Hipgnosis shareholders approve £20m bidder incentive

99.9% approval

Shareholders in the embattled Hipgnosis Songs Fund (SONG) have overwhelmingly backed the board’s proposed bidder incentive fee.

In an extraordinary general meeting held today (7 February), 99.9% of shareholders who voted cast their shares in favour of the amendment to the articles of the company, allowing the board access to a discretionary payment of up to £20m to any bidder who presents terms "recommendable to shareholders". More than two-thirds (68.4%) of total voting rights were exercised at the EGM. Incentive fee for Hipgnosis bidders seen as 'marginal positive' for shareholder value The special resolution was proposed as a partial solution to the unattractive nature of submitting a bid for SONG assets...