Hipgnosis Songs Fund Limited Update on dividend intentions (4168S)
2023年11月6日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMSONG
RNS Number : 4168S
Hipgnosis Songs Fund Limited
06 November 2023
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
LEI: 213800XJIPNDVKXMOC11
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Update on Dividend Intentions
6 November 2023
The Board of Hipgnosis Songs Fund Limited together with its
Investment Adviser, Hipgnosis Song Management Limited, have been
undertaking a review of the Company's financial position as a
result of which the Board has determined that it will not declare
dividends before the new financial year.
As a result of this review:
-- It has been determined that the Catalogue bonus provision is
expected to increase by approximately $23 million to $68 million at
30 September 2023 as there are now ten (31 March 2023: six) out of
the Company's 146 Catalogues likely to meet performance hurdles as
defined in their acquisition agreements. The $68 million would be
payable over a period of three years from 30 September 2023, with
$40 million due within 12 months, $24 million due within 1-2 years
and $4 million due within 2-3 years. In addition, there are a
further nineteen Catalogues with active bonus provisions totalling
$75 million, that are unlikely to meet performance hurdles; these
are not recognised as provisions but are contingent liabilities and
will be disclosed in the forthcoming interim results with
associated sensitivity analysis.
-- The Board, advised by the Investment Adviser, is exploring
refinements to the methodology adopted in the Company's revenue
accrual estimation process for the year end results which, based on
early assessments, may result in an accrual adjustment reducing
revenue accruals by up to 10%. Any changes would aim to bring
consistency to the description of IFRS revenue and the Pro Forma
Annual Revenue measure through the use of granular data in the
underlying calculations, to support an improved estimation process
and enhanced disclosures.
In light of this information, the Board has determined that it
will not declare dividends before the new financial year. The
operating cash flow of the Company during this time will therefore
be used to ensure that the Company has sufficient cash resources to
fund the payment of the Catalogue bonuses as required.
Additionally, the suspension of dividend payments will provide the
Company with the headroom required to maintain compliance with its
revolving credit facility's Fixed Charge Cover Ratio covenant if
the accrual adjustment is realised in full.
The Board will update the Company's dividend policy as part of
proposals which are due to be made to shareholders by 26 April 2024
following completion of the Strategic Review.
The person responsible for making this notification is Sylvia
Coleman, Senior Independent Director of Hipgnosis Songs Fund
Limited.
For further information please contact:
Hipgnosis Songs Fund Limited
Sylvia Coleman
via Singer Capital Markets +44 (0) 20 7496 3000
Hipgnosis Song Management
Merck Mercuriadis
Ben Katovsky +44 (0) 20 4542 1530
Giles Croot (Media) +44 (0) 20 4542 1511
Headland Consultancy - Financial PR
Susanna Voyle / Charlie Twigg +44 (0) 20 3805 4822
J.P. Morgan Cazenove - Sponsor, Financial
Adviser and Corporate Broker
William Simmonds / Jérémie
Birnbaum (Corporate Finance) +44 (0) 20 3493 8000
Singer Capital Markets - Corporate
Broker
James Moat / Angus Campbell (Corporate
Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales) +44 (0) 20 7496 3000
RBC Capital Markets - Corporate Broker
Elliot Thomas / Max Avison (Corporate
Finance) +44 (0) 20 7635 4000
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DIVEAAFSEDADFAA
(END) Dow Jones Newswires
November 06, 2023 02:00 ET (07:00 GMT)
Hipgnosis Songs (LSE:SOND)
過去 株価チャート
から 11 2024 まで 12 2024
Hipgnosis Songs (LSE:SOND)
過去 株価チャート
から 12 2023 まで 12 2024