{"id":64553,"date":"2023-12-20T18:06:35","date_gmt":"2023-12-20T23:06:35","guid":{"rendered":"https:\/\/www.cyberlego.com\/web\/2023\/12\/20\/hipgnosis-songs-fund-appoints-new-auditor-2\/"},"modified":"2023-12-20T18:06:35","modified_gmt":"2023-12-20T23:06:35","slug":"hipgnosis-songs-fund-appoints-new-auditor-2","status":"publish","type":"post","link":"https:\/\/www.cyberlego.com\/web\/2023\/12\/20\/hipgnosis-songs-fund-appoints-new-auditor-2\/","title":{"rendered":"Hipgnosis Songs Fund Appoints New\u00a0Auditor"},"content":{"rendered":"

<\/p>\n

\n<\/p>\n
\n

\n\tJust one day after announcing a delay<\/a> in publishing interim financial results for the six months ended Sept. 30, Hipgnosis Songs Fund has announced the appointment of a new auditor.<\/p>\n

\n\tIn a press release on Wednesday (Dec. 20), the Merck Mercuriadis<\/strong>-led company said it had appointed KPMG Channel Islands Limited as its new auditor, \u201cwith immediate effect for the financial year ended\u201d Mar. 31, 2024. KPMG succeeds PricewaterhouseCoopers (PwC) in the role.<\/p>\n

\n
\n

\n

\t\t\t\t\tRelated\t\t<\/p>\n<\/h3><\/div>\n

\n

\t\t\t<\/p>\n

\n
\n
\n

\t\t\t\t\t\t\"Merck<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n\t\t\t\t\t<\/div>\n
\n

\n

\t\t\t\t\tHipgnosis Delays Half-Year Financial Results Over Valuation\u00a0Concerns\t\t<\/p>\n<\/h3><\/div>\n

\t\t<\/a><\/p>\n<\/div><\/div>\n

\n\tThe release notes that the appointment of KPMG will be subject to approval by the company\u2019s shareholders at a general meeting \u201cto be convened in due course.\u201d<\/p>\n

\n\t\u201cThe previous auditor, PwC CI, has deposited with the Company a statement confirming that there are no matters to be brought to the attention of the Company\u2019s members or creditors,\u201d the release adds.<\/p>\n

\n\tOn Tuesday, Hipgnosis Songs Fund said it would delay publishing its financial results over concerns about its valuation, explaining that the valuation it received from an independent firm was \u201cmaterially higher than the valuation implied by proposed and recent transactions in the sector.\u201d These transactions include the proposed $417.5 million sale of 29 catalogs<\/a> to Blackstone-backed Hipgnosis Songs Capital \u2014 a price reflecting a 24.3% discount from a valuation dated March 31 \u2014 and last week\u2019s sale of 20,000 \u201cnon-core songs\u201d<\/a> to an undisclosed buyer for $23.1 million, which the company said reflects a 14.2% discount on the songs\u2019 valuation as of early fall.<\/p>\n

\n\tHipgnosis Songs Fund now expects to announce its financial results on New Year\u2019s Eve, according to the\u00a0regulatory filing.<\/p>\n

\n\tHipgnosis is composed of three companies: Hipgnosis Song Management, Hipgnosis Songs Capital and Hipgnosis Songs Fund, the latter of which has been the subject of controversy for months. On Oct. 16, the London-listed trust revealed that it would not pay its investors a dividend<\/a> due to new, lower revenue projections. On Oct. 26, more than 80% of the fund\u2019s investors demanded structural changes<\/a> to the music rights company, voting in favor of the board drawing up \u201cproposals for the reconstruction, reorganization or winding-up of the company to shareholders for their approval within six months.\u201d<\/p>\n

\n\tLast month, it was also announced that the fund will not declare dividends before the fiscal year, which begins in April, to ensure it has enough on its ledger to pay contractually mandated catalog bonuses.<\/p>\n

\n\tHipgnosis Songs Fund owns full or partial rights to the song catalogs of artists including Justin Bieber, Neil Young, Bruno Mars, Jimmy Iovine, 50 Cent, Shakira, Blondie, Justin Timberlake and Lindsey Buckingham.<\/p>\n

\n\tHipgnosis Songs Fund ended the day up 1.43% on the London Stock Exchange following the announcement of the new auditor.<\/p>\n<\/div>\n<\/div>\n

Aller \u00e0 la source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Just one day after announcing a delay in publishing interim financial results for the six months ended Sept. 30, Hipgnosis Songs Fund has announced the appointment of a new auditor. In a press release on Wednesday (Dec. 20), the Merck Mercuriadis-led company said it had appointed KPMG Channel Islands Limited as its new auditor, \u201cwith […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-64553","post","type-post","status-publish","format-standard","hentry","category-musique","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"_links":{"self":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts\/64553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/comments?post=64553"}],"version-history":[{"count":0,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts\/64553\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/media?parent=64553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/categories?post=64553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/tags?post=64553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}