And that’s that. Hipgnosis Songs Fund will formally delist from the London Inventory Trade subsequent week, with its new proprietor Blackstone taking the corporate’s property personal.
The information marks the conclusion of a marathon bidding struggle for the property of HSF, with Blackstone rising because the winner in its battle with Harmony over the acquisition.
On July 8, HSF shareholders voted in favor of Blackstone’s USD $1.584 billion bid for the UK-listed firm at a Court docket Assembly and Common Assembly.
Blackstone is buying Hipgnosis Songs Fund through Lyra Bidco Ltd, an entity that’s absolutely financed by an fairness funding from funds suggested by associates of Blackstone.
The acquisition is being carried out through a so-called “court-sanctioned scheme of association” underneath Half VIII of UK Firms Legislation.
Earlier at this time (Friday, July 26), in an replace to the market within the UK, the Hipgnosis Board and Bidco Board collectively introduced that, at “the Scheme Court docket Listening to held earlier at this time, the Royal Court docket of Guernsey granted the Scheme Court docket Order sanctioning the Scheme pursuant to which the Acquisition is being carried out.”
In different phrases, the court docket has signed off on the acquisition, and “the Scheme” – i.e. the acquisition – will turn into efficient on Monday (July 29, 2024).
Because of this, HSF will formally delist from the London Inventory Trade, efficient 8am London time on Tuesday (July 30).
Based on at this time’s replace:
“Functions have been made to the London Inventory Trade for the suspension, and subsequent cancellation, of the admission to buying and selling of Hipgnosis Shares on the Fundamental Market and to the Monetary Conduct Authority for the cancellation of the itemizing of the Hipgnosis Shares on the Official Checklist.
“The suspension of Hipgnosis Shares from the Official Checklist and of dealings in Hipgnosis Shares on the Fundamental Market are every anticipated to take impact from 7.30 a.m. (London time) on 29 July 2024. As soon as suspended, it’s not anticipated that buying and selling in Hipgnosis Shares will recommence and due to this fact the final day of dealings in, and for registration of transfers of, Hipgnosis Shares on the London Inventory Trade, and disablement of Hipgnosis Shares in CREST, will probably be 26 July 2024.
“It’s anticipated that, topic to the Scheme turning into Efficient, the cancellation of the itemizing of Hipgnosis Shares from the Official Checklist, and of the admission to buying and selling of Hipgnosis Shares on the Fundamental Market, will take impact from 8.00 a.m. (London time) on 30 July 2024.”
Following its acquisition of HSF, Blackstone will personal two Hipgnosis-branded tune portfolios: Hipgnosis Songs Fund (HSF) plus Hipgnosis Songs Capital aka Hipgnosis Songs Belongings (HSA).
The latter firm (HSA) is the personal proprietor of property/pursuits related to songwriters corresponding to Leonard Cohen, Justin Timberlake, Justin Bieber, Nelly Furtado, and Kenny Chesney.
Each HSF and HSA proceed to work intently with their funding adviser, Hipgnosis Track Administration (HSM), which is run by CEO, Ben Katovsky.
Blackstone is known to be the majority-owned of HSM.
Earlier this month, Hipgnosis Track Administration introduced that the corporate’s founder and Chairman, Merck Mercuriadis, was stepping away from the agency.
Mercuriadis mentioned: “It is a well timed alternative for me to undertake a strategic shift of focus, and to spend extra time advocating on behalf of songwriters to make sure that they’re correctly compensated for his or her work.”
Hipgnosis Songs Fund has constructed a portfolio at the moment comprising 138 catalogs containing copyright and/or revenue streams from greater than 40,000 songs.Music Enterprise Worldwide.
In whole, Blackstone says it has USD $1 trillion in property underneath administration at this time in all sectors, throughout funding automobiles centered on personal fairness, actual property, public debt and fairness, life sciences, progress fairness, opportunistic, non-investment grade credit score, actual property and secondary funds.Music Enterprise Worldwide
