At this time marks the tip of an period Hipgnosis Song Fund.
The British-born firm listed on the London Inventory Trade six years in the past (July 2018)This morning (July 30), its itemizing on the London Inventory Trade was formally cancelled.
The corporate is not publicly traded within the UK as its belongings are actually owned by non-public fairness big Blackstone, which gained a long-standing and high-profile funding bidding war and harmony Greater than acquisition.
On July 8, HSF shareholders voted to assist Blackstone US$1.584 billion bid Signify the corporate at courtroom conferences and basic conferences.
HSF has constructed a portfolio that at the moment consists of 138 Listing containing copyright and/or income sources 40,000 music.
Based mostly on regulatory updates Released to the market yesterday (July 29), “Your complete issued and to be issued share capital of Hipgnosis is now represented by [Lyra] Bidco,” the entity that technically acquired Hipgnosis.
Lyra Bidco is totally funded by fairness investments from funds suggested by associates of Blackstone.
one renew Information launched to the market immediately (Tuesday, July 30) confirming the cancellation of HSF’s itemizing: “Following the bulletins made by Hipgnosis and Bidco on July 29, 2024, Hipgnosis confirms that Hipgnosis shares are listed on the official record and admits Hipgnosis from 2024 Ranging from 8 a.m. immediately, July 30, 2020, all shares traded on the primary market have been cancelled.
Based on experiences on Friday (July 26), the acquisition was applied by way of a so-called “court-approved scheme of association” beneath Half 8 of the UK Corporations Act.
Based on a regulatory replace issued to the market yesterday, “Following the announcement of courtroom approval of the scheme on 26 July 2024, a courtroom order for the scheme has now been served” on the Registrar of Corporations in Guernsey, UK.
In different phrases, the courtroom authorised the acquisition, which grew to become efficient on Monday (July 29, 2024).
Moreover, because the acquisition takes impact, Hipgnosis and Blackstone confirmed that as of Monday (July 29), Robert Naylor, Cindy Rampersaud, Francis KeelingChristopher Mills and Simon Holden has resigned from the Hipgnosis board of administrators.
on the similar time, Hipgnosis Song Management CEO Ben Katofsky and chief monetary officer Dan Pound Has been appointed to the Hipgnosis Committee.
After buying HSF, Blackstone owns two Hipgnosis-branded music portfolios: Hipgnosis Songs Fund (HSF) and Hipgnosis Songs Capital, also called Hipgnosis Songs Property (HSA).
The latter firm (HSA) is a three way partnership with Leonard Cohen, Justin Timberlake, Justin Bieber, Nelly Furtado and Kenny Non-public homeowners of belongings/pursuits associated to songwriters akin to Kenny Chesney.
Each HSF and HSA proceed to work carefully with their funding advisors, Hipgnosis music administration (HSM), operated by the CEO, Ben Katofsky.
It’s understood that Blackstone Group has a majority stake in HSM.
Earlier this month, Hipgnosis Tune Administration introduced its founder and chairman; Merckwas once go away from the corporate.
Now that Blackstone’s deal has closed and it has begun absorbing the ability of Hipgnosis, a giant query stays whether or not it should proceed to work with HSM as its funding adviser.
in April, Excessive pace processing machine fierce criticism Former present HSF board members have expressed dissatisfaction with the service they supplied to the Hipgnosis Songs Fund, however immediately’s appointment of Hipgnosis Tune Administration’s management staff to the HSF board could sign Blackstone’s vote of confidence in HSM.
Based on an replace launched to the market immediately: “Due to the plan [the acquisition] Upon entry into pressure, the shares regarding Hipgnosis Shares will not be legitimate and the rights to Hipgnosis Shares held throughout the CREST system might be cancelled.
“Purposes have been made to the Monetary Conduct Authority and the London Inventory Trade to cancel the itemizing of Hipgnosis shares on the official record and to cancel the buying and selling permission of Hipgnosis shares on the primary market, each of that are anticipated to be accomplished on 30 July 2024 Efficient 8am (London time).
“On account of this announcement, Hipgnosis is not throughout the ‘provide interval’ as outlined within the Takeovers Code and due to this fact the transaction disclosure necessities beforehand notified to buyers not apply.”
The replace provides: “Underneath the phrases of the Scheme, scheme shareholders who’re registered on the Hipgnosis register of shareholders on the scheme report time, being 6pm (London time) on 26 July 2024, might be entitled to obtain US$1.31 for every scheme share held. money.
“As set out within the Scheme Paperwork, settlement of the money consideration to which any Scheme Shareholder is entitled might be effected by digital cost or by the posting of a examine or deposit right into a CREST account (relevant to schemes during which Scheme Shares are held within the type of certificates) shareholders) in any occasion no later than 14 days after the efficient date (i.e. August 12, 2024).
Total, Blackstone stated it has $1 trillion Property at the moment beneath administration span all industries, with funding autos targeted on non-public fairness, actual property, public debt and fairness, life sciences, development fairness, opportunistic, non-investment grade credit score, actual property and secondary funds.world music enterprise
