REG - Hipgnosis Songs Fund - Delay to publication of interim results

Hipgnosis Songs FundAnnouncement

19/12/2023 07:00

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RNS Number : 2202X  Hipgnosis Songs Fund Limited  19 December 2023

LEI: 213800XJIPNDVKXMOC11

19 December 2023

Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")

Delay to publication of Interim Results

The Board of Hipgnosis Songs Fund announces a delay to the publication of its
financial results for the six months to 30 September 2023, which were expected
to be published today.

The valuation the Company received from its independent valuer is materially
higher than the valuation implied by proposed and recent transactions in the
sector, in particular, the proposed sale of assets to Hipgnosis Songs Capital
for net consideration of $417.5 million, reflecting a discount of 24.3% to the
valuation of these assets as at 31 March 2023, and the recent sale of non-core
assets of $23.1 million, reflecting a 14.2% discount to to the valuation of
these assets as at 30 September 2023.

The Board therefore sought advice from Hipgnosis Song Management Limited, its
investment adviser, which is majority owned by funds managed and/or advised by
Blackstone, on their opinion on the independent valuer's valuation. Hipgnosis
Song Management Limited eventually provided an opinion, which was heavily
caveated, such that the Board has concerns as to the valuation of the
Company's assets in its interim results.

The Company expects to publish the interim results by 31 December 2023.

 For further information please contact:

Hipgnosis Songs Fund

                                +44 (0) 20 7496 3000
 Robert Naylor / Sylvia Coleman

 Via Singer Capital Markets

 Singer Capital Markets - Corporate Broker                         +44 (0) 20 7496 3000

 James Moat / Alaina Wong / Angus Campbell (Corporate Finance)

 Alan Geeves / James Waterlow / Sam Greatrex (Sales)
 Headland Consultancy - Financial PR                               +44 (0) 20 3805 4822

 Susanna Voyle / Charlie Twigg

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation.

 

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