The div has not been announced yet, so I did not feel confident that would be at the expected level, or even paid at all. Re div's - did you read the small (almost microscopic) print at the end ? No 10 stated that the div could be paid from debt or reserves, not necessarily income. I simply felt that the fund would change from a reasonably known quantity to an unknown one which may, or may not, work. Also, the div would reduce from a reasonably reliable 8% paid from income, to a 6% div (maybe), possibly paid for by borrowing. As I said, I'm only an amateur, so maybe I'm being too simplistic, but this is not what I originally invested for !

I'm only an amateur at investing, so I don't know if this procedure is normal. However, I'm dismayed that a company can get "irrevocable undertakings and a letter of intent to vote in favour" from organisations which hold approx 56.4% of Honeycomb's issued share capital, before even issuing earlier RNS's to inform the rest of the shareholders what's going on ! Also, the announcement has been made just before the XD date, and I guess there could be a possibility that the div could be reduced, or even cancelled. Like you James, this isn't what I invested for, especially without a high div to cover the high risk. For me, this risk is even higher with the unknown of how effectively the combination will work, or how investors will react, possibly forcing the price even lower. Therefore I've sold this afternoon at a loss, and invested the proceeds in something else I was interested in, which is currently at larger discount than this lot.

I took a small position in SONG at around 120p in Jan 21. I had intended to increase this over time. However, comments in Investors Chronicle, and other sources, relating to the way SONG values its assets, and other factors, made me hold back from further investment. The RNS dated 12 Oct 21 explained the deal with Blackstone. As I understand it, the deal was between Blackstone and Hipgnosis Song Management (HSM) HSM (CEO Mercuriadis) is the investment advisor to Hipgnosis Songs Fund (SONG) I surmise that the theory is that Blackstone's investment in HSM will make HSM a better advisor to SONG, and thus improve SONG's performance. Whether this will actually happen is open to conjecture. It's also possible that Blackstone saw the deal simply as a an opportunity to make money from the investment. In the RNS's, Mercuriadis comes across as a dynamic and positive man. However, out of the hundreds of songs purchased by SONG, how many will actually make money ? If it was really as profitable as Mercuriadis describes it, couldn't the yield be a little higher than the current 4.23% ? I'm an amateur at investing, so would welcome further comment