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SONG: the AGM and EGM results

As anticipated, shareholders have voted against the asset sale proposed by the board of Hipgnosis Songs Fund (SONG, 77p), and also against continuation. More than 80% of the votes cast were against in each case.

There is work ahead now for the trust, which must find new board members to replace those that have resigned, and then proceed as required to put forward proposals for the reconstruction, reorganisation or winding-up of the trust within six months. We suspect the process will take all of that time and will not be easy. It seems likely that SONG may seek a buyer for its assets on better terms than those just proposed and will likely terminate its current management arrangements.

As we stated before, no outcome will be optimal now, but there remains very good scope for an uplift from the currently depressed share price levels and we think current shareholders should continue to HOLD in expectation of some value realisation to come.

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