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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hipgnosis Songs Fund Limited | SONG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 2.20 | 2.17% | 103.60 | 16:35:14 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 102.60 | 102.40 | 103.60 | 103.60 | 101.40 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 23/06/2023 | Interim | GBP | 0.013125 | 29/06/2023 | 30/06/2023 | 28/07/2023 |
| 16/03/2023 | Interim | GBP | 0.013125 | 23/03/2023 | 24/03/2023 | 28/04/2023 |
| 08/12/2022 | Interim | GBP | 0.013125 | 15/12/2022 | 16/12/2022 | 31/01/2023 |
| 21/09/2022 | Interim | GBP | 0.013125 | 29/09/2022 | 30/09/2022 | 28/10/2022 |
| 12/05/2022 | Interim | GBP | 0.013125 | 19/05/2022 | 20/05/2022 | 15/06/2022 |
| 08/02/2022 | Interim | GBP | 0.013125 | 17/02/2022 | 18/02/2022 | 15/03/2022 |
| 20/10/2021 | Interim | GBP | 0.013125 | 28/10/2021 | 29/10/2021 | 30/11/2021 |
| 20/07/2021 | Interim | GBP | 0.013125 | 29/07/2021 | 30/07/2021 | 31/08/2021 |
| 27/04/2021 | Interim | GBP | 0.013125 | 06/05/2021 | 07/05/2021 | 28/05/2021 |
| 21/01/2021 | Interim | GBP | 0.013125 | 28/01/2021 | 29/01/2021 | 18/02/2021 |
| 28/10/2020 | Interim | GBP | 0.013125 | 05/11/2020 | 06/11/2020 | 30/11/2020 |
| 03/07/2020 | Interim | GBP | 0.0125 | 16/07/2020 | 17/07/2020 | 31/07/2020 |
| 29/04/2020 | Interim | GBP | 0.0125 | 07/05/2020 | 11/05/2020 | 27/05/2020 |
| 23/01/2020 | Interim | GBP | 0.0125 | 30/01/2020 | 31/01/2020 | 21/02/2020 |
| 24/10/2019 | Interim | GBP | 0.0125 | 31/10/2019 | 01/11/2019 | 29/11/2019 |
| 24/06/2019 | Interim | GBP | 0.0125 | 01/08/2019 | 02/08/2019 | 30/08/2019 |
| 25/04/2019 | Interim | GBP | 0.0125 | 02/05/2019 | 03/05/2019 | 31/05/2019 |
| Top Posts |
|---|
Posted at 20/4/2024 23:18 by jeffian Two reasons why Blackstone must be under some pressure to bid for the fund. Firstly, they are inextricably entwined with the awful Merck and his (intentionally) confusingly-named Hipgnosis Song Management company and secondly they have a vested interest in protecting the supposed NAV as a sale at a substantial discount would undermine the value of their own funds. |
Posted at 20/4/2024 13:24 by cynicalsteve Is Blackstone really willing to pay 102p? The Sky article claims their last bid was around 93p. The Sky article may be enough to prevent Concord getting the votes it needs but what then? Maybe they kill the Concord deal, wait a few months then bid 95-96p? SONG is a true zombie fund it just refuses to die.Edit: Perhaps this is the most important part of the story: 'HSM also has a call option in its management agreement with HSF which allows it to acquire the portfolio of music assets even if Concord Chorus is successful, at the same price it pays' |
Posted at 18/4/2024 15:51 by cynicalsteve I sold my holding this morning. The market is pricing this as a done deal. The only obvious danger/opportunity is the GBP/USD exchange rate because the offer is valued in dollars.Congratulations to AVI, this is the kind of unloved investment they specialise in, their Global Trust (AGT) has 5% of its assets in SONG. I will watch from the side-lines but hope that I'm not lured in again. |
Posted at 28/3/2024 09:06 by tonysss13 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.c 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. |
Posted at 18/3/2024 07:05 by unastubbs www.londonstockexchaAMENDMENT TO OPERATIVE NET ASSET VALUE The Board of Hipgnosis Songs Fund is providing an amendment to its Operative Net Asset Value ("Operative NAV") following identification of an error due to the double counting of accrued revenue in the calculation of Operative NAV by Hipgnosis Song Management Limited (the "Investment Adviser"). This error results in a 7.6% reduction in the pro forma Operative NAV per Ordinary Share from $1.1657 (92.08 pence) as stated on 4 March 2024 to $1.0765 (85.03 pence). |
