Hipgnosis Songs Fund Limited has reported the successful passing of resolutions to approve the recommended cash offer by Lyra Bidco Limited at the Court Meeting and General Meeting held on 8 July 2024. The acquisition will be implemented through a Court-sanctioned scheme of arrangement under Part VIII of the Companies (Guernsey) Law, 2008. The offer entails each Hipgnosis Shareholder receiving $1.31 in cash for each Hipgnosis Share.

The Court Meeting saw an overwhelming 99.97% of the Scheme Shareholders voting in favor of the Scheme, while the General Meeting also resulted in a 99.97% vote in favor of the Resolution to implement the Scheme. The total number of Hipgnosis Shares in issue at the Scheme Voting Record Time was 1,211,214,286, with 2,000,000 held in treasury. The results of the poll at both meetings were detailed, with the majority of shareholders voting in favor of the acquisition.

The voting results at the Court Meeting and General Meeting were presented, showing the breakdown of votes for, against, and withheld. The Resolution passed at the General Meeting was also disclosed in accordance with Listing Rule 9.6.2R. The successful passing of these resolutions marks a significant step in the acquisition process, as the company moves forward with the recommended cash offer by Lyra Bidco Limited.