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The Hipgnosis Songs Fund Board Has a Plan to Attract Bidders & Satisfy Shareholders
To counteract a call option given to the investment advisor, the board proposed paying prospective buyers a fee of up to 20 million pounds to make bidding for its music assets more appealing.
To counteract a call option given to the investment advisor, the board proposed paying prospective buyers a fee of up to 20 million pounds to make bidding for its music assets more appealing. After consulting with shareholders who own more than 60% of outstanding shares, Hipgnosis Songs Fund ’s board of directors explained in a regulatory filing on Thursday (Jan. 18) that Mercuriadis’ call option was “one of the key themes” of concern. “Investors in Hipgnosis Songs Fund overwhelmingly voted for change when they rejected the continuation of the Company and the proposed sale of certain music assets,” chairman Robert Naylor said in a statement.
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