Hipgnosis Songs Fund Limited has published a circular and notice of general meetings regarding the sale of a portfolio of 29 music catalogues to Hipgnosis Songs Capital for $440 million. The circular has been approved by the UK Financial Conduct Authority and will be sent to shareholders who have requested hard copies. The board and investment adviser believe that the company's unique portfolio of iconic songs will deliver long-term value and outperform the wider music market. The circular includes actions that will provide shareholders with opportunities to realize value if the share price re-rating does not occur. The board is also making changes to its composition, with Andrew Sutch stepping down as chair and Andrew Wilkinson retiring as a director. The company will recruit a new chair and appoint Cindy Rampersaud as chair of the Audit and Risk Management Committee. The transaction is a related party transaction and is conditional upon shareholder approval at a general meeting. The board is also engaging in a "Go-Shop" process to solicit alternative offers. The circular also includes resolutions to approve an on-market share buyback program and the continuation of the company's business as a closed-ended investment company. Shareholders are encouraged to vote by proxy if they are unable to attend the meetings in person.