Hipgnosis Songs delays publication of half-year results over valuation concerns

Independent valuer's assessment

Valeria Martinez
clock • 1 min read

The board of the Hipgnosis Songs (SONG) trust has decided to delay the publication of its half-year results to September-end due today (19 December) over valuation concerns.

In a stock exchange notice, the board said the valuation the trust  received from its independent valuer is "materially higher" than the valuation implied by proposed and recent transactions in the sector. In particular, it noted the proposed sale of assets to Hipgnosis Songs Capital for $417.5m, which reflected a discount of 24.3% to the valuation of these assets as at 31 March 2023.  Hipgnosis Songs hires JO Hambro co-founder and former CIO as non-executive director It also highlighted the recent sale of non-core assets of $23.1m, which reflected a 14.2% discount to to the valuat...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot