REG - Hipgnosis Songs Fund - Litigation Update

Hipgnosis Songs FundAnnouncement

19/02/2024 07:00

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RNS Number : 5227D  Hipgnosis Songs Fund Limited  19 February 2024

LEI: 213800XJIPNDVKXMOC11

19 February 2024

 

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

Litigation Update

The Company announced on 5 February 2024 that it is seeking to secure an
indemnity from Merck Mercuriadis and Hipgnosis Songs Management Limited (the
"Investment Adviser"), which is majority owned by funds managed and/or advised
by Blackstone, further to High Court proceedings being issued and served upon
Mr Mercuriadis, the Investment Adviser and the Company.

The Investment Adviser, which was founded by Mr Mercuriadis and where Mr
Mercuriadis is a director, has refused to indemnify the Company against
liabilities which may arise from Mr Mercuriadis' alleged misconduct.

The Company is concerned, having been assured by Mr Mercuriadis and the
Investment Adviser that these claims are without merit and that they intend to
vigorously defend them, that the request for an indemnity was refused. The
Company is not insured as to the costs of this claim.

The Company now intends to bring a Part 20 Claim in the High Court against the
Investment Adviser in which it will seek a full indemnity.

 For further information please contact:

Hipgnosis Songs Fund

                                +44 (0) 20 7496 3000
 Robert Naylor

 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

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