Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Good summary from AJ Bell.
"Russ Mould, investment director at AJ Bell, said: "Just when you thought it couldn't get any worse for Hipgnosis Songs Fund's shareholders, along comes another bit of bad news. The music royalty vehicle was originally pitched as an investment that was uncorrelated with markets, offering the potential for capital growth and a steady stream of generous dividends. It has now failed on both accounts.
"Having backtracked on a recently declared dividend to avoid breaching banking covenants after realising it would get less than expected cash flow from certain royalties, Hipgnosis has now said it will not pay dividends for the rest of its financial year as it needs to set aside cash to pay for bonus payments on certain royalties triggered by meeting specific performance criteria.
"Understandably, investors will be peeved at this news, particularly as it has dragged the share price back close to its all-time low.
"The investment company is in a real mess and big decisions need to be made about its future. The board needs to act fast to determine whether some of the portfolio needs to be sold to raise cash to help pay down debt, new people need to be found to manage the assets or if the business should simply be wound up."
AVI has come out against continuation. That story also has a good summary of the situation.
https://www.lse.co.uk/news/SONG/update-hipgnosis-songs-fund-investor-backs-rejecting-continuation-jvtv0mvn7sfulv9.html
It's why I'm watching what happens with Jamieson and Carry in Aberdeen. They're the Rolex dealer for the whole north of Scotland. A 280 year old family owned business which has been a Rolex dealer for about 80 years.
"I still maintain that Rolex has the capability to buy out all the watches of Switzerland stores and strategically keep the most geographically important ones whilst disposing of the unnecessary stores .I think this makes perfect business sense and a smart move to make.I’m also sure other major brands will not like the fact that their products are being sold in Rolex controlled stores and may compete in the purchase of wosg"
In this scenario, would Rolex be buying out other Rolex dealers besides WOSG too?
The original impression showed a Rolex store with its own front door. It looks like they've scrapped that idea.
It may be an indication of where WOSG is heading with Rolex.
https://www.pressandjournal.co.uk/fp/news/aberdeen-aberdeenshire/6101953/jamieson-and-carry-aberdeen/
It may or may not be relevant to WOSG, but something is causing the price to tank to 2 year lows.
I wonder if this is an indication of what is happening with Rolex.
Jamieson & Carry in Aberdeen initially said they were going to expand by opening a dedicated Rolex-specific store.
Now they're opening a Tag Heuer store next door but the mock-up of the new storefront doesn't show the Rolex branding, and the story states Rolex will be combined with other brands in the shop.
https://www.pressandjournal.co.uk/fp/news/aberdeen-aberdeenshire/6205665/tag-heuer-aberdeen-union-street/
That's a change of plan and a scaling back of Rolex promotion.
I think that holding RNS is just a result of combination of two funds.
https://www.investec.com/en_gb/wealth/about-us/rathbones-combination.html