Blackstone launches £1.2bn rival bid for Hipgnosis Songs
Trust’s board said it would be minded to recommend the proposal to shareholders if a firm offer was made
Trust’s board said it would be minded to recommend the proposal to shareholders if a firm offer was made
Operative NAV reduced to 85.02p per share from 92.08p
NAV per share falls to $1.17 from $1.74 after independent valuation
While Mercuriadis has stood down as CEO of the trust’s investment adviser
Investment adviser’s call option a ‘structural conflict’, the trust’s board said
Driven by a reduction in the fair value of the portfolio
Board raised concerns over independent valuer’s appraisal of the trust’s portfolio
Claim made by Hipgnosis Music Limited
Robert Naylor named chair, while Francis Keeling appointed NED
Hipgnosis’s catalogue bonus provision is expected to increase by £18.5m to £54.8m
$440m (£359m) bid for a fifth of the trust’s portfolio to be voted on this week
Ahead of looming continuation vote