The London-listed trust founded by Merck Mercuriadis withdraws its October payment to investors because of lower estimates on income from the Copyright Royalty Board’s Phonorecords III decisi…
Merck Mercuriadis at the Billboard Power 100 Event held at Goya Studios on February 1, 2023 in Los Angeles, California.Hipgnosis Songs Fund said on Monday it would not pay its investors a dividend in October because of new, lower projections for the amount of revenue it can expect from the U.S. Copyright Royalty Board for certain streaming royalties, causing its stock to dip more than 10%.
, causing the board to cut its expectations for CRB III retroactive accrual to $9.9 million, from $21.7 million. Hipgnosis’s board said it “expects to declare and pay future dividends as targeted,” subject to discussions with its lenders., where investors are asked to vote on whether they want to keep the investment trust going or liquidate the fund.
The board has announced a number of initiatives since September that appear to be aimed at addressing investors’ concerns ahead of the Oct. 26 continuation vote, including the proposed sale of $440 million worth of catalogs from its portfolio to the private side of Hipgnosis — Hipgnosis Songs Capital, which is backed by private equity goliath Blackstone.
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