Saba Capital Management, L.P. has disclosed a 1.27% interest in Hipgnosis Songs Fund Limited. The disclosure, made under Rule 8.3 of the Takeover Code, indicates that Saba Capital Management, L.P. holds 15,369,294 cash-settled derivatives in the form of ordinary shares of Hipgnosis Songs Fund Limited. The disclosure also includes details of reducing a long position through a total return swap transaction involving 1,000,000 reference securities at a price of 1.019 per unit.
The disclosure does not include any indemnity or other dealing arrangements, agreements, arrangements, or understandings relating to options or derivatives. Additionally, no supplemental form 8 (open positions) is attached to the disclosure. The disclosure was made on 23rd April 2024, and the contact person for the disclosure is Benjamin Vice, with a telephone number provided as +1-212-542-3610.
This disclosure provides insight into Saba Capital Management, L.P.'s significant interest in Hipgnosis Songs Fund Limited and its recent dealings in cash-settled derivatives, offering transparency in line with regulatory requirements.