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☆ Music royalty fund Hipgnosis to halt dividends till new fiscal year
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

A headset is seen in front of displayed Hipgnosis logo in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 6 (Reuters) - Hipgnosis Songs Fund Ltd (SONG.L), which had been undertaking a review of its financial position, said on Monday it would not declare dividends before its new fiscal year to ensure sufficient cash resources. The music royalty fund said catalogue bonus provision was expected to increase by about $23 million to $68 million as at Sept. 30, adding that operating cash flow would be used to fund the payment of catalogue bonuses. It added that 10 out of the company's 146 catalogues were likely to meet "performance hurdles" now according to the respective acquisition agreements. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Hipgnosis, Aby Jose Koilparambil, Nivedita Bhattacharjee Organizations: REUTERS, Fund, Thomson Locations: Bengaluru

☆ Music investor Hipgnosis to sell catalogues to bolster shares
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Shakira performs during the 2023 MTV Video Music Awards at the Prudential Center in Newark, New Jersey, U.S., September 12, 2023. The sale includes a portfolio of 29 music catalogues and a collection of non-core songs to a partnership between its investment adviser and funds advised by U.S. private equity group Blackstone (BX.N), Hipgnosis said on Thursday. Founder Merck Mercuriadis is the CEO and founder of the investment adviser, Hipgnosis Song Management (HSM), and holds a minority interest in the buyer, Hipgnosis Songs Capital. Hipgnosis Songs Fund will retain ownership of seven of its ten largest catalogues, it added. Last week, Alchemy Copyrights agreed to buy music copyright-focussed investment firm Round Hill Music Royalty Fund (RHM.L) for about $468.8 million.

Persons: Shakira, Brendan Mcdermid, Nelly, Hipgnosis, Peppers, Neil Young, Blondie, Merck Mercuriadis, HSM, Aby Jose Koilparambil, Janane Venkatraman, Elaine Hardcastle Organizations: Prudential Center, REUTERS, U.S, Blackstone, Blackstone Inc, FTSE, Royalty, Thomson Locations: Newark , New Jersey, U.S, Bengaluru

☆ Beatles Copyright Owner Shares Soar After Buyout Offer
▼ + stars: | 2023-09-08 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +1 min

LONDON (Reuters) - Shares in Round Hill Music Royalty Fund, which owns the copyrights to work of major artists such as the Beatles, soared as much as 67% on Friday after a $496 million buyout offer from Alchemy Copyrights. Shares in Round Hill Music were up 64% at $1.125 by 0753 GMT, having hit a record $1.15 earlier on. In a note, Jefferies said it expects Alchemy's offer is "highly likely to be successful" despite coming at a discount to net asset value. Shareholders in Round Hill Music will get $1.15 in cash per share, a discount of approximately 11.5% to RHM's NAV per share of $1.30 as of September 8. Jefferies said Hipgnosis "trades on a similar discount, but is a larger vehicle, with arguably a more iconic music portfolio."

Persons: Jefferies, Shakira, Neil Young, Hipgnosis, Lucy Raitano, Amanda Cooper Organizations: Royalty Fund, Jefferies Locations: Hill

☆ Beatles copyright owner shares soar after buyout offer
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 8 (Reuters) - Shares in Round Hill Music Royalty Fund (RHM.L), which owns the copyrights to work of major artists such as the Beatles, soared as much as 67% on Friday after a $496 million buyout offer from Alchemy Copyrights. Shares in Round Hill Music were up 64% at $1.125 by 0753 GMT, having hit a record $1.15 earlier on. In a note, Jefferies said it expects Alchemy's offer is "highly likely to be successful" despite coming at a discount to net asset value. Shareholders in Round Hill Music will get $1.15 in cash per share, a discount of approximately 11.5% to RHM's NAV per share of $1.30 as of September 8. Jefferies said Hipgnosis "trades on a similar discount, but is a larger vehicle, with arguably a more iconic music portfolio."

Persons: Jefferies, Shakira, Neil Young, Hipgnosis, Lucy Raitano, Amanda Cooper Organizations: Royalty, Jefferies, Thomson Locations: Hill

☆ Alchemy Copyrights to buy Round Hill Music for about $469 mln
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Sept 8 (Reuters) - Alchemy Copyrights has agreed to buy music copyright-focussed investment firm Round Hill Music Royalty Fund (RHM.L) for about $468.8 million, the companies said on Friday, giving it access to songs including Backstreet Boys' "I Want It That Way". Shareholders in Round Hill Music will get $1.15 in cash per scheme share, representing a premium of about 67% to the stock's closing price on Thursday. Alchemy Copyrights, trading as Concord, is an acquirer of music rights and companies, with transactions spanning recorded music, music publishing and theatricals. Round Hill Music's portfolio of music rights comprises 51 catalogues with a collection of more than 150,000 songs, including Backstreet Boys' "I Want It That Way" and the Beatles' "She Loves You". Guernsey-based Round Hill Music has seen shares slide this past year due to inflationary pressures and a higher interest rate environment, which have impacted many listed alternative investment companies.

Persons: Yadarisa, Savio D'Souza, Sherry Jacob, Phillips Organizations: Royalty, Backstreet, Thomson Locations: Concord, Guernsey, Bengaluru

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