Hipgnosis Songs Fund shareholders have unanimously approved a proposal to allocate up to £20 million ($25.2 million) to prospective buyers of its assets. This move aims to provide substantial financial protection and incentivize engagement with the company for potential deals.
Encouraging Prospective Buyers
The London-listed song catalog fund, known for its ownership of rights to tracks by renowned artists such as Shakira and the Red Hot Chili Peppers, initiated this request for shareholder approval in January. By allocating funds for due diligence and acquisition costs, Hipgnosis aims to facilitate meaningful discussions with prospective buyers.
Focus on Delivering Shareholder Value
Robert Naylor, Chairman of Hipgnosis Songs Fund, emphasized the board's dedication to the ongoing strategic review. The review aims to explore all available options to maximize shareholder value. Shareholders can expect updates on the outcome of due diligence in the near future.
Stock Performance
As of 1315 GMT, the company's shares experienced a slight decline of 0.15% or 0.10 pence, currently valued at 65.0 pence. Over the past twelve months, shares have witnessed a 50% decline.
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