Hipgnosis Songs Fund Limited has announced the publication of a circular, which includes a proposal to amend the company's Articles to enshrine the payment of a fee to prospective bidders seeking to acquire the company's assets. The Newly Constituted Board is recommending this proposal to ensure that potential offerors are not deterred from engaging with the company. The circular also incorporates the Notice of Extraordinary General Meeting to be held on 7 February 2024 for shareholders to approve the resolution.

The company's strategic review is ongoing following the failed continuation vote, with the aim of maximizing value for shareholders. Shot Tower Capital, LLC has been appointed to conduct due diligence on the company's assets as part of this review. Additionally, the Newly Constituted Board is investigating whether 29 Catalogues proposed to be sold to Hipgnosis Songs Capital were "cherry-picked" for sale and whether this was properly disclosed to the previous Board.

The Investment Adviser, Hipgnosis Songs Management, which is majority owned by funds managed and/or advised by Blackstone, has refused the request to unconditionally remove the Call Option from its Investment Advisory Agreement. Shareholders are encouraged to vote by completing a Form of Proxy if unable to attend the Extraordinary General Meeting in person. For further information, shareholders can refer to the Circular published on the company's website.

For further information, shareholders can contact Hipgnosis Songs Fund via Singer Capital Markets.