Hipgnosis Songs (SONG) and its investment adviser Hipgnosis Songs Management have decided the trust will suspend dividends until the new financial year.
The trust explained its catalogues' bonus provision is expected to grow by $23m to $68m as of 30 September 2023, as there are now ten out of its 146 catalogues "likely to meet performance hurdles" - up from six in March, it said in a regulatory filing today (6 November). SONG explained the $68m would be payable over three years from 30 September 2023. More specifically, $40m are due within 12 months, $24m due within one to two years, and $4m due within two to three years. Failed continuation vote leaves Hipgnosis Songs manager in a 'do or die' position The trust added there are als...
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