George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
To provide shareholders with an attractive and growing level of income, together with the potential for capital growth, from investment in songs and associated musical intellectual property rights.
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The response from Blackstone would suggest they'll come back with a final offer, but I am guessing they are concerned Concord will just offer 1c more again. We might actually get bif for what they think it is worth. What irks me is that we revalued the portfolio revising the NAV down twice and now the bids are showing that multiple parties see that it is worth more. So the board haven't helped at all. I still need a few more pence anyway to break even having held for a few years...
Https://www.musicbusinessworldwide.com/after-concord-bids-1-511bn-for-hipgnosis-songs-fund-blackstone-tells-hsf-shareholders-dont-move-a-muscle-well-be-right-back/
Not a definite offer but who knows in this mess
Well Concord appears to be calling Blackstone's bluff over the HSM call option, so will Blackstone respond with a higher bid, or will they prompt HSM into legal action?
Questor: Hold on to embattled pop music investment fund as bid battle hots up
https://www.telegraph.co.uk/money/investing/stocks-shares/questor-hold-on-pop-music-investment-fund-bid-hots-up/
Still looks messy, this is among the flurry of RNS today.
HSM prepared to protect contractual rights.
https://www.lse.co.uk/rns/SONG/hsm-prepared-to-protect-contractual-rights-2aj1x3wte00cxh0.html
Wish I'd been watching when it spiked to c110p today, I'd have taken that.
Except that was a few days ago and was below what is now being offered
Things are warming up.
https://news.sky.com/story/kylie-music-label-bmg-in-rival-approach-for-hipgnosis-13120881
I'm glad I forgot to sell on Friday. It's nice to have people fighting over shares I had written off.
Well the new BOD have played a blinder! One bid on the table and another being lined up - looks like there's plenty of value in the portfolio after all.
Covered by Sky too. They usually have their fingers on the pulse.
https://news.sky.com/story/blackstone-tunes-up-1-2bn-bid-for-blondie-music-owner-hipgnosis-13119025
Maybe I bailed too early
https://www.musicbusinessworldwide.com/strap-in-blackstone-ready-to-bid-1-5-billion-for-hipgnosis-songs-fund/
Decided to bail out and take the loss before any further disasters - managed to sell one batch earlier but second batch of 500 keeps being rejected.
Am I right in thinking that MM and Co have some kind of "matching bid" rights?
In any event, I'm sure we haven't heard the last of him unfortunately.
Yes I agree I've a whole kennel of dogshares...I'm sticking to FTSE 250 from now on...the gains from these kind of punts are offset too much by the losses
I'm out at a very small loss but happy to leave.Too many uncertainties and no getting paid to wait(divis). I have several other dog shares I would like this to happen to too! We live and learn.
Does anyone think it's worth holding out for the US markets to open...seeing as there's talk of the share possibly moving to the US market? Maybe some interest there? Otherwise I'm cutting my losses now
All seems a bit dodgy with the revaluation and a bid straight after.
Add that new short to the mix and it looks even murkier.
Done. Bailed. For a princely profit of £180 I've spent a lot of time, a lot of effort and been through plenty of stress.... max effort, min return, that's investing in the UK these days.
I'll be glad to get out too. Will probably hold a few days to see if any likelihood of anything else happening but little point in holding till the bid eventually completes as there's no dividend now.
Good to have a exit from this one - any views on the likelihood of a competing bid emerging?
Yes I would have like to clear what I put in all those years ago but I'll take a 10% hit rather than hang around hoping for more and losing this chance again. I don't think I was ever in much profit...a little dividend every 6 months but it was never an exciting ride
Yup - a wonderful get out of jail free card for long-term holders.
Cutting my losses, not sure what lesson to learn other than avoiding investments run by big personalities.
Not a holder here but lovely to see Marshall Wace being caught short.
This report dated 28th March is on SONG's website. It refers in great detail to the due diligence undertaken by the Investment Adviser, or rather the very slap-dash DD that the IA performed. It seems clear that, as a result, rather over-optimistic numbers relating to income, income growth rates and capital value were served up to shareholders by SONG's previous management. It states expressly that investors overpaid for most of the acquired assets.
Conflicts of Interest were present throughout the dealings of previous management and a failure to disclose full details of purchases and contracts between the IA and SONG, meant that investors had no way of establishing the true underlying value of acquisitions. Another conclusion is that SONG was not set up to professionally collect all the revenue to which it was entitled. Its' systems were inadequate. IOW, a landlord who didn't know how to collect his rents.
The report is extremely thorough and one lesson it taught this late-middle-aged, very experienced, investor is to be so careful when a new investment field opens up. The complexity of the music industry is enormous and the various interests that can be purchased are many and very varied. I thought commercial property with its' variety of short-leasehold interests was complicated. Music rights are on several levels of greater complication.
Which, of course, attracts smooth-talking artful dodgers to persuade the shareholders to overpay for assets. Small wonder so many musicians were willing sellers.
The good news appears to be that there are some pretty valuable, long-term, assets owned by SONG. The cupboard is far from bare and this is not an out-and-out fraud. The new management appear to be honest enough and skilful enough to run the business professionally and profitably. Though, quite how profitably is something that probably only time will reveal to the shareholders.