Hipgnosis Songs Fund Limited has announced the results of its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM). At the AGM, several ordinary resolutions were passed without amendment, while two ordinary resolutions were not passed and two were withdrawn. At the EGM, one ordinary resolution was not passed. As a result of Resolution 12 not passing, the board will propose proposals for the reconstruction, reorganization, or winding-up of the company to shareholders within six months. The proposed sale of 29 music catalogues to Hipgnosis Songs Capital will not proceed due to Resolution 1 at the EGM not passing. Andrew Sutch has stepped down as Chair and retired as a Director of the company. The board is in the process of appointing a new Chair. Sylvia Coleman, Senior Independent Director of Hipgnosis Songs Fund, stated that the board will focus on delivering improved shareholder value through a strategic review.
The full results of the votes cast at the AGM will be available on the company's website. The full text of the resolutions can be found in the Notice of Annual General Meeting, which is available on the website of the National Storage Mechanism and the company's website. For further information, contact Sylvia Coleman or Rufina Pavry for Hipgnosis Songs Fund, or the company's financial PR, Headland Consultancy. J.P. Morgan Cazenove is the sponsor, financial adviser, and corporate broker, while Singer Capital Markets and RBC Capital Markets are corporate brokers for the company.