LONDON BRIEFING: Embattled Hipgnosis Songs Fund agrees takeover
(Alliance News) - London's FTSE 100 is called to open higher on Thursday, shaking off a miserable session for US tech shares overnight.
Read moreTo 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.
Find out MoreMon, 05th Jul 2021 09:07
(Alliance News) - London's FTSE 100 is called to open higher on Thursday, shaking off a miserable session for US tech shares overnight.
Read more(Sharecast News) - Shares in troubled Hipgnosis Songs Fund rocketed by a third on Thursday after the music rights investor said it had agreed a $1.4bn takeover by US-based Concord Chorus, a music and theatrical rights firm, in attempt to end months of infighting over the company's leadership and secure its future.
Read moreHipgnosis Songs Fund Ltd - London-based music investment company - Promotes Non-Executive Director Cindy Rampersaud to senior independent director, effective from Friday last week. Rampersaud has been on the music royalty investor's board since August last year.
Read more(Alliance News) - Hipgnosis Songs Fund Ltd on Thursday confirmed the valuation of its portfolio was in line with an earlier estimate, giving its shares a boost.
Read more(Sharecast News) - London markets closed with a slight downturn on Monday as investors monitored upcoming rate decisions from a number of central banks.
Read more(Alliance News) - Hipgnosis Songs Fund Ltd on Monday said it had identified an error in its latest operative net asset value calculation.
Read more(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.
Read more(Sharecast News) - London's stock markets finished in the red on Monday, reflecting investor apprehension ahead of the impending Spring Budget.
Read more(Alliance News) - Stock prices in London were mostly lower at midday Monday, as the week started off on a quiet note ahead of a busy week of monetary policy decisions and economic data from across the globe.
Read more(Alliance News) - Hipgnosis Songs Fund Ltd on Monday said it will divert its free cashflow toward paying down debt and won't resume paying dividends "for the foreseeable future", as an independent study found a lower valuation for the company's portfolio.
Read more(Sharecast News) - Hipgnosis Songs Fund updated the market on ongoing strategic review on Monday, reporting a notable reduction in the company's fair value after a detailed report from Shot Tower Capital.
Read more(Alliance News) - Stock prices in London opened mostly lower on Monday, as investor attention remained primarily on the release of the UK Spring budget on Wednesday.
Read more(Alliance News) - Hipgnosis Songs Fund Ltd on Monday said that it plans to bring a High Court claim against its founder, Merck Mercuriadis, after he refused to indemnify the company against liabilities.
Read more(Alliance News) - Hipgnosis Songs Fund Ltd on Monday said that its request for an indemnity from its founder had been denied, prompting the company to pursue court action in pursuit of the full amount.
Read moreHipgnosis Songs Fund Ltd - London-based investor in music rights - Says 99.9% of shareholders vote in favour of a special resolution at its extraordinary general meeting. This was to enshrine payment of a fee, at the board's discretion, of up to GBP20 million to any prospective bidders who approach the board seeking to make an acquisition of Hipgnosis assets on terms recommendable to shareholders. The fee is intended to protect bidders against due diligence and acquisition costs so that they are "not deterred from seeking to engage with company" over a possible offer. Chair Robert Naylor says: "The board remains focused on the strategic review, under which it is looking at all options to deliver shareholder value. The board will update shareholders as to the outcome of due diligence in due course."
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