That is it. Hipgnosis Songs Fund will formally delist from the London Inventory Change subsequent week as its new proprietor, Blackstone Group, takes the corporate’s property non-public.
The information marks the top of a marathon bidding conflict for HSF’s property, with Blackstone rising because the winner of the takeover battle with Harmony.
On July 8, HSF shareholders voted to help Blackstone US$1.584 billion Bidding for UK listed firms at courtroom conferences and AGMs.
Blackstone is buying the Hipgnosis Songs Fund by way of Lyra Bidco Ltd, an entity totally funded by fairness investments within the fund suggested by associates of Blackstone.
The acquisition was effected by way of a so-called “court-approved scheme of association” beneath Half 8 of the UK Firms Act.
In an replace to the UK market earlier right this moment (Friday 26 July), Hipgnosis Council and Bidco Council collectively introduced that “at a planning tribunal listening to held earlier right this moment, the Crown Courtroom of Guernsey granted A Planning Courtroom order approving the scheme upon which the acquisition is to be carried out.
In different phrases, the courtroom has authorized the acquisition and “the plan” – the acquisition – will take impact on Monday (July 29, 2024).
Consequently, HSF can be formally delisted from the London Inventory Change at 8am London time on Tuesday (July 30).
In accordance with right this moment’s replace:
“Purposes have been made to the London Inventory Change to droop and subsequently cancel the buying and selling entry of Hipgnosis shares on the principle market and to the Monetary Conduct Authority to cancel the itemizing of Hipgnosis shares on the Official Listing.
“The suspension of buying and selling in Hipgnosis shares from the official checklist and the suspension of buying and selling in Hipgnosis shares on the principle market is anticipated to be efficient at 7:30 a.m. (London time) on July 29, 2024. As soon as suspended, buying and selling in Hipgnosis shares will not be anticipated to renew Graduation, and due to this fact the final day for the registration of buying and selling and switch of Hipgnosis shares on the London Inventory Change and the debarment of Hipgnosis shares in CREST can be 26 July 2024.
“It’s anticipated that the delisting of Hipgnosis shares from the Official Listing and the delisting of Hipgnosis shares from buying and selling on the Important Market can be efficient at 8am (London time) upon the graduation of the scheme on 30 July 2024.”
With the acquisition of HSF, Blackstone will personal two Hipgnosis-branded track portfolios: Hipgnosis Songs Fund (HSF) and Hipgnosis Songs Capital, also referred to as Hipgnosis Songs Property (HSA).
The latter firm (HSA) is a three way partnership with Leonard Cohen, Justin Timberlake, Justin Bieber, Nelly Furtado and Kenny Non-public homeowners of property/pursuits associated to songwriters reminiscent of Kenny Chesney.
HSF and HSA proceed to work carefully with their funding advisor, Hipgnosis Track Administration (HSM), run by CEO Ben Katovsky.
It’s understood that Blackstone Group has a majority stake in HSM.
Earlier this month, Hipgnosis Track Administration introduced that founder and chairman Merck Mercuriadis could be leaving the corporate.
“This can be a well timed alternative for me to make a strategic shift in focus and spend extra time advocating on behalf of songwriters to make sure they’re correctly compensated for his or her work,” stated Mercuriadis.
Hipgnosis Songs Fund has constructed a portfolio that at present consists of 138 catalogs containing the rights and/or income streams for greater than 40,000 songs.International music enterprise.
Blackstone stated that its whole property beneath administration at present quantity to US$1 trillion, masking numerous fields, and its funding instruments are primarily concentrated in non-public fairness, actual property, public debt and fairness, life sciences, development fairness, opportunism, non-investment grade credit score, actual property, and so on. subject.international music enterprise
