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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hipgnosis Songs Fund Limited | LSE:SOND | London | Ordinary Share | GG00BFYT9H72 | ORD NPV (USD) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.27 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2023 to Jan 2025
By Ian Walker
Hipgnosis Songs Fund is planning to sell 29 catalogues and a portfolio of non-core songs for $465 million to Hipgnosis Songs Capital to fund a share buyback program and reduce debt, as part of a plan to boost its share price.
The London-listed music investor said Thursday that it is planning to buyback up to $180 million worth of shares and repay $250 million that has been drawn under the company's revolving credit facility.
The proposals are conditional upon shareholder approval at a general meeting to be held on Oct. 25.
Hipgnosis Songs Capital is a partnership between Hipgnosis Song Management and funds managed and/or advised by Blackstone.
"As a board, we have been clear for some time that the company's share price does not fully reflect the value of Hipgnosis Songs Fund's portfolio," Chairman Andrew Sutch said.
"Having consulted with many of our largest shareholders, considered a wide range of options and taken independent advice we are confident the proposals set out today provide a compelling opportunity to deliver immediate shareholder value whilst protecting our ability to deliver superior returns over the medium term,"
Shares at 0701 GMT were up 6.0 pence, or 6.45%, at 99.0 pence.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
September 14, 2023 03:22 ET (07:22 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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