Hipgnosis Songs Share Discussion Threads

[riverman77] 19/12/2023 11:43

Surprised this didn't crash 20% or more, although I guess everyone knew the valuations were massively overstated, hence the discount.

[chopp1] 19/12/2023 11:20

This board is stupid. Talk about washing your dirty linen in public! An independent valuer is there to value the assets at fair value being the expected future cash flows discounted at a predetermined discount rate which in the case of H is quite steep, 8.5%. If they write that value down, that means they are valuing it below fair value, almost fire sale value, which would signal a bonanza to anyone looking to bid. How stupid can you get. Can’t we get some competent directors on the board? You would only write the assets down if you didn’t consider the business to be a going concern and the assets were being held for sale……..

[hohum1] 19/12/2023 07:07

Delayed interim results…

[fgump] 18/12/2023 19:24

Some decent trades today. Mr Mills is a doer. Something is going to happen here and he's pretty much always on the right side of that trade.

[rambutan2] 16/12/2023 04:49

A couple of day's ago the FT reported that KKR had hired advisers for a potential sale of a catalogue they bought for $1.1bn in 2021 after potential buyers had expressed interest. The piece said that values were down 14% from their peak in 2019 (14% discount was what Roundhill went for, I think?) according to Shot Tower Capital (who picked for the SONG strategic review).

[rambutan2] 16/12/2023 04:36

Now, that's a catch for the new board! Mr Mills loves nothing more than a complicated legal tussle, of which he's had dozens both here and in the States over the last four decades. He sounds a gent, but knows how to play tough.

[tiltonboy] 15/12/2023 23:28

He's been a busy man recently with bids for a number of companies where he held decent stakes.

It will be interesting to see if he builds up a holding here

[garbetklb] 15/12/2023 19:18

Extremely interesting appointment of Christopher Mills as NED. Per Hipgnosis website, Harwood don't appear to hold >3%.
And he's donating his fee.

[hohum1] 11/12/2023 12:58

What happened to JPMorgan and RBC? Jumped or pushed?

[laughton] 11/12/2023 10:43

Oh dear. Even worse, maybe.

[hohum1] 11/12/2023 10:24

Laughton: 14% discount to book value. After the impact of gearing and costs that’s probably 20% off NAV

[spectoacc] 11/12/2023 10:20

Is that sale at £1,000 per song?

[tiltonboy] 11/12/2023 09:09

It's at Sep valuation which we haven't seen yet. Had it already been cut at that stage as well...

[laughton] 11/12/2023 08:26

Maybe that means we should look at NAV being out by 14.2% to get a realistic figure?

[unastubbs] 11/12/2023 07:42

Ah yes sorry my mistake 😔

[grahamg8] 11/12/2023 07:34

Well I thought it said 14.2% discount to 30 September book.

[unastubbs] 11/12/2023 07:29

Sold at 9% discount...

[jeffian] 23/11/2023 11:14

I think we can see a pattern of behaviour here!

"Further to the disclosure in the 2023 Annual Report, on page 100, Hipgnosis Music Limited (in liquidation since March 2018) ("Hipgnosis Music Limited") has served proceedings against Mr Mercuriadis, the Investment Adviser and the Company in the English High Court. In summary, Hipgnosis Music Limited alleges a diversion of business opportunity from Hipgnosis Music Limited (of which Mr Mercuriadis was previously a director) to the Company and the Investment Adviser and also alleges that the Company unlawfully assisted Mr Mercuriadis with, or received, this alleged diversion. Mr Mercuriadis, the Investment Adviser and the Company deny such claims and intend to vigorously defend them. The Company is not insured as to the costs of dealing with this claim."

Re the final comment about costs, although "the Company" is joined in the action, one wonders why Merck's own Management Company isn't picking up the tab due to his misdemeanours.

[grahamg8] 08/11/2023 07:08

Thanks hohum.

[jeffian] 07/11/2023 22:55

You can also bet that it is probably to a fund managed by Merck. This guy and his mates should never be let anywhere near a public company and I'm surprised Blackstone has anything to do with him.

[f880gna] 07/11/2023 20:30

If they do sell some of the catalogues it'll be to catalogue acquisition specialists like BMG and you can bet they won't be paying what Hipgnosis paid.

[hohum1] 07/11/2023 10:06

You are dead right, Grahamg8. Too many investors don’t look at balance sheets until, suddenly, they realise that the NET in NAV means that after the debt providers have taken their slice, there may not be much left

[feddie] 07/11/2023 08:41

Yes, great news. Gearing for a sale.