That is it. Hipgnosis Song Fund It is going to be formally delisted from the London Inventory Alternate subsequent week as its new proprietor, Blackstone Group, takes the corporate’s property non-public.
This information marks the top of a marathon bidding war Blackstone emerges as winner in battle for HSF property harmony Greater than acquisition.
On July 8, HSF shareholders voted to help Blackstone US$1.584 billion bid Represented UK listed corporations at courtroom conferences and normal conferences.
Blackstone is buying the Hipgnosis Songs Fund via Lyra Bidco Ltd, an entity absolutely funded by fairness investments within the fund suggested by associates of Blackstone.
The acquisition was effected via a so-called “court-approved scheme of association” underneath Half 8 of the UK Firms Act.
In an replace to the UK market earlier right this moment (Friday 26 July), Hipgnosis Council and Bidco Council collectively introduced that “at a planning tribunal listening to held earlier right this moment, the Crown Courtroom of Guernsey granted A Planning Courtroom order approving the scheme upon which the acquisition is to be carried out.
In different phrases, the courtroom has permitted the acquisition and “the plan” – the acquisition – will take impact on Monday (July 29, 2024).
In consequence, HSF shall be formally delisted from the London Inventory Alternate at 8am London time on Tuesday (July 30).
Based on right this moment’s replace:
“Purposes have been made to the London Inventory Alternate to droop and subsequently cancel the buying and selling entry of Hipgnosis shares on the primary market and to the Monetary Conduct Authority to cancel the itemizing of Hipgnosis shares on the Official Record.
“The suspension of buying and selling in Hipgnosis shares from the official checklist and the suspension of buying and selling in Hipgnosis shares on the primary market is predicted to be efficient at 7:30 a.m. (London time) on July 29, 2024. As soon as suspended, buying and selling in Hipgnosis shares will not be anticipated to renew Graduation, and due to this fact the final day for the registration of buying and selling and switch of Hipgnosis shares on the London Inventory Alternate and the debarment of Hipgnosis shares in CREST, shall be 26 July 2024.
“It’s anticipated that the delisting of Hipgnosis shares from the Official Record and the delisting of Hipgnosis shares from buying and selling on the Principal Market shall be efficient at 8am (London time) upon the graduation of the scheme on 30 July 2024.”
With the acquisition of HSF, Blackstone will personal two Hipgnosis-branded tune portfolios: Hipgnosis Songs Fund (HSF) and Hipgnosis Songs Capital, often known as Hipgnosis Songs Property (HSA).
The latter firm (HSA) is a three way partnership with Leonard Cohen, Justin Timberlake, Justin Bieber, Nelly Furtado and Kenny Personal homeowners of property/pursuits associated to songwriters reminiscent of Kenny Chesney.
HSF and HSA proceed to work intently with their funding advisor, Hipgnosis Tune Administration (HSM), run by CEO Ben Katovsky.
It’s understood that Blackstone Group holds a majority stake in HSM.
Earlier this month, Hipgnosis Tune Administration introduced its founder and chairman; Merckis leaving the corporate.
“This can be a well timed alternative for me to make a strategic shift in focus and spend extra time advocating on behalf of songwriters to make sure they’re correctly compensated for his or her work,” mentioned Mercuriadis.
Hipgnosis Songs Fund has constructed a portfolio that at present consists of 138 catalogs containing the rights and/or income streams for greater than 40,000 songs.global music business.
Blackstone mentioned that its whole property underneath administration at present quantity to US$1 trillion, masking numerous fields, and its funding instruments are primarily concentrated in non-public fairness, actual property, public debt and fairness, life sciences, development fairness, opportunism, non-investment grade credit score, actual property, and many others. subject.world music enterprise
