The board of directors of the music royalty fund say they would switch their support from Concord’s bid to the private equity giant’s offer if Blackstone makes it official.
The deal values each Hipgnosis share at £0.93, a premium of roughly one third the royalty fund’s shareprice at the close of trading on Wednesday.
An internal report released by the new board of directors detailed how accounting practices “materially” overstated annual revenue, among other issues.
Shot Tower Capital says inadequate financial analysis and management from the investment adviser led to inaccurate information at multiple levels.
The worth of the company’s catalog was cut by 26% last week, confirming many investors’ suspicions that previous valuations had overshot the mark.
The London-listed fund said it will focus on paying down debts and therefore extend its pause on paying dividends.
Mercuriadis will transition to chairman, with Ben Katovsky rising to chief executive as the advisor eyes smoother relations with its publicly listed royalty fund.
The board cautioned investors to use the company’s valuation metrics “with a higher degree of caution and less certainty” than normal.
KPMG will take over the role from Pricewaterhousecoopers, subject to approval by the fund’s shareholders.
KPMG will take over the role from Pricewaterhousecoopers, subject to approval by the fund’s shareholders.
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