Hipgnosis Songs Share Discussion Threads

[typo56] 05/3/2024 10:43

The Times today and yesterday. That 0.92p didn't help!

[laughton] 04/3/2024 16:12

Been there, done that.

[edwardt] 04/3/2024 15:08

well i sold a few as bottled it. bound to be the bottom!!

[faz] 04/3/2024 10:51

Debt was $640m in Sept. interest rate swap of $400m+ of this at 5.75%, so a cost of say$40m p.a.. They have to keep debt as a 30% of NAV max. and pay down debt otherwise. $1.93bn *30% = ~$640m : hence the necessity. They can t be precise about how many divs to forego because the NAV is not fixed in stone. I reckon they will look to pay off 30% of debt/$200m to be safe. No idea how many divs that is.

[jeffian] 04/3/2024 10:00

"months/quarters"? How about "years"?

This is a real blow for anyone who bought this as an income play (as I did) and I imagine many of those will now be baling out, regardless of the supposed discount to NAV.

[feddie] 04/3/2024 08:31

What is massively sloppy is to say that, to reduce debt, they will not pay dividends “for the foreseeable future”? WTF?? Can’t they just do the math? They have the royalties forecast and they have the debt amount. How difficult could it be to estimate the number of months/quarters it will take to get to the target debt level?

[typo56] 04/3/2024 08:19

RNS states "NAV per share presented in Sterling would be 0.92 pence per Ordinary Share"

Don't they mean 92 pence? If so, somewhat sloppy.

[houseofpain1] 04/3/2024 07:58

I think the NAV is meaningfully worse than the most pessimistic of expectations so this definitely opens down sharply today. Not sure yet whether it is a “kitchen sink” NAV or just a realistic one but either way, it hopefully brings an end to the uncertainty around the NAV and that is a good thing in the medium-term. Should be a path back towards that level in the fairly near term so upside remains significant (and probably about to be more significant when the shares open!). Ironically I think shareholders should have taken the Blackstone deal!

[edwardt] 04/3/2024 07:48

Hmm on a 31% discount to a kitchen sinked nav . I doubt that. Let's see

[unastubbs] 04/3/2024 07:22

Welcome to the 50s 👋🏻🤔

[edwardt] 04/3/2024 07:19

Could have been worse. If that is a true value and we are nearing a potential sale. The share price was perhaps expecting worse imo

[spectoacc] 04/3/2024 07:13

NAV still reasonably high tho, "only" a 26% reduction. This will annoy shareholders tho:

"Due to the decrease in Operative NAV, the Board considers it appropriate to reduce gearing and therefore intends to use the Company's free cashflow to pay down debt and, therefore, does not intend to recommence paying dividends for the foreseeable future."

[purplepelmets] 04/3/2024 07:10

Oh christ. I can see us in the 40s today. Did not know our assets were so overvalued. Can see more lawsuits on the way, feels like weve been swindled

[edwardt] 01/3/2024 13:07

that at least made me laugh. lets hope your despair infers we are near a bottom.

[edwardt] 23/2/2024 13:10

kkr just sold a portfolio above 2021 levels. here's hoping we can do the same!

[jeffian] 22/2/2024 22:45

You have to be begging that Blackstone will step in and put this out of its misery.

On the other hand, you have to be wondering why Blackstone would get into bed with a shyster like Merck. I wonder if they are regretting their relationship?

[tiltonboy] 22/2/2024 19:23

Pump up the volume Snap

[spectoacc] 22/2/2024 16:39

Turn up the volume, maybe Merc has another hit on his hands.

[bogotajose78] 22/2/2024 16:38

high vol today, something up?

[williamcooper104] 19/2/2024 12:45

One things certain if the complainant had secured litigation funding then the case is clearly not "without merit" - litigation funders are conservative and usually win (not always of course; but if it really was without merit they wouldn't have secured funding) Given that the management company can be stripped of assets by way of management contracts being terminated and re-apppinted to a new man co I suspect SONG is the only real covenant being sued

[jeffian] 19/2/2024 10:55

That Merck, eh?! No surprise about today's RNS. I always knew he was a bad'un.

[edwardt] 12/2/2024 20:34

Ultimately the PFAR revenue is growing so there has to be value in there. Whilst we don't own Michael Jackson assets - that sold last week at a pretty high rating. Hence these assets should still garner good interest