Litigation Update
LEI: 213800XJIPNDVKXMOC11
5 February 2024
Hipgnosis Songs Fund Limited
(the "Company")
Litigation update
The Company notes the media commentary concerning allegations against Merck Mercuriadis, Hipgnosis Songs Management, (the "Investment Adviser") which is majority owned by funds managed and/or advised by Blackstone, and the Company.
The Company has already disclosed this lawsuit, both on 23 November 2023 and in its 2023 Annual Report. In summary, Hipgnosis Music Limited has issued and served High Court proceedings upon Mr Mercuriadis, Hipgnosis Songs Management and the Company.
Hipgnosis Music Limited (of which Mr Mercuriadis was a director from 16 June 2015 and is still shown as director on Companies House1.) alleges an unlawful diversion of the Hipgnosis business opportunity by Mr Mercuriadis to the Company and the Investment Adviser. Hipgnosis Music Limited are seeking to recover a substantial but as yet unquantified sum under the claim. The Company has recently become aware that Hipgnosis Music Limited has secured litigation funding.
The Board has recently appointed Kastle Solicitors, independently of the other defendants, to review the claim. As any liability of the Company arises from Mr Mercuriadis' conduct and knowledge, the Company intends to seek to secure an indemnity from Mr Mercuriadis and Hipgnosis Songs Management against any liability that might be incurred by the Company resulting from the actions of Mr Mercuriadis or Hipgnosis Songs Management.
1. https://find-and-update.company-information.service.gov.uk/company/09642326/officers
For further information please contact:
Robert Naylor Via Singer Capital Markets
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+44 (0) 20 7496 3000 |
Singer Capital Markets - Corporate Broker James Moat / Alaina Wong / Angus Campbell (Corporate Finance) Alan Geeves / James Waterlow / Sam Greatrex (Sales) |
+44 (0) 20 7496 3000 | |
Headland Consultancy - Financial PR Susanna Voyle / Charlie Twigg
| +44 (0) 20 3805 4822
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