The strategic review launched by Hipgnosis Songs (SONG) is "unlikely to placate" shareholders, as the relationship between the board and manager increasingly breaks down.
The review was launched in the run-up to the trust's annual general meeting on 26 October, which will see investors vote on the continuation of the trust and its proposed sale of a fifth of its portfolio for $465m. The move also comes after Asset Value Investors, which owns a 5% stake in SONG, urged shareholders to vote against continuation and the proposed sale, which the firm deemed a "truly dreadful" deal. In today's (19 October) statement, the board said it would be considering "all options" for the future of the trust, including a review of future management arrangements, with t...
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