The latest update on the cash offer for Hipgnosis Songs Fund Limited by Concord Bidco has been released. Concord Bidco, a wholly-owned subsidiary of Alchemy Copyrights, LLC, trading as Concord, had previously announced a cash offer to acquire the entire issued and to be issued share capital of Hipgnosis. The offer was increased to US$1.25 for each Scheme Share. Concord Bidco had received irrevocable undertakings to vote in favor of the Scheme at the Court Meeting and in favor of the Resolution at the General Meeting.

However, an update on the irrevocable undertaking given by J O Hambro Capital Management Limited ("JO Hambro") was provided. Initially, JO Hambro had given an irrevocable undertaking related to 20,453,123 Hipgnosis Shares, representing approximately 1.69 per cent of the issued share capital of Hipgnosis. As of 3 May 2024, JO Hambro had disposed of a significant number of the Hipgnosis Shares subject to the irrevocable undertaking, reducing the number to 6,273,085 Hipgnosis Shares, representing approximately 0.5 per cent of the issued share capital of Hipgnosis.

Subsequently, on 7 May 2024, JO Hambro advised Concord Bidco that it had disposed of a further 750,000 of the Hipgnosis Shares subject to the irrevocable undertaking. As a result, the total number of Hipgnosis Shares subject to irrevocable undertakings received by Concord Bidco has reduced to 300,208,626 Hipgnosis shares, representing approximately 24.83 per cent of the issued share capital of Hipgnosis as of the close of business on 7 May 2024.

Upon completion of the acquisition by Concord Bidco of the Hipgnosis Shares held by CCLA Investment Management, the total number of Hipgnosis Shares subject to irrevocable undertakings received by Concord Bidco will further reduce to 242,483,399, representing approximately 20.05 per cent of the issued share capital of Hipgnosis as of the close of business on 7 May 2024.

The announcement also includes contact information for inquiries related to the acquisition and important notices regarding the acquisition process. It emphasizes that the Acquisition will be made solely by means of the Scheme Document and the accompanying Forms of Proxy, which will contain the full terms and conditions of the Acquisition.

This update provides insight into the evolving situation regarding the cash offer for Hipgnosis Songs Fund Limited and the impact of the irrevocable undertakings received by Concord Bidco.