That includes 29 catalogs worth $440 million that the London-listed fund’s board has agreed to sell to the Blackstone-backed Hipgnosis Songs Capital.
Merck Mercuriadis at the Billboard Power 100 Event held at Goya Studios on February 1, 2023 in Los Angeles, California.Hipgnosis Songs Fund’s board of directors said on Thursday that the music royalty fund founded byplans to sell two portions of its song catalog in a bid to increase its stock price and pay down debt.
“Given the substantial share price discount to fundamental value in recent months, share buy backs enable to invest further into the remaining portfolio at a material discount to its fundamental asset value,” according to the statement.
Those songs, it says, represent 81% of the existing portfolio by fair value, including ownership in seven of the Fund’s 10 largest catalogs, and are mostly older vintages, such as 47 of Rolling Stone’s 500 Greatest Songs of All Time (down from the Fund’s current ownership stake in 52 of those songs. By comparison, Concord’s cash bid of $1.15 per share for Round Hill’s Music Royalty Fund represented a 67% premium to the share price and a 11.5% discount per-share net asset value ascribed to Round Hill by Citron Cooperman, a leading valuation expert.
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