The total debt for the company stood at $674m as of 31 September, which represented 32.0% of operative NAV.
The trust announced earlier this week (19 December) that it was delaying its half-year results due that day, citing valuation concerns.
Hipgnosis results delay sheds light on frictions between manager and revamped board
This meant that if the trust failed to publish the interim results by the end of December 2023, it faced the risk of share suspension.
In its results, SONG reported its operative net asset value had decreased 9.2% over the period, which it said was «driven primarily by a reduction in the fair value of the portfolio».
It made gross revenue from continuing operations for the period of $63.2m, down from the $86.4m in the same period last year.
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The total debt for the company stood at $674m as of 31 September, which represented 32% of operative NAV.
Gross revenue from continuing operations was $63.2m, compared to $86.4m the year before, and net revenue was down to $54m from $76.8m in the previous period, mainly due to the $12m reversal of the CRB III accrual due to lower anticipated future retroactive payments.
Excluding accruals, underlying net revenues were up 14%.
Peel Hunt's head of investment trust research Anthony Leatham said it was «positive» to have the interim results published and potential share suspension avoided.
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Leatham said chair Robert Naylor had «not wasted any time in seeking to get to grips with the portfolio» since he joined early last month.
While the results were generally welcomed, Leatham highlighted that «it is unusual to see
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