Ahead of next week's continuation vote, the London-listed fund's board says it explored firing its investment advisor, run by fund founder Merck Mercuriadis.
The London-listed trust founded by Merck Mercuriadis withdraws its October payment to investors because of lower estimates on income from the Copyright Royalty Board's Phonorecords III decision
Shareholders will meet on Oct. 26 to vote on a proposed $440 million asset sale and whether to keep the fund going under Merck Mercuriadis' advisory.
That includes 29 catalogs worth $440 million that the London-listed fund's board has agreed to sell to the Blackstone-backed Hipgnosis Songs Capital.
The publicly traded fund's gross revenue declined during the year ending in March based on one-time costs and a tough year-ago comparison.
Chief music officer, global head of sync, others leave as the music investment company explores selling some assets ahead of a shareholder confidence vote.
Stewart and Hipgnosis had been in negotiation for a catalog deal for the last two years, according to a representative for the singer.
The deal includes Jesso's share of 40 different songs, including "When We Were Young" by Adele and "Slow Hands" by Niall Horan.
At an investor presentation in London, founder Merck Mercuriadis said the company’s current share price “fundamentally undervalues the company.”
The company’s shares have lost 34% of their value so far this year and are trading well below company's operative net asset value.
