The decision to delay the release of Hipgnosis Songs’ half-year results has suggested friction is building between the manager and the trust’s newly established board, analysts said.
Today (19 December), the board expressed doubts over the asset valuations provided by independent valuer Citrin Cooperman, noting that they were "materially higher" than the valuation implied by proposed and recent transactions in the sector. Therefore, the board sought advice from its investment adviser, Hipgnosis Song Management (HSM), on their opinion on the provided valuation. A "heavily caveated" opinion was "eventually" provided by HSM, such that the board "has concerns as to the valuation" of the assets in the interim results, which are now expected to be published by 31 Dece...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
