The Hipgnosis Songs fund is considering strategic options to narrow its deep discount to net asset value after a number of top shareholders called for the disposal of non-core assets to demonstrate portfolio value.
The London-listed investment trust, which holds £2.5bn in assets, is currently trading at a 53% discount, according to data from the Association of Investment Companies. In a stock exchange notice on Thursday (13 July), CEO Merck Mercuriadis said that, following consultation with many of its largest shareholders, the fund has been working with the board on a number of options to enhance shareholder value ahead of its five-year continuation vote in September. This may include the potential strategic sale of catalogues of songs, the board said. The move follows a report by the Financi...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
