Hipgnosis Songs Fund Limited Final Due Diligence Findings
March 28 2024 - 4:02AM
RNS Regulatory News
RNS Number : 6877I
Hipgnosis Songs Fund Limited
28 March 2024
LEI: 213800XJIPNDVKXMOC11
28 March 2024
Hipgnosis
Songs Fund Limited ("Hipgnosis" or the "Company")
Final Due Diligence
Findings
The Board of Hipgnosis Songs Fund
today provides an update on the findings of the due diligence that
has been conducted on the Company's assets as part of the Strategic
Review.
The Board appointed Shot Tower
Capital, LLC ("Shot Tower")
as lead adviser to provide an independent valuation of the
Company's assets. On 4 March 2024, the Company announced that Shot
Tower had provided the Board with the preliminary valuation report,
as at 1 March 2024, which estimated the fair market value of the
Company's Portfolio at between $1.80 billion and $2.06
billion.
The Board has since received Shot
Tower's final valuation report, which confirms that, based on their
due diligence and analysis, the fair market value of the Company's
portfolio is $1.948 billion, which represents the midpoint of a
final concluded range of $1.83 billion and $2.07 billion. This
represents a multiple of trailing 12-month net cash revenue after
royalty and administration costs ($121.7 million) of 16.0x as of 30
June 2023.
A summary of the findings of the due
diligence can be found on the Company's website at
www.hipgnosissongs.com/song-investors/.
Shot Tower's report contains references to separate legal and
financial due diligence reports completed by Reed Smith LLP and BDO
USA, P.A., respectively.
The Board with its advisers
continues to assess all options for the future of the Company. The
Board will announce the conclusions of the Strategic Review, which
will include proposals for the future of the Company, by 26 April
2024. The Board intends to seek shareholder approval for such
proposals at an extraordinary general meeting as soon as
practicable thereafter.
For further information please
contact:
Hipgnosis Songs
Fund
Robert Naylor
Via Singer Capital
Markets
|
|
+44 (0) 20 7496 3000
|
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
|
Headland Consultancy - Financial PR
Susanna Voyle / Charlie
Twigg
|
|
+44 (0) 20 3805 4822
|
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