In the present day marks the tip of an period for the Hipgnosis Music Fund.
The British-born firm, which listed on the London Inventory Alternate six years in the past (July 2018), formally canceled its itemizing on the London Inventory Alternate this morning (July 30).
The corporate is not publicly traded within the UK as its belongings at the moment are owned by non-public fairness large Blackstone, which received a long-running high-profile takeover battle with Harmony.
On July 8, HSF shareholders voted to assist Blackstone US$1.584 billion Bidding for firms at courtroom conferences and shareholder conferences.
HSF has constructed a portfolio that presently contains 138 Listing containing copyright and/or income sources 40,000 music.
Based on a regulatory replace launched to the market yesterday (July 29), “Hipgnosis’s whole issued and to be issued share capital is now represented by [Lyra] Bidco,” the entity that technically acquired Hipgnosis.
Lyra Bidco is totally funded by fairness investments from funds suggested by associates of Blackstone.
The most recent information launched to the market at this time (Tuesday 30 July) confirms the cancellation of HSF’s itemizing: “Following the bulletins made by Hipgnosis and Bidco on 29 July 2024, Hipgnosis confirms that Hipgnosis shares are listed on the official checklist and are permitted for itemizing Buying and selling in Hipgnosis shares on the primary market has been canceled as of 8:00 am at this time, July 30, 2024.
Based on reviews on Friday (July 26), the acquisition was applied by a so-called “court-approved scheme of association” underneath Half 8 of the UK Firms Act.
Based on a regulatory replace issued to the market yesterday, “Following the announcement of courtroom approval of the scheme on 26 July 2024, a courtroom order for the scheme has now been served” on the Registrar of Firms in Guernsey, UK.
In different phrases, the courtroom permitted the acquisition, which turned efficient on Monday (July 29, 2024).
Moreover, because the acquisition takes impact, Hipgnosis and Blackstone confirmed that as of Monday (July 29), Robert Naylor, Cindy Rampersaud, Frances Keeling, Christopher Mills and Simon Holden has resigned from the Hipgnosis board of administrators.
In the meantime, Hipgnosis Music Administration CEO Ben Katofsky and chief monetary officer Dan Pound Has been appointed to the Hipgnosis Committee.
After buying HSF, Blackstone owns two Hipgnosis-branded music portfolios: Hipgnosis Songs Fund (HSF) and Hipgnosis Songs Capital, often known 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 Personal homeowners of belongings/pursuits associated to songwriters equivalent to Kenny Chesney.
Each HSF and HSA proceed to work carefully with their funding advisors, Hipgnosis music administration (HSM), operated by the CEO, Ben Katofsky.
It’s understood that Blackstone Group has a majority stake in HSM.
Earlier this month, Hipgnosis Music Administration introduced that founder and chairman Merck Mercuriadis could be leaving the corporate.
Now that Blackstone’s deal has closed and it has begun absorbing the facility of Hipgnosis, an enormous query stays whether or not it’s going to proceed to work with HSM as its funding adviser.
in April, Excessive velocity processing machine Blackstone has lashed out at former HSF board members over criticism of its providers to the Hipgnosis Songs Fund, however at this time’s appointment of Hipgnosis Music Administration’s management group to the HSF board might sign a vote of confidence in HSM.
Based on an replace launched to the market at this time: “Due to the plan [the acquisition] Upon entry into pressure, the shares referring to Hipgnosis Shares will not be legitimate and the rights to Hipgnosis Shares held throughout the CREST system will probably be cancelled.
“Functions have been made to the Monetary Conduct Authority and the London Inventory Alternate to cancel the itemizing of Hipgnosis shares on the official checklist and to cancel the buying and selling permission of Hipgnosis shares on the primary market, each of that are anticipated to be accomplished on 30 July 2024 Efficient 8am (London time).
“On account of this announcement, Hipgnosis is not throughout the ‘supply interval’ as outlined within the Takeovers Code and due to this fact the transaction disclosure necessities beforehand notified to buyers not apply.”
The replace provides: “Below the phrases of the Scheme, scheme shareholders who’re registered on the Hipgnosis register of shareholders on the scheme document time, being 6pm (London time) on 26 July 2024, will probably be entitled to obtain US$1.31 for every scheme share held. money.
“As set out within the Scheme Paperwork, settlement of the money consideration to which any Scheme Shareholder is entitled will probably be effected by digital fee or by the posting of a verify or deposit right into a CREST account (relevant to schemes by which Scheme Shares are held within the type of certificates) shareholders) in any occasion no later than 14 days after the efficient date (i.e. August 12, 2024).
General, Blackstone stated it has $1 trillion Property presently underneath administration span all industries, with funding automobiles targeted on non-public fairness, actual property, public debt and fairness, life sciences, development fairness, opportunistic, non-investment grade credit score, actual property and secondary funds.world music enterprise
