Star Quality: Hipgnosis Features Shakira Hits
Hipgnosis Songs Fund faced fresh fury last night when a major investor called for the dismissal of board members and said the company needs a “clean break” after a series of “self-inflicted wounds”.
Shareholder Metage Capital has called for the removal of three board directors, Andrew Sutch, Andrew Wilkinson and Paul Burger, over their role in the song fund agitation.
The embattled music rights firm run by Beyoncé’s former manager, Merck Mercuriadis, has faced major backlash this week after it scrapped its dividend and moved ahead with plans to sell 29 catalogs to a Blackstone fund, also run by Mercuriadis.
Shareholders will have the opportunity to vote Thursday on the sale, which includes hits by Shakira, as well as on the “continuation” of the fund.
Critics are concerned the £362m price tag is too low and will not provide the best value.
Metage’s Tom Sharp yesterday joined calls for change in the boardroom and encouraged others to do the same.
“It’s time for a complete breakup,” he wrote in a letter to shareholders.