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SONG Hipgnosis Songs Fund Limited

0.00 (0.00%)
29 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hipgnosis Songs Fund Limited LSE:SONG London Ordinary Share GG00BFYT9H72 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 100.60 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
100.80 101.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services USD 177.31M USD -89.64M USD -0.0741 -13.60 1.22B
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 100.60 GBX

Hipgnosis Songs (SONG) Latest News

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Date Time Title Posts
10/5/202408:50Hipgnosis Songs Fund Limited1,156

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Hipgnosis Songs (SONG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-05-28 15:35:11100.60529,446532,622.68UT
2024-05-28 15:20:00100.807777.62AT
2024-05-28 15:06:22100.801,5521,564.42AT
2024-05-28 15:04:44100.8011,64211,735.14AT
2024-05-28 15:00:33100.805,3465,388.77AT

Hipgnosis Songs (SONG) Top Chat Posts

Top Posts
Posted at 28/5/2024 09:20 by Hipgnosis Songs Daily Update
Hipgnosis Songs Fund Limited is listed in the Finance Services sector of the London Stock Exchange with ticker SONG. The last closing price for Hipgnosis Songs was 100.60p.
Hipgnosis Songs currently has 1,209,214,286 shares in issue. The market capitalisation of Hipgnosis Songs is £1,218,888,000.
Hipgnosis Songs has a price to earnings ratio (PE ratio) of -13.60.
This morning SONG shares opened at -
Posted at 22/4/2024 15:35 by elbrus55
I avoid limit sales a when this a possibility of a piece of news which could result in a step change in market sentiment and so I avoid leaving them on overnight when there is a bid situation as developments usually occur out of market hours. E.g. considrt if share price is 100p, somebody announces an offer of 110p and you have a long-term limit sale placed at 105p. In this scenario, the share price will jump 10% in a minute or two but you lose half of the economic gain to the man with the quickest finger who takes your sale at 105p.
Posted at 22/4/2024 10:10 by epo001
$1.30 would be about another 5p. My paper losses have halved since Friday, which is nice.

So it looks like there are 2 bidders, we can maybe expect a counter offer from Concord and if so then maybe another offer from Blackstone but it is going to be inching up from here. share price now about £1, it could fall back to 92p, perhaps go up to £1.10 when I'd be in a modest overall profit taking into account dividends.

Edit: If Mr Market was expecting a takeover battle then there would be buying and share price rise in expectation of that. It isn't happening yet so presumably there is no such expectation.

One week ago we'd have been delighted to get out at today's price, is it time to do so?
Posted at 21/4/2024 13:04 by edwardt
Will mr market push share price above that level in anticipation of a counter bid from Apollo...
Posted at 28/3/2024 09:06 by tonysss13
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")

Final Due Diligence Findings

The Board of Hipgnosis Songs Fund today provides an update on the findings of the due diligence that has been conducted on the Company's assets as part of the Strategic Review.

The Board appointed Shot Tower Capital, LLC ("Shot Tower") as lead adviser to provide an independent valuation of the Company's assets. On 4 March 2024, the Company announced that Shot Tower had provided the Board with the preliminary valuation report, as at 1 March 2024, which estimated the fair market value of the Company's Portfolio at between $1.80 billion and $2.06 billion.

The Board has since received Shot Tower's final valuation report, which confirms that, based on their due diligence and analysis, the fair market value of the Company's portfolio is $1.948 billion, which represents the midpoint of a final concluded range of $1.83 billion and $2.07 billion. This represents a multiple of trailing 12-month net cash revenue after royalty and administration costs ($121.7 million) of 16.0x as of 30 June 2023.

A summary of the findings of the due diligence can be found on the Company's website at Shot Tower's report contains references to separate legal and financial due diligence reports completed by Reed Smith LLP and BDO USA, P.A., respectively.

The Board with its advisers continues to assess all options for the future of the Company. The Board will announce the conclusions of the Strategic Review, which will include proposals for the future of the Company, by 26 April 2024. The Board intends to seek shareholder approval for such proposals at an extraordinary general meeting as soon as practicable thereafter.
Posted at 13/10/2023 14:52 by mpage
To vote for or against continuation.

For: a large slice of assets are sold cut price to connected party Blackstone. This is the crux of it - if BS is getting the assets on the cheap - they not only set a lower market price but may come back to acquire the remainder of the company for a similar discount. This is why the institutional shareholders are deeply unhappy. In addition, one of the connected parties has a say in which assets would be sold to Blackstone.

The cash raised to be used to reduce the expensive debt taken on and then some of the remainder (but possibly not much of it) to be used for share buybacks which may or may not boost the share price a bit. Some additional sops such as a refreshed board and more frequent continuation votes.

These proposals are being used to try and split the continuation vote as the proposals would only happen IF people voted for continuation (the proposals come about an hour later as EGM). Annoyed and want a wind up? Please give us some more time - we'll see you right and you'll probably still get some dividends sez SONG.

Against: Connected party appears to be trying to grab assets on the cheap and do over those who wish to remain long-term investors. Board has appeared ineffectual. Risk that revolving credit facility gets tapped out and div is cut. A vote to wind up also means handing over a break fee to those who have become connected parties. Grr. The div may be cut and the share price plummet as income holders dump.

