Star quality: Hipgnosis includes hits by Shakira
Hipgnosis Songs Fund faced fresh fury last night as a leading investor called for board members to be ousted and said the firm needs a ‘clean break’ after a series of ‘self-inflicted wounds’.
Shareholder Metage Capital has called for three board directors – Andrew Sutch, Andrew Wilkinson and Paul Burger – to be removed because of their role in the song fund’s turmoil.
The beleaguered music rights firm run by Beyonce’s former manager Merck Mercuriadis has faced a major backlash this week after it scrapped its dividend and pressed ahead with plans to sell 29 catalogues to a Blackstone fund, also run by Mercuriadis.
Shareholders will get a chance to vote on the sale – which includes hits by Shakira – as well as the ‘continuation’ of the fund on Thursday.
Critics are concerned that the £362million price tag is too low and would not provide the best value.
Tom Sharp of Metage yesterday joined calls for boardroom change and encouraged others to do the same.
‘It is time for a clean break,’ he wrote in a letter to shareholders.
