Hipgnosis Songs' (SONG) shares have tumbled by more than 14% after the embattled trust reported that the September-end portfolio valuation was more than a quarter lower than originally disclosed.
In a stock exchange notice today (4 March), the board said the preliminary valuation report provided by music rights specialist Shot Tower Capital, indicates a 26.3% reduction to the valuation provided by former independent valuer Citrin Cooperman in December 2023. The report suggests a fair market value range for the portfolio between $1.8bn and $2.06bn, or $1.74bn and $2bn after factoring in contingent catalogue bonuses amounting to $59.9m. This contrasts with the previously disclosed fair value recorded as of 30 September 2023 of $2.62bn, and $2.55bn after accounting for the catal...
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