Two Hipgnosis directors resign ahead of AGM
The two directors had been targeted by activist investor Metage Capital, which last week published an open letter calling for a 'clean break' in the trust through the departure of senior leadership.
In a stock exchange notice yesterday (25 October), the embattled trust revealed that the two directors had resigned, and resolutions to re-appoint them had been withdrawn from the agenda of the AGM.
The two directors had been targeted by activist investor Metage Capital, which last week published an open letter calling for a «clean break» in the trust through the departure of senior leadership.
Metage, which owns a 0.4% stake in Hipgnosis, said the trust's various troubles were a series of «self-inflicted wounds», adding that the directors bore the «most responsibility for this situation».
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The AGM will see shareholders consider a continuation vote for the trust, along with whether to sell a fifth of the trust's portfolio.
Earlier this week, the trust revealed it had failed to attract a superior alternative bid for its proposed music catalogue sale, after several parties said they could not justify a higher price than the original offer made by the Blackstone-Mercuriadis vehicle.
Andrew Sutch, outgoing chair of the trust, said: «On behalf of the board, I would like to thank Andrew and Paul for their commitment and important contribution to the company over the past five years.»
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