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(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.
Hipgnosis is a London-based music investment and song management company with a market cap of GBP772.7 million.
Early in February, Hipgnosis said that it was seeking an indemnity against liabilities stemming from alleged misconduct by Mercuriadis and Hipgnosis Songs Management Ltd, the investment adviser owned by funds managed or advised by Blackstone Inc.
The investment adviser, founded by Mercuriadis who sits on its board of directors, has refused to indemnify the company, despite assuring it that the allegations are without merit.
On Monday, Hipgnosis said that it has now been been informed by Mercuriadis that he is refusing to indemnify the company against liabilities which may arise from his alleged misconduct. As a result, the firm is now planning to bring a part 20 claim in the High Court against Mercuriadis, in which it will seek a full indemnity.
Hipgnosis Songs Fund shares were trading 1.4% higher at 64.50 pence each in London on Monday morning.
By Holly Beveridge, Alliance News reporter
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