The battle between the Hipgnosis Songs Fund’s shareholders and its founder Merck Mercuriadis came to a head today, as the fund’s board said it’s considering putting somebody else in charge of managing its collection of hits by artists from Barry Manilow to 50 Cent.
The fund faces a key vote on its future on 26 October, as investors question a £440 million sale of thousands of songs, an inaccurate valuation of an upcoming windfall that meant the fund couldn’t afford to pay a dividend and a share price that has tumbled in the last 18 months.
