Hipgnosis Songs Fund Limited has provided an update on its due diligence, valuation, and net asset value. The Board sought advice from the Investment Adviser and appointed Shot Tower Capital, LLC as lead adviser to provide an independent valuation of the Company's assets. Shot Tower performed a detailed review of the Company's portfolio, estimating the fair market value of the Company's Portfolio at between $1.80 billion and $2.06 billion. The preliminary valuation report estimates the fair market value of the Company's Portfolio at between $1.80 billion and $2.06 billion and $1.74 billion and $2.00 billion after deducting contingent catalogue bonuses of $59.9 million. This compares to the Fair Value as at 30 September 2023 of $2.62 billion. The Board also intends to reduce gearing and use the Company's free cashflow to pay down debt, therefore not intending to recommence paying dividends for the foreseeable future. Shot Tower is expected to present its final due diligence findings to the Board by Monday, 25th March 2024, with a further update expected by Friday, 29th March 2024.