Hipgnosis Songs independent valuer Citrin Cooperman resigns after portfolio valuation row

investmentweek.co.uk:

SONG said it is working with its investment adviser, Hipgnosis Song Management (HSM), to run a formal process to appoint a new independent valuer.

On 19 December, the trust's board said it would delay the publication of its half-year results to September-end over concerns that the valuations from Citrin Cooperman were «materially higher» than the valuation implied by proposed and recent transactions in the sector.

A day after Hipgnosis delayed its results, Citrin Cooperman gave notice that «it would not be providing future valuation services» to the trust, a spokesperson for the firm told The Times today (12 February). 

The interim results were eventually published on 21 December, but the board recommended investors to use the valuations «with a higher degree of caution and less certainty than might otherwise be attached to it».

Hipgnosis Songs delays publication of half-year results over valuation concerns

A spokesperson for Hipgnosis Songs told Investment Week the trust is working with its investment adviser, Hipgnosis Song Management (HSM), to run a formal process to appoint a new independent valuer as part of the 31 March 2024 year-end process.  

«The new valuer will advise the board on an ongoing basis,» they said. «The board remains focused on the strategic review, under which it is looking at all options to deliver shareholder value.»

As part of the strategic review, the board has engaged Shot Tower Capital, a specialist music rights practice, to assess the portfolio. The outcome of the strategic review is due this month.

«We would hope for results of this review in the near future so that the board can start formulating plans for the future of the company and investors can gain some clarity,» Numis said in a