Hipgnosis Songs Fund completes $23m sale of 'non-core' songs at 14% discount

New adviser appointed

Eve Maddock-Jones
clock • 2 min read

Hipgnosis Songs Fund (SONG) has completed the sale of a portfolio of "non-core" songs in order to reduce its revolving credit facility drawings.

SONG sold approximately 20,000 "non-core songs" for $23.1m, representing around 1% of the trust's value, according to an RNS notice. According to SONG, the assets sold at a 14.2% discount to the valuation the trust's independent valuer placed on them as of 30 September 2023. The trust is currently trading on a 54.95% discount to its net asset value, according to data from the Association of Investment Companies. Hipgnosis Music Limited takes SONG and Mercuriadis to High Court It said the net proceeds of the sale were equal to approximately $22.6m, which management said will be a...

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