Hipgnosis Songs Share Discussion Threads

[edwardt] 12/2/2024 20:32

Fwiw I would hope the nav is circa £1.10 with new valuer and we get that as a trade sale. Hence decent upside from here. That is a complete guess but the valuer discount rate of 8.5% has to widen from here..

[edwardt] 12/2/2024 20:30

Good questions - I wish I knew the answers

[apple53] 12/2/2024 15:17

Newbie questions. Apologies.

Any view on whether there is any risk in rolling debt. Just wondering why dividend stopped.

Also anyone willing to hazard a guess as to what real NAV might be?

Then even with the £20m sweetener we should apply, maybe, a 20-30% discount to real NAV for potential purchaser?

I don't own but considering.

[edwardt] 06/2/2024 11:33

Spotify smashes results - at some point this should feed through here

[jeffian] 05/2/2024 10:20

They're not (suing themselves), PP. This is all part of the obfuscation (deliberate IMV) nurtured by Merck in spreading the Hipgnosis name across many different entities - the Fund, the Management company, the Blackstone entity - and now it appears (is claimed, m'lud) that he pinched it and the whole idea from another company - Hipgnosis Music - of which, remarkably, he still appears to be registered as a Director at Companies House!

Some time ago I said this -

"jeffian - 23 Nov 2023 - 11:14:36 - 955 of 1011 Hipgnosis Songs Fund Limited - SONG
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."

Regarding the last paragraph, I note that the new management have come to the same conclusion.

[purplepelmets] 05/2/2024 07:18

Why are we suing ourselves? If my eyebrows weren't permanently stuck in raised position I would raise one now

[rambutan2] 02/2/2024 15:51

Job changes at HSM - Merck (steps back a bit) becomes chairman and Ben Katovsky becomes CEO, so the SONG manager and man the board of SONG deal with. (see musicbusinessworldwide.com for details)

[grahamg8] 23/1/2024 17:06

If you really want to play hardball report Blackstone for attempted fraud. The new Board at the least seem to be lining up a case for dismissing the manager for gross misconduct or the corporate equivalent. Presumably a replacement has already been lined up. But this is all froth. The strong suspicion is that the asset value has been overstated. What we can only guess at is by how much. Kitchen sinking should be expected and the share price will drop like a rolling stone.

[laughton] 23/1/2024 10:08

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.

[feddie] 23/1/2024 09:53

I had some respect for Blackstone. This has totally shattered it. Bunch of crooks.

[waterloo01] 23/1/2024 07:14

Cherry picking. Well there's a surprise.

[edwardt] 18/1/2024 19:57

If this is not sold in under 6 months I will eat my hat

[cousinit] 18/1/2024 19:24

Amazing what can be done with a bit of independent thought and creativity!

[edwardt] 18/1/2024 19:07

Ft article just posted

[edwardt] 18/1/2024 19:07

Merck offers to waive buy out clause.

[edwardt] 18/1/2024 16:21

men of action. this is getting closer to a resolution!

[cousinit] 18/1/2024 13:50

That's one way to try and generate a competitive process for any catalogue sales. Another positive move by the new Board.

[edwardt] 28/12/2023 10:45

Nice to see all I want for Christmas is you hit no 1 again on us and world billboards

[nil of] 22/12/2023 12:52

merck needs to go. the board will find lots of wrong expenses and use this to try and terminate the managers contract for cause thereby eliminating the call option and heafty compensation. A legal fight for sure. chris mills is a force for sure, captain bombastic.odd that he has taken it on without owning shares. he now sits on 35 boards. Eliminating the managers call option and a more realistic valuation will see it trade better

[hohum1] 21/12/2023 09:53

From his photo on the Harwood website, it certainly looks as if Christopher Mills is a heavyweight in the sense that he must like a good lunch!

[tommygriff] 21/12/2023 08:51

Christopher mills being onboard is a big positive - city heavy weight

[valuehurts] 21/12/2023 01:02

Most investment trusts hold listed assets which are simple to value. What type of investment trusts are you talking about

[waterloo01] 20/12/2023 17:12

chopp120 Dec '23 - 16:14 - 990 of 992
0 0 0
Too many amateurs on here who have probably never done a company valuation in their lives. Go back to your armchair!


LOL. Seems the company have the same issue.

[bonio10000] 20/12/2023 16:47

Of course the discount rate is impacted by debt - which is a lot cheaper than equity.

[chopp1] 20/12/2023 16:22

Just to correct you, the blended discount rate for UKW is 9% unless they have changed it since I last looked. And this is a very different type of asset to royalty funds. Chalk and cheese!