The Board of Round Hill Music Royalty Fund Limited is pleased to
announce that the Company has acquired 100% of the master royalty
income of 532 original recordings from the iconic American classic
R&B group, The O'Jays.
Key Acquisition Highlights:
-- The catalogue comprises 532 original recordings, including
numerous timeless hits such as "Love Train", "Use Ta Be My Girl",
"Cry Together", "Back Stabbers", "For The Love of Money", "Forever
Mine", "Put Your Hands Together", "Stairway To Heaven" and "I Love
Music";
-- The catalogue acquired includes 100% of The O'Jays master royalty income;
-- "Back Stabbers" was their first million-seller album and it
produced many more hit singles including "992 Arguments",
"Sunshine", "Time to Go Down" and the No. 1 pop hit "Love
Train";
-- The O'Jays "For The Love Of Money" was the theme song to the
US hit reality TV show "The Apprentice", bringing their music to a
whole new generation;
-- The O'Jays are two-time Grammy Hall of Fame inductees for
their songs "Love Train" and "For The Love of Money", and were
honoured with the BET 2009 Life Time Achievement Award and inducted
into the National Rhythm and Blues Hall of Fame in 2013; and
-- The O'Jays have achieved 10 gold and 9 platinum albums throughout their 63-year career.
Background to the Catalogue
The O'Jays made their first chart appearance with the hit
"Lonely Drifter" in 1963 but reached their peak success once they
teamed up with Gamble & Huff, a group of producers and
songwriters, who signed them to their Philadelphia International
label in 1972. Following this, the O'Jays gained notoriety and
emerged at the forefront of Philadelphia soul with "Back Stabbers"
in 1972 and topped the Billboard Hot 100 in 1973, followed by "Love
Train" in 1974. This success followed their debut album, "Comin'
Through". More recently, The O'Jays were welcomed into the Vocal
Group Hall of Fame in 2004, and The Rock and Roll Hall of Fame in
2005, and in 2013 they were inducted into National Rhythm and Blues
Hall of Fame.
Catalogue Details
The Company's acquisition comprises 100% of The O'Jays' master
royalty income in the catalogue.
The c atalogue has significant exposure to Streaming, comprising
64% of revenue mix, with the balance being comprised of 3%
Physical, 10% Download, 17% Sync and 6% Other. In terms of
geographical exposure, 88% of the revenue is from the US, while the
balance is from other countries.
The top songs ranked by revenue are: "Love Train", "Forever
Mine", "For The Love of Money", "Back Stabbers", "Use Ta Be My
Girl", "Cry Together", "Stairway To Heaven" and "I Love Music".
All figures above are based on the c atalogue's royalty
statements in the calendar years 2018-2020.
Disclosure of Financial Detail on Acquisitions
Due to commercial sensitivities, the Company is unable to
disclose financial details for each acquisition as it occurs.
However, on completion of the investment of proceeds from the C
Share fundraise of US$86.5 million, together with the remaining
undrawn balance of its existing revolving credit facility, the
Company will make further financial disclosure on the
acquisitions.
Trevor Bowen, Chair of Round Hill Music Royalty Fund,
commented:
"We are delighted to announce the acquisition of 100% of the
master royalty income of The O'Jays. The acquisition further
demonstrates the ability of Round Hill to source and acquire
catalogues which have produced long-term steady royalty revenue
over the past decades. The addition of the O'Jays' catalogue
provides further diversification in terms of artist, genre, vintage
and income type, making it a welcome addition to our growing
portfolio. We are delighted to see the Investment Manager
competently executing on its pipeline of attractive
opportunities."
Josh Gruss, Chairman and CEO of Round Hill, the Company's
investment manager, commented:
"The O'Jays will be known to many as one of the main figures in
the 70s' Soul scene in Philadelphia, which saw the genre come to
the fore and a funk influence emerge which has shaped disco music
for generations. We are pleased to be able to secure this
exceptionally high quality catalogue, which will make a fantastic
addition to the landmark portfolio of timeless music we are
constructing for RHM, to support predictable and consistent revenue
streams. We look forward to updating Shareholders further on our
near-term pipeline of exciting opportunities."
The O'Jays ' Eddie Levert and Walter Williams commented:
" We are very happy we found Round Hill to look after our
lifelong catalogue. We would like to thank Josh Gruss, Robin
Godfrey-Cass, Michael Selverne, our management company 21 (st)
Century Artists, Toby Ludwig and our attorney Dorothy Weber."
FOR FURTHER INFORMATION
Round Hill
Josh Gruss, Chairman via Buchanan below
and CEO
Neil Gillis, President
Steve Clark, COO
Cenkos
Sales:
Justin Zawoda-Martin +44 20 7397 1923
Daniel Balabanoff +44 20 7397 1909
Andrew Worne +44 20 7397 1912
Corporate:
James King +44 20 7397 1913
Will Talkington +44 20 7397 1910
Buchanan
Charles Ryland +44 20 7466 5107
Henry Wilson +44 20 7466 5111
Hannah Ratcliff +44 20 7466 5102
Notes:
Unless the context otherwise requires, capitalised terms used in
this announcement have the meanings in the Prospectus.
The Company is a non-cellular Guernsey company. The Company's
Investment Objective is to provide investors with an attractive
level of regular and growing income and capital returns from
investment primarily in high quality, music intellectual property.
In order to achieve its Investment Objective, the Company will
invest in a songwriter's copyright interest in a musical
composition or song (being their writer's share, their publisher's
share and their performance rights) together with the rights in the
recording of the musical composition or song (known as the master
recording rights) together with all such rights and assets
considered by its investment manager, Round Hill Music LP (" Round
Hill "), to be ancillary thereto.
Founded in 2010, Round Hill is a fully integrated owner and
operator of music copyright properties and the sixth largest music
publishing company in the US. Headquartered in New York with
additional offices in Nashville, Los Angeles and London, Round Hill
has an experienced management and investment team with an
established reputation and extensive experience in the music and
finance industries.
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