Concord Chorus Limited has made a recommended cash offer to acquire Hipgnosis Songs Fund Limited. The offer, initially announced on April 18, 2024, has been increased to US$1.25 for each Scheme Share. CCLA Investment Management, holding approximately 4.774% of Hipgnosis' issued share capital, has given an irrevocable undertaking to vote in favor of the scheme. Following the increased offer, CCLA has entered into an unconditional agreement to sell its entire shareholding in Hipgnosis to Concord Bidco. Upon completion of the sale, CCLA will be released from its irrevocable undertaking. The total number of Hipgnosis shares subject to irrevocable undertakings received by Concord Bidco will reduce to approximately 20.71% of the issued share capital of Hipgnosis. The acquisition will be made solely by means of the Scheme Document.