Concord Chorus Limited, an entity indirectly controlled by Alchemy Copyrights, LLC, trading as Concord, has announced the termination of its proposed offer for Hipgnosis Songs Fund Limited. The decision comes after the Hipgnosis Directors unanimously withdrew their recommendation of the Concord Revised Offer. Hipgnosis has provided its consent to the Panel on Takeovers and Mergers to release Bidco from its obligations under the City Code on Takeovers and Mergers to proceed with the proposed offer.

As a result, Bidco confirms that it will no longer proceed with the offer. The Panel has consented to the withdrawal of Bidco's offer and has confirmed that Bidco is released from its obligations under the Code to proceed with the offer. Additionally, Bidco is prohibited from making any offer for Hipgnosis for a period of 12 months from the date of the announcement, unless the Panel consents otherwise.

This announcement is not intended to constitute or form part of any offer, invitation, or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell, or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.