23 Nov 2023 07:00
LEI: 213800XJIPNDVKXMOC11
23 November 2023
Hipgnosis Songs Fund Limited
("Hipgnosis" or the "Company")
Strategic Review and Company Update
Further to the vote against the Company continuing its business as a closed-ended investment company at the Company's Annual General Meeting held on 26 October 2023, the Board announces an update on the strategic review (the "Strategic Review").
Update on the Strategic Review
As part of the Strategic Review, the Board intends to appoint independent advisers to conduct due diligence on the Company's assets.
Completion of this due diligence will provide a strong knowledge base from which the Board will commence a process of identifying and bringing forward alternative proposals for the future of the Company.
During this period, the Board has requested that Hipgnosis Song Management Limited, the Company's Investment Adviser ("Investment Adviser"), proposes alternative terms for their future investment advisory arrangements to the Company.
Audit Tender
The Company is currently undertaking an audit tender process for the 31 March 2024 audit. PwC have indicated they will not be participating in the tender. The Company will confirm the new auditor in due course.
Service of Claim
Further to the disclosure in the 2023 Annual Report, on page 100, Hipgnosis Music Limited (in liquidation since March 2018) ("Hipgnosis Music Limited") has served proceedings against Mr Mercuriadis, the Investment Adviser and the Company in the English High Court. In summary, Hipgnosis Music Limited alleges a diversion of business opportunity from Hipgnosis Music Limited (of which Mr Mercuriadis was previously a director) to the Company and the Investment Adviser and also alleges that the Company unlawfully assisted Mr Mercuriadis with, or received, this alleged diversion. Mr Mercuriadis, the Investment Adviser and the Company deny such claims and intend to vigorously defend them. The Company is not insured as to the costs of dealing with this claim.
For further information please contact:
Hipgnosis Songs Fund Robert Naylor / Sylvia Coleman Via Singer Capital Markets
Hipgnosis Song Management Merck Mercuriadis Ben Katovsky Giles Croot (Media)
| +44 (0) 20 7496 3000
+44 (0) 20 4542 1530 +44 (0) 20 4542 1511
| |
Singer Capital Markets - Corporate Broker James Moat / Alaina Wong / Angus Campbell (Corporate Finance) Alan Geeves / James Waterlow / Sam Greatrex (Sales) | +44 (0) 20 7496 3000 | |
J.P. Morgan Cazenove - Corporate Broker William Simmonds / Jérémie Birnbaum (Corporate Finance) | +44 (0) 20 3493 8000 | |
RBC Capital Markets - Corporate Broker Elliot Thomas / Max Avison (Corporate Finance)
Headland Consultancy - Financial PR Susanna Voyle / Charlie Twigg
| +44 (0) 20 7635 4000
+44 (0) 20 3805 4822
|
Hipgnosis Song. (SONG)