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Added background and EGM details to paragraphs 3-5
January 23 (Reuters) – Hipgnosis Songs Fund, a struggling music investor Song El The company’s investment advisers, backed by private equity firm Blackstone, made the announcement on Tuesday. BX.Nhad refused to remove the “call option” from the advisory contract.
Hipgnosis Songs Management, which manages a catalog of more than 150 songs, holds a “call option” that gives it the right to buy the fund’s portfolio if the contract with the fund ends.
The London-listed fund had asked its investment adviser to remove the option to “act in the best interests of shareholders as a whole”.
The company previously said the option represented a “structural conflict between the interests of shareholders and investment advisers” and would deter potential bidders for the company.
HSF is extraordinary general meeting A vote will be taken on February 7 on a proposal that would provide for the payment of fees of up to 20 million pounds ($25.5 million) as a form of “cost protection” for offerors who might be deterred by a call option. ($1 = 0.7848 pounds)
(Reporting by Yadarisa Chabon in Bengaluru; Editing by Savio D’Souza and Varun HK)
((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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