Posted at 23/1/2024 10:08 by laughton BOD starting to play hardball:-Furthermore, the Newly Constituted Board notes the statements made by two independent research reports, which assert that the 29 Catalogues proposed to be sold to Hipgnosis Songs Capital, a fund also managed by the Investment Adviser, which is majority owned by funds managed and/or advised by Blackstone, were growing at materially higher rates to the overall portfolio and were therefore "cherry picked" for sale to Hipgnosis Songs Capital. The Newly Constituted Board is investigating whether this is the case, and if so, whether this was properly and fully disclosed to the previous Board in the investment papers, which included the recommendation provided by Hipgnosis Song Management, and therefore whether the previous Board were provided with the relevant information to enable them to make a decision in the best interests of shareholders. |
Posted at 13/10/2023 14:52 by mpage To vote for or against continuation.For: a large slice of assets are sold cut price to connected party Blackstone. This is the crux of it - if BS is getting the assets on the cheap - they not only set a lower market price but may come back to acquire the remainder of the company for a similar discount. This is why the institutional shareholders are deeply unhappy. In addition, one of the connected parties has a say in which assets would be sold to Blackstone. The cash raised to be used to reduce the expensive debt taken on and then some of the remainder (but possibly not much of it) to be used for share buybacks which may or may not boost the share price a bit. Some additional sops such as a refreshed board and more frequent continuation votes. These proposals are being used to try and split the continuation vote as the proposals would only happen IF people voted for continuation (the proposals come about an hour later as EGM). Annoyed and want a wind up? Please give us some more time - we'll see you right and you'll probably still get some dividends sez SONG. Against: Connected party appears to be trying to grab assets on the cheap and do over those who wish to remain long-term investors. Board has appeared ineffectual. Risk that revolving credit facility gets tapped out and div is cut. A vote to wind up also means handing over a break fee to those who have become connected parties. Grr. The div may be cut and the share price plummet as income holders dump. However, arbs would likely move in quickly and the appointment of, say Robert Naylor, the previous chairman of Roundhill (who got a reasonable price for those assets) would be in a position to sell all the assets. Even if the ultimate buyer is Blackstone they may be forced to pay a more reasonable price or lose the assets to, say, Universal Music Group. As a long-term holder of SONG, I am not prepared to be stitched up and will vote for a wind up - unless something new happens in the immediate future. By getting in a third party to agree a sale of assets at a reasonable price within a limited timeframe, I reckon I will salvage more of my investment - as otherwise I see BS as being the only final bidder for SONG which (in my view) will eventually be taken over. And, if the shares plummet on a vote to wind up, I might even buy some more - as I expect the arbitration hedge funds to move in. SONG is not the only alt income investment trust to have been hit by significantly higher debt costs but the related party matter has significantly disadvantaged external shareholders. Fool me once, shame on you, as the song goes. Am happy to read other views and reasons why we should vote yes to a continuation of this company. |
Posted at 24/6/2023 23:02 by jeffian It's a Zombie fund.Pick the bones out of this..... "Blackstone-backed Hipgnosis Songs Capital (Hipgnosis Songs Capital ICAV) is a separate entity to the UK-listed Hipgnosis Songs Fund. Both of those funds (Hipgnosis Songs Capital and Hipgnosis Songs Fund) have their investments managed by Hipgnosis Song Management, in which Blackstone is also an investor." Merck Mercuriadis has (purposely IMO) obfuscated the Hipgnosis name so it is never clear who the beneficiary actually is. This has worked to the extent that most journalists reporting on any "Hipgnosis" deals assume that it relates to SONG, which it rarely, if ever, does these days as SONG have given up trying to raise additional finance for acquisitions. IMO, the purpose of SONG is to enrich MM and his muso buddies. Shareholders are lambs to the slaughter. |
