Hipgnosis Songs fund has withdrawn its proposed interim dividend on news its independent portfolio valuer has “materially reduced” its expectations of retroactive royalty payments.
According to a regulatory statement, the embattled investment trust has seen its expected retroactive payments more than halve, falling 54% from $21.7m to $9.9m, as at 31 March 2023. Hipgnosis Songs music catalogue sale comes under scrutiny as continuation vote looms This comes as valuer Citrin Cooperman notified the trust on Friday (13 October) that, as a result of a decision made by the US Copyright Royalty Board in relation to royalties spanning 2018-2022 (CRB III), it would lower its valuation of the portfolio as of 30 September 2023. As such, the Hipgnosis board expects to rec...
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