However, arbs would likely move in quickly and the appointment of, say Robert Naylor, the previous chairman of Roundhill (who got a reasonable price for those assets) would be in a position to sell all the assets. Even if the ultimate buyer is Blackstone they may be forced to pay a more reasonable price or lose the assets to, say, Universal Music Group.

As a long-term holder of SONG, I am not prepared to be stitched up and will vote for a wind up - unless something new happens in the immediate future. By getting in a third party to agree a sale of assets at a reasonable price within a limited timeframe, I reckon I will salvage more of my investment - as otherwise I see BS as being the only final bidder for SONG which (in my view) will eventually be taken over. And, if the shares plummet on a vote to wind up, I might even buy some more - as I expect the arbitration hedge funds to move in.

SONG is not the only alt income investment trust to have been hit by significantly higher debt costs but the related party matter has significantly disadvantaged external shareholders. Fool me once, shame on you, as the song goes.

Am happy to read other views and reasons why we should vote yes to a continuation of this company.
Posted at 17/9/2023 10:06 by jong
Quotes from the Citywire Article :-

"The sale represents a 26% premium to the price SONG paid for the catalogues, a 51% premium to their current valuation implied by the company’s 30-day average share price but a 17.5% discount below their audited fair value at 31 March.
This portfolio has a ‘Go-Shop’; provision allowing the company’s board to solicit alternative offers for up to 40 days from today’s announcement. Hipgnosis Songs Capital has the right to match a new offer, but will receive a $6.6m termination fee if the board cancels the sale and switches to another buyer.
This deal raised concerns for analysts as the sale is to a related group. While SONG’s board said there would be Chinese walls between the two teams, Liberum analysts said it had only provided ‘boilerplate statements’.
‘It leaves us with the question of where the really good investment team members at the investment advisor are going to sit,’ the analysts wrote in a note. ‘Are they going to be on the team that advises the company or on the team that advises Hipgnosis Song Capital?’
The note went on to question if the teams would use the same models to value the catalogues and if they do they ‘will think alike and not be independent in their assessment of the value of the catalogues’.
The deal also raised questions of pricing, with Numis saying it was ‘disappointing that the manager does not trust the most recent valuation’ and the in-house nature of the transaction would ‘make some investors uncomfortable’ and lead to ‘increased scrutiny’ on the selling price.
Stifel’s Sachin Saggar also raised the question: ‘How do investors know that Blackstone [the end buyer] has not cherry picked the portfolio’ adding that it ‘does look a little cute’ the transaction is backdated to the beginning of the year with SONG handing back $15.3m in revenue to the purchaser"
Posted at 24/6/2023 23:02 by jeffian
It's a Zombie fund.

Pick the bones out of this.....

"Blackstone-backed Hipgnosis Songs Capital (Hipgnosis Songs Capital ICAV) is a separate entity to the UK-listed Hipgnosis Songs Fund. Both of those funds (Hipgnosis Songs Capital and Hipgnosis Songs Fund) have their investments managed by Hipgnosis Song Management, in which Blackstone is also an investor."

Merck Mercuriadis has (purposely IMO) obfuscated the Hipgnosis name so it is never clear who the beneficiary actually is. This has worked to the extent that most journalists reporting on any "Hipgnosis" deals assume that it relates to SONG, which it rarely, if ever, does these days as SONG have given up trying to raise additional finance for acquisitions.

IMO, the purpose of SONG is to enrich MM and his muso buddies. Shareholders are lambs to the slaughter.
Posted at 31/3/2023 15:44 by rambutan2
So, as I said, share price is the factor for both, with divs added for the performance fee:

Performance Fee (pg158-59 of AR)
In respect of each accounting period, the Investment Adviser (or, where the Investment Adviser so directs, any member of the Investment Adviser’s team) is entitled to receive a performance fee (the ‘Performance Fee’) equal to 10% of the Excess Total Return relating to that accounting period provided that the Performance Fee shall be capped such that the sum of the advisory fee (payable in respect of the Average Market Capitalisation of Ordinary Shares only) and the Performance Fee paid in respect of that accounting period is no more than 5% of the lower of: (i) Net Asset Value; or (ii) Closing Market Capitalisation at the end of that accounting period.

The Excess Total Return for an accounting period is calculated by reference to: (i) the difference between the Performance Share Price at the end of that Accounting Period and the higher of: (a) the Performance Hurdle (being issue price compounded by 10% per annum from initial Admission subject to appropriate adjustments in certain situations); and (b) high watermark (being the Performance Share Price at the end of the last Accounting Period where a Performance Fee was payable); multiplied by (ii) the weighted average of the number of Ordinary Shares in issue (excluding any shares held in treasury) at the end of each day during that accounting period.

