Hipgnosis Songs Fund Limited has completed the sale of approximately 20,000 non-core songs for a gross consideration of $23.1 million. These songs were part of the Second Disposal and were bundled with the iconic songs acquired by the company in 2020. The sale was part of the company's acquisition strategy and will provide the company with greater headroom under its future covenant compliance reporting. The gross consideration represents a 14.2% discount to the valuation of the songs and the net proceeds are expected to be around $22.6 million.
The company has also announced the appointment of Singer Capital Markets as its sole corporate broker and financial adviser, and Shot Tower Capital, LLC as the lead adviser to conduct due diligence on the company's assets as part of its strategic review.
Furthermore, Hipgnosis Songs Fund Limited will be announcing its financial results for the six months to 30 September 2023 on Tuesday, 19 December 2023. There will be a briefing for analysts and investors on the day of the announcement, and a recording of the call will be made available on the company's website.
For further information, interested parties can contact Hipgnosis Songs Fund or visit the company's website.