Hipgnosis Songs Share Discussion Threads

[grahamg8] 26/10/2023 17:53

Go to hipgnosissongs.com - song fund investors - company docs - forms of proxy for AGM/EGM

hxxps://www.hipgnosissongs.com/wp-content/uploads/2023/09/EGM-FOP.pdf
hxxps://www.hipgnosissongs.com/wp-content/uploads/2023/09/AGM-FOP.pdf

[misterd1] 26/10/2023 14:36

Has anyone got a cop of the notice of AGM - can't find it on their website and they show the results by Resolution number only (great!)

[epo001] 26/10/2023 14:30

"Sire. The peasants are revolting!" (Kenneth Williams voice) "I know"

So, what are the odds on there being a January divi then? Or indeed any, ever?

[waterloo01] 26/10/2023 13:55

Yes, like how much over current value they have paid for many of the catalogues. Turkeys and Xmas or a good idea?

[spectoacc] 26/10/2023 13:53

Stunning - not seen a vote like that in a long time.

Odds on further revelations now the old board is effectively gone?

[bonio100000] 26/10/2023 13:07

Brilliant.

The grift is over.

[epo001] 26/10/2023 13:04

Presumably we can no longer expect the board or management to act in the interest of shareholders, so what are the shares now worth?

[catch007] 26/10/2023 11:30

Chairman ousted 75% votes against his re election. 83% of investors vote against continuation and 84% votes against the scamming catalogue sale to Blackstone!

[feddie] 26/10/2023 11:28

The shareholders' voice has been heard loud and clear. All change!

[noiseboy] 26/10/2023 11:10

Off they go ... !

[jeffian] 26/10/2023 10:52

Merck isn't for a start!

[noiseboy] 26/10/2023 10:04

Anyone going to the AGM ?!

[bonio100000] 25/10/2023 16:40

The clue is in Merck's publicity photos.

[jeffian] 25/10/2023 16:28

It's not the Non-Execs that need to go, it's the Execs!

[petomi] 25/10/2023 16:28

Likely resigned when they knew they would be voted off?

[mpage] 25/10/2023 16:07

16:00hrs RNS "The Board of Hipgnosis announces that Andrew Wilkinson and Paul Burger have resigned as non-executive directors of the Company."

Rats. Ship. Sinking.

[spectoacc] 24/10/2023 16:27

Lol @Jeffian - Mercky, or clear - and exactly as you've described.

Does make me wonder how on earth Round Hill got taken out.

[mpage] 24/10/2023 16:11

@jeffian. TrickyMercky more like. In its 'Go Shop' provision, Hipgnosis Songs Capital had the right to match any offer. This could seem like a sneaky way to see what the market would pay such that, come the day, Blackstone could get away with buying the lot for as little as possible.

[jeffian] 24/10/2023 15:22

".... following substantive engagement with a number of parties, it did not receive a Superior Offer as part of the Go-Shop process in connection with the First Disposal.

The Company was in contact with 17 parties at the beginning of the Go-Shop, with eight parties signing NDAs; one first round non-binding offer was received, but did not subsequently result in a binding bid. The Board received feedback through the process that a number of the parties assessed that they could not justify paying a higher price than the offer from the Buyer for the First Disposal."


Another nail in the coffin of the valuation model? You can use all the theoretical discount rates you like to obtain a notional figure but you can't get away from the fact that the true market value is what someone is prepared to pay. In this case, a pretty broad exposure to the market has produced only one tentative bid from all the parties approached and that is below the Blackstone offer. The Blackstone offer itself is at a substantial discount to the supposed NAV and is tainted by the fact that they need to support the value of their existing music rights fund. The whole thing is very murky. (Mercky?)

[grahamg8] 19/10/2023 17:18

It looks like some leopards don't change their spots.

Full text



I particularly liked paragraph 4:

The nature of the alleged misconduct is not clear, but breach of fiduciary duty usually occurs when an individual fails to act in the best interest of a business or its shareholders.

[jeffian] 19/10/2023 10:24

"Due to our recent brush with an iceberg, we have decided to re-arrange the deckchairs for your convenience. Passengers are advised to take no further action at this time. I will be resigning my position and changing the whole crew as soon as we reach port.

Regards,

Captain Smith, RMS Titanic."

[figueire1] 19/10/2023 08:31

Desperate RNS

Just proves that the CEO and Blackstone want to buy our assets on the cheap. The fact the manager does not relinquish the right to buy Song Fund assets is testimony of that.

Scaremongering tactics to try and through in the air that somehow shareholders are better protected by voting the continuation of the company.

Board is a charade of lack of independence.

The actions by the Board of Hipgnosis and the fact that Hipgnosis NAV is valued by the same appraiser as Round Hill is testimony that their is value 74 pence per share.

The only way to restore control and value over this mess is by voting in favour of discontinuation of this manager and getting control back to it’s owners and not this conflicted charade of Management, Board and Blackstone.

[grahamg8] 19/10/2023 07:31

Looks like a cave in from the BoD. Mercuriadis seems to have confirmed he is running this for his own benefit not for the shareholders, based on the RNS. A take over by Blackstone at a more modest discount to NAV may well put us out of our misery sooner rather than later. The alternative at best seems to be limp along for many years to come.