Hipgnosis Songs Share Discussion Threads

[feddie] 26/10/2023 10:28

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

[noiseboy] 26/10/2023 10:10

Off they go ... !

[jeffian] 26/10/2023 09:52

Merck isn't for a start!

[noiseboy] 26/10/2023 09:04

Anyone going to the AGM ?!

[bonio100000] 25/10/2023 15:40

The clue is in Merck's publicity photos.

[jeffian] 25/10/2023 15:28

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

[petomi] 25/10/2023 15:28

Likely resigned when they knew they would be voted off?

[mpage] 25/10/2023 15:07

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 15:27

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 15:11

@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 14:22

".... 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 16:18

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 09:24

"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 07:31

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 06:31

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.

[typo56] 16/10/2023 15:55

Memories of Sanctuary Group in the noughties.

Is Mercuriadis his real name? Just happens to be an anagram of "Music Raider"?

[epo001] 16/10/2023 13:16

Heavy selling today and last Friday, someone knew.

[pteris] 16/10/2023 11:59

AVI are voting against the proposals
hxxpS://www.assetvalueinvestors.com/agt/campaign/avi-letter-to-shareholders-of-hipgnosis-songs-fund/

[kohsamui] 16/10/2023 11:17

A fire sale would not be in the interest of investors…trusted new management and establishing a correct valuation is probably better.A redemption vote in a couple of years would also be nice. I wonder if a termination fee can be avoided in view of management incompetence and conflict of interest put in place since issue. Round Hill Music management must be looking for a job !

[red army] 16/10/2023 10:12

The downside has been over cooked mainly because of negative market pressures and lack of confidence with managament. The asset values are much higher

[laughton] 16/10/2023 09:58

WoW! - iDealing tells me that there is a £30 charge per account per holding for allowing me to proxy vote.

I shall be winding down my holdings with them to cash or a minimal number of holdings and then transferring to another provider (they charge per holding for transfers so that mounts up).

Shame really as I've been with them from the beginning - have a trading and 2 ISA accounts and they total, what for me is a LOT of money.

And I apologise to anyone who has acted on my previous very positive comments on iDealing.

[mpage] 16/10/2023 09:45

Imagine you pay for a party. The guests come, trash your pad and then demand that you pay them money to leave.

In addition to the annual advisory fee, the investment adviser has built in a termination fee worth one year's advisory fee (based on NAV not market cap). Still worth paying just to get rid of them. That said, this is a clear failure of corporate governance by the main institutional shareholders.

[cynicalsteve] 16/10/2023 09:41

SONG floated at 100p and issued a large number of new shares at well over 100p during the good years, so in theory they are a bargain at this price. In the real world I fear that a forced sale would give investors 80-90p per share, vulture funds aren't charities!

[kohsamui] 16/10/2023 09:03

The trust should include vote on change of management as no one will trust current management to sell the assets fairly..suppose that comes after voting for wind up. Luckily Trust is 75% institutional held and the pressure will be on with legal expertise.
No one likes it when the banks are involved, but hopefully they have not lost money from the 100p floatation. Shame all the managers have lost is their reputation.