Asset Value Investors urges Hipgnosis shareholders to vote against continuation

5% stake in SONG

Asset Value Investors, which holds a 5% stake in Hipgnosis Songs fund (SONG), is urging fellow shareholders to vote against the continuation of the company and the proposed $465m music catalogue sale.

Ahead of the upcoming AGM and EGM scheduled for 26 October, in which shareholders are set to vote on the future of the trust and the proposed asset sale, AVI executive director Tom Treanor has asked shareholders to vote against both resolutions.  "Over the course of the last several weeks, we have spoken with a majority of the share register. Not one of those shareholders is in favour of an immediate sale of the portfolio, yet we believe many will vote against continuation," he wrote in a letter to investors. "We urge undecided shareholders not to be swayed by a misleading narrative t...