For the purposes of calculating the Performance Fee:
“Performance Share Price” means, in relation to each accounting period, the average of the middle market quotations of the Ordinary Shares for the 1 month period ending on the last business day of that accounting period (which shall be adjusted as appropriate: (i) to include any dividend declared but not paid where the Ordinary Shares are quoted ex such dividend at any time during that month; (ii) to exclude any dividend paid in respect
of the shares during that month; and (iii) for the PSP Adjustments). During the period, the average of the middle market quotations was 120.80p;
“Performance Share Price Adjustments” means adjustments to the Performance Share Price to (i) include the gross amount of any dividends and/or distributions paid in respect of an Ordinary Share since initial Admission; and
(ii) make such adjustments to take account of C Shares as were agreed between the Company and the Investment Adviser, acting reasonably and in good faith, at the time of issuance of such C Shares.
The amount of Performance Fee payable to the Investment Adviser shall be paid in the form of a combination of:
a) cash equal to all taxes or charges payable with respect to the Performance Fee by the Investment Adviser or member(s) of the Investment Adviser’s Team; and
b) Ordinary Shares (“Performance Shares”) which are either issued by the Company where the Ordinary Shares are on average trading at par or at a premium to the last reported Operative NAV per Ordinary Share at the relevant time or purchased from the secondary market where the Ordinary Shares are on average trading at a discount to the last reported Operative NAV per Ordinary Share at the relevant time and transferred to,
the Investment Adviser or member(s) of the Investment Adviser’s Team. The Performance Shares are subject to 18-month lock-up arrangements.
Posted at 30/11/2022 22:30 by rambutan2

(09/08/2021) Combined with its acquisition from Lindsey Buckingham, Hipgnosis now owns the song copyrights and writers share for 7 of 11 songs on 'Fleetwood Mac', 8 of 11 songs on 'Rumours', 15 of 20 songs on 'Tusk', 9 of 12 songs on 'Mirage', 9 of 12 songs on 'Tango In The Night', 11 of 16 songs on 'Greatest Hits', and 12 of 17 songs on 'The Dance'.

Merck Mercuriadis, Founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said:

"Christine McVie is one of the greatest songwriters of all time having guided Fleetwood Mac to almost 150 million albums sold and making them one of the best-selling bands of all time globally. In the last 46 years the band have had three distinct writers and vocalists but Christine's importance is amply demonstrated by the fact that eight of the 16 songs on the band's Greatest Hits albums are from Christine. It's wonderful for us to welcome Christine to the Hipgnosis Family and particularly wonderful to reunite her once again at Hipgnosis with Lindsey Buckingham. Between Christine and Lindsey we now have 48 of 68 songs on the band's most successful albums."

Christine McVie said:

"I am so excited to belong to the Hipgnosis family, and thrilled that you all regard my songs worthy of merit. I'd like to thank you all for your faith in me, and I'll do all I can to continue this new relationship and help in any way I can! Thank you so much!"
Posted at 04/7/2022 08:51 by anhar
Press release from the company today:

Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Impact of Copyright Royalty Board III Decision
4 July 2022

The Board of Hipgnosis Songs Fund Limited, the first UK listed investment company
offering investors a pure-play exposure to songs and associated intellectual propertyrights, and its Investment Adviser, Hipgnosis Song Management Limited, welcome the decision of the US Copyright Royalty Board (CRB) to disallow the appeal by various streaming services against the CRB III determination to increase mechanical streaming royalty rates for songwriters and publishers.

The increase, which is incremental over the period covered by CRB III ( 1 January 2018until 31 December 2022) will culminate in a 44% uplift in the "all in" (mechanical and performance) statutory minimum rates for streaming paid in the US, rising from 10.5% ofstreaming revenues prior to 2018 to 15.1% in 2022.

Commenting on the decision, Merck Mercuriadis, Founder and CEO of Hipgnosis
Songs Management, said: "Using the success of Hipgnosis to change where the songwriter sits in the economic equation has been a massive priority for us from day one. "The song is the currency of our business, without the song we simply have no music business. Yet for too long the songwriter - who delivers the most important component to the success of a record company, digital service provider, music merchandiser, live promoter etc., is the lowest paid person in the equation.

"We still have plenty of room for improvement before we have a rate that's genuinely fair and equitable but this is an important step on the road to finally, properly recognising the value that songwriters bring to the industry and the lives of the billions of people all over the world who rely on great songs to enrich their lives.

"The CRB has delivered a strong message not only to the digital service providers like Spotify but also to the recorded music companies about the importance of the songwriter in our industry.

"Congratulations to all of the incredible songwriters that have entrusted us with their incomparable songs as well as to each and every songwriter that goes to work each day to write great songs and make the world a better place. This is a victory for all of you."

For most of the period since the appeal was launched in 2020, the majority of the
increased revenue due to the owner of song copyrights has been withheld and revenues have been paid off the CRB II rate of 10.5% in most cases. Hipgnosis will now receive US streaming revenues based on the royalty rates set out in CRB III.

In addition, Hipgnosis has not accounted for any withheld revenue since 2020. This is expected to be received by Hipgnosis in the coming periods, as money flows from the Digital Service Providers (DSPs) to the publishers and then copyright owners.

We expect more details once the full ruling is released. CRB IV, which will determine songwriter payments for 2023-27, is currently underway.
Hipgnosis Songs share price data is direct from the London Stock Exchange

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