HIPGNOSIS SONGS FUND LIMITED has received a final cash offer from Lyra Bidco Limited, a newly-formed company indirectly wholly-owned by investment funds advised by affiliates of Blackstone Inc. The financial terms of the Revised Offer, including the financial terms of any Follow-on Offer in the event of a Scheme Lapse, are declared as final, with the offer price set at $1.31 in cash per Hipgnosis Share. This represents a premium of approximately 49.2% to the Closing Price of 71 pence per Hipgnosis Share on 17 April 2024.

The Revised Offer values Hipgnosis' entire issued and to be issued ordinary share capital at approximately $1,584 million. The Hipgnosis Directors, advised by Singer Capital Markets, unanimously consider the terms of the Acquisition to be fair and reasonable. They recommend that Scheme Shareholders vote in favor of the Scheme at the Court Meeting and Hipgnosis Shareholders vote in favor of the Resolution at the General Meeting.

The expected timetable of principal events for the implementation of the Scheme remains as set out in the Scheme Document. These dates and times are subject to change and will depend on the date on which the Conditions to the Scheme are satisfied or waived, and the date on which the Court sanctions the Scheme. Any changes to these dates will be announced through a Regulatory Information Service and made available on Hipgnosis' website.