Hipgnosis pulls dividend as expected retroactive royalties halve

‘Adds significant uncertainty’

James Baxter-Derrington
clock • 2 min read

Hipgnosis Songs fund has withdrawn its proposed interim dividend on news its independent portfolio valuer has “materially reduced” its expectations of retroactive royalty payments.

According to a regulatory statement, the embattled investment trust has seen its expected retroactive payments more than halve, falling 54% from $21.7m to $9.9m, as at 31 March 2023. Hipgnosis Songs music catalogue sale comes under scrutiny as continuation vote looms This comes as valuer Citrin Cooperman notified the trust on Friday (13 October) that, as a result of a decision made by the US Copyright Royalty Board in relation to royalties spanning 2018-2022 (CRB III), it would lower its valuation of the portfolio as of 30 September 2023. As such, the Hipgnosis board expects to rec...

To continue reading this article...

Join Investment Week for free

  • 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

Join now

 

Already an Investment Week
member?

Login

More on Alternatives

Trustpilot