Hipgnosis Songs Management has rejected calls from the new board of Hipgnosis Songs Fund (SONG) to scrap the call option from its investment advisory agreement.
According to a regulatory filing, the board requested its investment adviser, which is majority owned by funds managed or advised by Blackstone, to "unconditionally remove" the call option from its agreement, which was refused. The call option has been at the centre of recent arguments, with the board offering a special resolution to try and temper the "material conflict of interest" that acts as a "significant deterrent" to potential offerors. Hipgnosis tables proposal to offer up to £20m to prospective acquisition bidders The clause within the investment advisory agreement gives ...
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