Round Hill Music sets out full terms of takeover scheme
In an RNS release today (25 September) the board outlined the full details of the offer along with a timeline of events if all goes according to plan.
In an RNS release today (25 September), the board outlined the full details of the offer along with a timeline of events if all goes according to plan.
Concord entered an agreement with the trust on 11 September to take over the company, which according to the latest update, RHM's board expects to be completed by 31 October 2023.
Prior to this, RHM shareholders will need to vote in favour of the scheme at a court meeting and a general meeting, both on 18 October.
Round Hill Music Royalty fund agrees to $470m takeover offer
The board urged shareholders to vote in favour of the deal on both instances, adding «it is important that, for the court meeting in particular, as many votes as possible are cast so that the court may be satisfied that there is a fair representation of the opinion of scheme shareholders».
The directors of the trust said it had been advised that the offer, which values RHM at $1.15 per share, a 67% premium to the $0.69 closing price on 7 September and an 11.5% discount to the economic net asset value per share of $1.30 as of 8 September, was «in the best interest of RHM shareholders as a whole and recommend unanimously that scheme shareholders vote in favour of the scheme».
RHM confirmed that its value to NAV was unchanged from the one announced on 8 September.
In a letter from the board, it provided context for accepting the deal, explaining that Concord had been following the progression of the trust since its initial public offering in 2020 and «believe that RHM's assets complement Concord's long-standing objective to acquire high quality and
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