Hipgnosis catalogue sale cancelled as shareholders vote against continuation

Chair Andrew Sutch ousted

The proposed music catalogue sale from Hipgnosis Songs (SONG) to the Blackstone-backed Hipgnosis Songs Capital has been cancelled, as shareholders voted against the trust's continuation in a general meeting, held today (26 October).

The vote concludes an uncertain period for the embattled trust, which has faced severe criticism from analysts and shareholders over its proposed $440m music catalogue sale and for axing its dividend.  The outcome follows the resignation of directors Andrew Wilkinson and Paul Burger on Wednesday (25 October). Chair Andrew Sutch, who is due to step down next year, ceased to be director after the conclusion of the AGM, as his re-appointment vote did not pass.  As a result of failing the continuation vote, the board will put forward proposals for the reconstruction, reorganisation or win...