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Hipgnosis Songs Fund Board Says Investment Advisor Refuses to ‘Unconditionally’ Remove Call Option
The owner of rights to songs by Neil Young, Shakira, Journey and more will hold an extraordinary general meeting to address shareholders’ concerns.
Those concerns led shareholders to rejectHipgnosis Songs Capital ’s proposal to acquire 29 catalogs for $440 million to help the public fund reduce its debt and improve its share price. This matching right “acted as a deterrent for credible third-party buyers committing to incur the costs of due diligence,” the board stated on Tuesday. Although the board did not name either party behind the research reports, it hired Shot Tower Capital, an investment banking firm active in music catalog transactions, in December to help with its strategic review.
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