Member Info for Laughton

Https://www.telegraph.co.uk/business/2024/02/06/ftse-100-markets-latest-news-net-zero-germany-bp/

I'm a bond holder so please don't accuse me of trying to short this. Just posting as something of interest even though it's not a property owned by RGL.

Any bond holders actually received coupon (due yesterday, I think)?

Https://www.telegraph.co.uk/business/2024/02/05/heinz-baked-beans-maker-hydrogen-factory-greener-gas/

No mention of ITM....but fingers crossed.

Merck Mercuriadis is stepping down as chief executive of music royalties fund manager Hipgnosis Songs Management (HSM).

It comes amid an increasingly intense relationship between HSM and the board of Hipgnosis Songs Fund (HSF), the music royalty fund whose assets HSM manages.

The fund, which owns back catalogues for artists including Justin Bieber and Shakira, is currently undergoing a strategic review process which could see its assets sold, or be wound up completely.

However, bosses at the fund have warned that a call option held by HSM, which allows it to buy HSF’s assets, is damaging the value of the portfolio and therefore impacting upon demand from possible suitors.

Boring is good!

Non exec chairman buys a fairly hefty chunk today.

I make YTM a bit less than that (16.04%) and a bit les if you include dealing costs.

And as you've guessed, it yields that much because of fears that it might not make it to August. You pays your money and you take your chance. Bond investors are generally a pretty conservative bunch.

Furthermore, the Newly Constituted Board notes the statements made by two independent research reports, which assert that the 29 Catalogues proposed to be sold to Hipgnosis Songs Capital, a fund also managed by the Investment Adviser, which is majority owned by funds managed and/or advised by Blackstone, were growing at materially higher rates to the overall portfolio and were therefore "cherry picked" for sale to Hipgnosis Songs Capital. The Newly Constituted Board is investigating whether this is the case, and if so, whether this was properly and fully disclosed to the previous Board in the investment papers, which included the recommendation provided by Hipgnosis Song Management, and therefore whether the previous Board were provided with the relevant information to enable them to make a decision in the best interests of shareholders.

Those "buying" and "selling" numbers are just guesses by a computer taking any deal above mid price as a buy and any deal below mid price as a sell.

Company should moderate their forecasts. As anyone can see a miss is treated really harshly. If they'd forecast more conservatively then a 40% increase in profits would have seen a big jump in SP today.

Just posted on the FT site. Google "Hipgnosis Songs Fund adviser offers to drop clause on music rights" and you should be able to access it (it's behind a paywall otherwise)

Anyone else as stupid as me? I've been a holder since the days as Taptica.

One assumes (hopes) that's they haven't been sitting on their hands and have already indentified some. They're hardly likley to tip their hand and announce what they might be and run the risk that ARG then moves/hides them.

Only a few more days to wait to find out possibly.

YPF 8.5% 2025 climbing closer towards PAR. YTM now below 10%.

Not sure if there is any relevance to BUR holders really but indicates confidence in Argentinian economy perhaps.

Long term holder here so delighted if it works out but, playing devil's advocate, who is going to buy $16B worth of bonds from Argentina given their record of defaulting?

Sanity returns.

Ooops. Another poster on ADVFN pointing out that manager's fees actually based on company valuation (SP).

I really should know which is correct as a shareholder. Apologies to anyone who feels misled by any of my posts (although you should be used to that if your a SONG shareholder).

Good point raised by a poster on ADVFN about manager's fees being based on NAV so, in a way, incentive for the Company to get NAV down whereas Manager has a different incentive.

Maybe Chris Mills already at work.

Might lead to to difficult discussions with bankers re covenants.

"The valuation the Company received from its independent valuer is materially higher than the valuation implied by proposed and recent transactions in the sector, in particular, the proposed sale of assets to Hipgnosis Songs Capital for net consideration of $417.5 million, reflecting a discount of 24.3% to the valuation of these assets as at 31 March 2023, and the recent sale of non-core assets of $23.1 million, reflecting a 14.2% discount to to the valuation of these assets as at 30 September 2023."

So, SONG try to sell off some assets to a mate at a big discount and then seem surprised when their independent valuer continues to value the catalogues at a higher figure. Time for Chris Mills to start banging a few heads together.

Https://www.edisongroup.com/research/occupier-demand-continues-to-drive-income/33071/

Https://www.youtube.com/watch?v=23zLefwiii4