Posted at 30/11/2022 22:30 by rambutan2 RIP:(09/08/2021) Combined with its acquisition from Lindsey Buckingham, Hipgnosis now owns the song copyrights and writers share for 7 of 11 songs on 'Fleetwood Mac', 8 of 11 songs on 'Rumours', 15 of 20 songs on 'Tusk', 9 of 12 songs on 'Mirage', 9 of 12 songs on 'Tango In The Night', 11 of 16 songs on 'Greatest Hits', and 12 of 17 songs on 'The Dance'. Merck Mercuriadis, Founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said: "Christine McVie is one of the greatest songwriters of all time having guided Fleetwood Mac to almost 150 million albums sold and making them one of the best-selling bands of all time globally. In the last 46 years the band have had three distinct writers and vocalists but Christine's importance is amply demonstrated by the fact that eight of the 16 songs on the band's Greatest Hits albums are from Christine. It's wonderful for us to welcome Christine to the Hipgnosis Family and particularly wonderful to reunite her once again at Hipgnosis with Lindsey Buckingham. Between Christine and Lindsey we now have 48 of 68 songs on the band's most successful albums." Christine McVie said: "I am so excited to belong to the Hipgnosis family, and thrilled that you all regard my songs worthy of merit. I'd like to thank you all for your faith in me, and I'll do all I can to continue this new relationship and help in any way I can! Thank you so much!" |
Posted at 04/7/2022 08:51 by anhar Press release from the company today:Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company") Impact of Copyright Royalty Board III Decision 4 July 2022 The Board of Hipgnosis Songs Fund Limited, the first UK listed investment company offering investors a pure-play exposure to songs and associated intellectual propertyrights, and its Investment Adviser, Hipgnosis Song Management Limited, welcome the decision of the US Copyright Royalty Board (CRB) to disallow the appeal by various streaming services against the CRB III determination to increase mechanical streaming royalty rates for songwriters and publishers. The increase, which is incremental over the period covered by CRB III ( 1 January 2018until 31 December 2022) will culminate in a 44% uplift in the "all in" (mechanical and performance) statutory minimum rates for streaming paid in the US, rising from 10.5% ofstreaming revenues prior to 2018 to 15.1% in 2022. Commenting on the decision, Merck Mercuriadis, Founder and CEO of Hipgnosis Songs Management, said: "Using the success of Hipgnosis to change where the songwriter sits in the economic equation has been a massive priority for us from day one. "The song is the currency of our business, without the song we simply have no music business. Yet for too long the songwriter - who delivers the most important component to the success of a record company, digital service provider, music merchandiser, live promoter etc., is the lowest paid person in the equation. "We still have plenty of room for improvement before we have a rate that's genuinely fair and equitable but this is an important step on the road to finally, properly recognising the value that songwriters bring to the industry and the lives of the billions of people all over the world who rely on great songs to enrich their lives. "The CRB has delivered a strong message not only to the digital service providers like Spotify but also to the recorded music companies about the importance of the songwriter in our industry. "Congratulations to all of the incredible songwriters that have entrusted us with their incomparable songs as well as to each and every songwriter that goes to work each day to write great songs and make the world a better place. This is a victory for all of you." For most of the period since the appeal was launched in 2020, the majority of the increased revenue due to the owner of song copyrights has been withheld and revenues have been paid off the CRB II rate of 10.5% in most cases. Hipgnosis will now receive US streaming revenues based on the royalty rates set out in CRB III. In addition, Hipgnosis has not accounted for any withheld revenue since 2020. This is expected to be received by Hipgnosis in the coming periods, as money flows from the Digital Service Providers (DSPs) to the publishers and then copyright owners. We expect more details once the full ruling is released. CRB IV, which will determine songwriter payments for 2023-27, is currently underway. |
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