Hipgnosis results delay sheds light on frictions between manager and revamped board

Further delays risk share suspension

The decision to delay the release of Hipgnosis Songs’ half-year results has suggested friction is building between the manager and the trust’s newly established board, analysts said.

Today (19 December), the board expressed doubts over the asset valuations provided by independent valuer Citrin Cooperman, noting that they were "materially higher" than the valuation implied by proposed and recent transactions in the sector.  Therefore, the board sought advice from its investment adviser, Hipgnosis Song Management (HSM), on their opinion on the provided valuation.  A "heavily caveated" opinion was "eventually" provided by HSM, such that the board "has concerns as to the valuation" of the assets in the interim results, which are now expected to be published by 31 Dece...