Because the destiny of Hipgnosis Songs Fund (HSF) hangs within the stability, longtime director Sylvia Coleman has formally exited the board.
Hipgnosis introduced Coleman’s resignation, representing the most recent in a collection of shake-ups on the troubled firm, by way of a quick launch. Appointed to the board in November of 2019, the EMI and Sony Music vet Coleman offered worthwhile help throughout the previous three or so months specifically, in accordance with chair Robert Naylor.
“We’re very grateful to Sylvia for the help she’s given to the Firm and I’m particularly appreciative of the assistance she’s offered to me and my fellow new Board Administrators over the previous few months because the Board has transitioned and reshaped itself,” communicated Naylor. “I want to thank her and want her all the perfect for fulfillment sooner or later.”
For individuals who’ve adopted the Hipgnosis saga even in passing, it’ll be clear that these concise, well mannered remarks distinction the character of the controversy engulfing the previously high-flying IP purchaser, a majority of buyers wherein have formally opposed its continuation.
Because of the October vote coinciding with the latter, HSF’s board has till late April of this yr to undergo shareholders a plan for the corporate’s future, probably together with the liquidation of its belongings. However complicating the restructuring and attainable IP selloff are (amongst different issues) regarding clauses in HSF’s settlement with its Blackstone-powered funding adviser, Hipgnosis Music Administration (HSM).
In any occasion, accompanying the failed continuation vote was a separate vote in opposition to preserving Andrew Sutch (who had been set to step down regardless) aboard as chair. Concurrently, board members Andrew Wilkinson and Paul Burger resigned.
Taking into account the factors and buyers’ far-reaching qualms, the aforementioned Naylor, beforehand the chair of Spherical Hill’s since-sold songs fund, joined HSF in the identical capability in November. Plus, one other Spherical Hill vet, Francis Keeling, signed on to HSF’s board as a director, earlier than activist investor Christopher Mills joined one month again.
Latest weeks’ drama hasn’t been restricted to the addition of Mills, who might effectively conflict with founder Merck Mercuriadis; the board delayed the publication of HSF’s half-year financials in December as a result of issues about “the valuation of the corporate’s belongings.”
Whereas the seemingly underwhelming earnings data was ultimately launched, the episode – in addition to public statements from Naylor on one aspect and Mercuriadis-founded HSM on the opposite – seems a harbinger of the broader dispute that may unfold within the approaching months.