Hipgnosis faces fresh fury as leading investor says firm needs a ‘clean break’
Star quality: Hipgnosis contains hits by Shakira
The Hipgnosis Songs Fund faced fresh anger last night when a leading investor called for the resignation of board members and said the company needs a ‘clean break’ after a series of ‘self-inflicted wounds’.
Shareholder Metage Capital has called for the resignation of three board members – Andrew Sutch, Andrew Wilkinson and Paul Burger – over their role in the Song Fund unrest.
The beleaguered music rights company of Beyoncé’s former manager Merck Mercuriadis suffered major setbacks this week after it canceled its dividend and went ahead with plans to sell 29 catalogs to a Blackstone fund, also managed by Mercuriadis.
Shareholders will have the opportunity to vote on Thursday on the sale – including hits from Shakira – and on whether to ‘continue’ the fund.
Critics are concerned that the £362 million price tag is too low and would not offer the best value.
Metage’s Tom Sharp joined the call for change in the boardroom yesterday and encouraged others to do the same.
“It is time for a clean break,” he wrote in a letter to shareholders.