Hipgnosis Songs Fund Limited has received court sanction for the recommended cash offer by Lyra Bidco Limited, a newly-formed company indirectly wholly-owned by investment funds advised by affiliates of Blackstone Inc. The acquisition is being implemented by means of a Court-sanctioned scheme of arrangement under Part VIII of the Companies (Guernsey) Law, 2008. The Scheme will become Effective upon the Scheme Court Order being delivered to the Guernsey Registry, which is expected to occur on 29 July 2024.

The company has made applications for the suspension and subsequent cancellation of the admission to trading of Hipgnosis Shares on the Main Market and for the cancellation of the listing of the Hipgnosis Shares on the Official List. The suspension of Hipgnosis Shares from the Official List and of dealings in Hipgnosis Shares on the Main Market are each expected to take effect from 7.30 a.m. (London time) on 29 July 2024. It is expected that, subject to the Scheme becoming Effective, the cancellation of the listing of Hipgnosis Shares from the Official List, and of the admission to trading of Hipgnosis Shares on the Main Market, will take effect from 8.00 a.m. (London time) on 30 July 2024.

On the Effective Date, share certificates in respect of Hipgnosis Shares will cease to be valid, and entitlements to Hipgnosis Shares held within the CREST systems will be cancelled. The current expected timetable of principal events for the implementation of the Scheme remains as set out in the Scheme Document. A further announcement will be made once the Scheme has become Effective.

The company has provided a list of contacts for any enquiries related to the acquisition. Singer Capital Markets Advisory LLP is acting as the sole Rule 3 adviser, financial adviser, and corporate broker exclusively for Hipgnosis. Jefferies International Limited is acting as the financial adviser to Bidco and Blackstone.

For further updates and changes to the expected timetable, Hipgnosis will issue an announcement through a Regulatory Information Service, with such announcement being made available on Hipgnosis' website and Bidco's website.