After receiving a “heavily caveated” opinion from its adviser, Hipgnosis Songs Fund said it needs more time preparing its latest interim results.
The London-listed fund said the $23.1 million sale would be used to pay down debt.
Meanwhile, Sony sweeps all three Publishers Quarterly categories for Q3 2023, while Warner Chappell jumps to second place on Hot 100.
Current financial chief Chris Helm is leaving “to launch a new business of his own early next year.”
The troubled music rights company also said Spotify and UMG veteran Francis Keeling is joining the board.
Following last week’s no continuation vote, the fund’s board has six months to form plans to improve share price and stability—and that may include liquidating.
A majority of shareholders of the music royalty fund voted ‘no’ to continuation and rejected a plan to sell rights to songs by Shakira and Barry Manilow.
Shareholders will decide Thursday how the London-listed fund will continue – and whether its planned catalog sale will go through.
The Billboard Global Music Index fell 3.1% to 1,313.44, lowering its year-to-date gain to 12.5%.
The company sharply cut its expected retroactive royalty payments. Competitors are confident they won’t follow suit.
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