REG - Hipgnosis Songs Fund - Litigation Update

Hipgnosis Songs FundAnnouncement

05/02/2024 07:00

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RNS Number : 9446B  Hipgnosis Songs Fund Limited  05 February 2024

LEI: 213800XJIPNDVKXMOC11

5 February 2024

Hipgnosis Songs Fund Limited

(the "Company")

Litigation update

The Company notes the media commentary concerning allegations against Merck
Mercuriadis, Hipgnosis Songs Management, (the "Investment Adviser") which is
majority owned by funds managed and/or advised by Blackstone, and the Company.

The Company has already disclosed this lawsuit, both on 23 November 2023 and
in its 2023 Annual Report. In summary, Hipgnosis Music Limited has issued and
served High Court proceedings upon Mr Mercuriadis, Hipgnosis Songs Management
and the Company.

Hipgnosis Music Limited (of which Mr Mercuriadis was a director from 16 June
2015 and is still shown as director on Companies House(1.)) alleges an
unlawful diversion of the Hipgnosis business opportunity by Mr Mercuriadis to
the Company and the Investment Adviser. Hipgnosis Music Limited are seeking to
recover a substantial but as yet unquantified sum under the claim. The Company
has recently become aware that Hipgnosis Music Limited has secured litigation
funding.

The Board has recently appointed Kastle Solicitors, independently of the other
defendants, to review the claim. As any liability of the Company arises from
Mr Mercuriadis' conduct and knowledge, the Company intends to seek to secure
an indemnity from Mr Mercuriadis and Hipgnosis Songs Management against any
liability that might be incurred by the Company resulting from the actions of
Mr Mercuriadis or Hipgnosis Songs Management.

1.
https://find-and-update.company-information.service.gov.uk/company/09642326/officers
(https://find-and-update.company-information.service.gov.uk/company/09642326/officers)

 

 For further information please contact:

 Hipgnosis Songs Fund

 Robert Naylor                                                        +44 (0) 20 7496 3000

 Via Singer Capital Markets

 Singer Capital Markets - Corporate Broker

 James Moat / Alaina Wong / Angus Campbell (Corporate Finance)        +44 (0) 20 7496 3000

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

 Susanna Voyle / Charlie Twigg

 

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