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Things are becoming increasingly jarring for investors in Hipgnosis.
The music fund, which owns the rights to songs by artists including Shakira and Justin Bieber, saw its shares fall to a record low last week after slashing the value of its portfolio by a quarter.
It said its vast catalog could be worth as little as £1.5bn, which is 26 per cent less than it was valued in September.
This pushed the shares to a record low of 53p, a far cry from their high of £1.29 at the end of 2021.
In an even less comforting sign for investors, Hipgnosis, the brainchild of music mogul Merck Mercuriadis, has said it will give another update to the market on March 29.
Elephant in the room: Hipgnosis has said it will give another update to the market on March 29
That is, Whispers points out, Good Friday and a bank holiday.
It will delay the possibility of further share price misery as it leaves a four-day break before trading resumes on Tuesday.
Maybe Mercuriadis just wants to eat his Easter eggs in peace.
Richard Griffiths tripled his stake in IQE
There was a boost for IQE last week when “Welsh magician” Richard Griffiths tripled his stake in the semiconductor company to 7.6 per cent.
The former sheep farmer is known for his success backing companies such as Nanoco, GVC and Oxford Nanopore Technologies.
Perhaps his latest move will work some magic on IQE’s share price, which has yet to recover from the decline a year ago.
M&S wins fashion retailer award
Britain’s leading retailers gathered at the elegant Grosvenor House Hotel in Mayfair last week for the annual awards organized by trade magazine Retail Week.
Among those taking to the podium was Sainsbury’s boss Simon Roberts, who scooped the retail leader of the year award. Tesco won the award for best large retailer.
Perhaps the biggest winner of the night was M&S, which took the trophy for fashion retailer of the year.
No one will celebrate more than the brand’s head of clothing, Richard Price. He has spent the last four years, along with women’s fashion director Maddy Evans, making Marks & Spencer stylish again.
What a makeover!
Shipbroker Clarksons holds firm
Clarksons posted a record set of results.
The FTSE 250 company has been in demand as attacks by Houthi rebels in the Red Sea have left shipping firms scrambling to secure passage on alternative routes. But hidden in their results was another reason.
Clarksons said the lack of ships had been exacerbated by the push towards green fuels as the sector struggles to reduce emissions.
This makes owners hesitant to order more boats due to concerns that they may not choose the right fuel technology. Not exactly a bed of roses, huh?
Contributors: Francesca Washtell and Leah Montebello