The board of the embattled Hipgnosis Songs Fund has proposed a special resolution, which, if passed, would offer a fee of up to £20m in aggregate to any prospective bidders who approach the board seeking to make an acquisition of the company’s assets on recommendable terms.
This is the latest instalment of the ongoing management saga of the trust founded by manager Merck Mercuriadis, after its continuation vote failed to pass in October. Hipgnosis narrowly avoids share suspension with publication of interim results The unsuccessful vote forced the board to propose a reconstruction, reorganisation or wind-up of the trust within six months, since which it has narrowly avoided a share suspension after its interim results were delayed due to increased tensions between the board and investment adviser as to the valuation of the trust's ass...
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