{"id":10434,"date":"2023-11-07T03:00:39","date_gmt":"2023-11-07T03:00:39","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/music-royalty-fund-hipgnosis-freezes-dividend-pay-till-new-fiscal-year\/"},"modified":"2023-11-07T03:00:40","modified_gmt":"2023-11-07T03:00:40","slug":"music-royalty-fund-hipgnosis-freezes-dividend-pay-till-new-fiscal-year","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10434","title":{"rendered":"Music royalty fund Hipgnosis freezes dividend pay till new fiscal year"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A headset is seen in front of displayed Hipgnosis logo in this illustration taken, June 28, 2021. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/span>
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(Reuters) -Hipgnosis Songs Fund Ltd, which had been undertaking a review of its financial position, said on Monday it would not declare dividends before its new fiscal year starting April 1 to save cash.<\/p>\n

Shares in the music investor dropped as much as 6.5% to 67.8 pence in morning trade to be the top percentage loser on the midcap index. <\/p>\n

Hipgnosis, which owns rights to tracks by Shakira and the Red Hot Chili Peppers, among others, last month decided to withdraw a proposed interim dividend of 1.1325 pence per share announced on Sept. 21 to ensure compliance with its revolving credit facility’s fixed charge cover ratio covenant.<\/p>\n

The dividend withdrawal came after the company’s independent portfolio valuer Citrin Cooperman materially reduced its expectations of industry-wide retroactive payments amid forecasts for significantly lower royalties for the 2018-2022 period.<\/p>\n

Hipgnosis is navigating a tough phase after shareholders last month rejected a $440 million deal to sell the firm’s 29 catalogues and also voted against the firm’s current structure, prompting a reorganisation or wind up within six months. <\/p>\n

The stock now has lost about 10% since Oct. 1, as of Friday’s close.<\/p>\n

The music royalty fund on Monday said that 10 out of the company’s 146 catalogues were likely to meet “performance hurdles” now, according to the respective acquisition agreements.<\/p>\n

It said the catalogue bonus provision was expected to increase by about $23 million to $68 million as at Sept. 30, and operating cash flow would be used to fund the payment of catalogue bonuses and to service its revolving credit facility.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A headset is seen in front of displayed Hipgnosis logo in this illustration taken, June 28, 2021. REUTERS\/Dado…<\/p>\n","protected":false},"author":1,"featured_media":3674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-10434","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nMusic royalty fund Hipgnosis freezes dividend pay till new fiscal year | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A headset is seen in front of displayed Hipgnosis logo in this illustration taken, June 28, 2021. 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