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Hipgnosis Songs Fund Ltd - London-based music intellectual property rights investor - Hires Christopher Mills, the founder of Harwood Capital Management and co-founder JO Hambro Capital Management, as an independent non-executive director, starting Friday. Mills currently is chief executive officer and investment manager of North Atlantic Smaller Cos Investment Trust PLC, and is on the boards of MJ Gleeson PLC, AssetCo PLC, and Oryx International Growth Fund Ltd. Mills holds no shares in Hipgnosis.
The addition of a prominent investment manager to board of Hipgnosis follows an investor revolt this autumn over a deal, since completed, to sell the rights to around 20,000 songs to a partnership consisting of its own investment manager and US asset manager Blackstone. The sale price was at a discount to the carried value of the music catalogues.
Current stock price: 69.70 pence, up 1.8% in London on Friday
12-month change: down 20%
By Tom Waite, Alliance News editor
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