Delay in Accounts for Hipgnosis Songs Fund

Hipgnosis Songs Fund has announced that the release of its accounts for the first half of fiscal 2024 will be delayed. This decision comes as the company raises concerns about the valuation of its assets.

According to the London-listed music investor, the independent valuation of its assets has exceeded recent transactions within the industry. As a result, the company has sought advice from its investment manager, Hipgnosis Song Management, to gain their perspective.

In light of this situation, Hipgnosis Songs Fund has expressed reservations about the valuation of its assets in its interim results, based on an opinion provided by Hipgnosis Song Management Limited. However, this opinion was accompanied by significant caveats.

In related news, the company recently proposed the sale of assets to Hipgnosis Songs Capital for $417.5 million, representing a discount of 24% as of March 31. Additionally, non-core assets were sold for $23.1 million, reflecting a discount of 14% as of September 30.

Hipgnosis Songs Fund anticipates releasing its earnings report for the half-year period ending on September 30 before December 31.