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Hipgnosis Songs Fund Ltd on Monday said it had identified an error in its latest operative net asset value calculation. Shares in the beleaguered company were down 3.4% at 60.10p in London on Monday afternoon. The stock is down 27% over the past 12 months. Earlier this month, the London-based music investment and song management company said its operative NAV at September 30 was 173.92 US cents, or 142.49 pence. However, on Monday Hipgnosis reported the ‘identification of an error’ caused by ‘double counting’ of accrued revenue. This caused the pro-forma operative NAV to be reduced 7.6%, to 107.65 cents or 85.03p per share. Hipgnosis said the error was discovered during work as part of its strategic review, focused on the impact of a preliminary valuation by Shot Tower Capital LLC. This gave the company a fair market value of $1.80 billion to $2.06 billion, including $59.9 million in contingent catalogue bonuses. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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