Hipgnosis Songs Fund Limited Delay to publication of interim results (2202X)
December 19 2023 - 1:00AM
UK Regulatory
TIDMSONG
RNS Number : 2202X
Hipgnosis Songs Fund Limited
19 December 2023
LEI: 213800XJIPNDVKXMOC11
19 December 2023
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Delay to publication of Interim Results
The Board of Hipgnosis Songs Fund announces a delay to the
publication of its financial results for the six months to 30
September 2023, which were expected to be published today.
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.
The Board therefore sought advice from Hipgnosis Song Management
Limited, its investment adviser, which is majority owned by funds
managed and/or advised by Blackstone, on their opinion on the
independent valuer's valuation. Hipgnosis Song Management Limited
eventually provided an opinion, which was heavily caveated, such
that the Board has concerns as to the valuation of the Company's
assets in its interim results.
The Company expects to publish the interim results by 31
December 2023.
For further information please contact:
Hipgnosis Songs Fund
Robert Naylor / Sylvia Coleman +44 (0) 20 7496
Via Singer Capital Markets 3000
Singer Capital Markets - Corporate Broker
James Moat / Alaina Wong / Angus Campbell
(Corporate Finance)
Alan Geeves / James Waterlow / Sam Greatrex +44 (0) 20 7496
(Sales) 3000
Headland Consultancy - Financial PR +44 (0) 20 3805
Susanna Voyle / Charlie Twigg 4822
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END
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