QuotedData’s morning briefing 26 February 2024 – SONG, HMSO, AERI, MPLF

In QuotedData’s morning briefing 26 February 2024:

  • Hipgnosis Songs Fund (SONG) has confirmed that following its previous announcement on 19 February, Mr Mercuriadis and the Investment Adviser have refused to indemnify the trust against liabilities which may arise from his alleged misconduct. SONG now intends to bring a Part 20 Claim in the High Court against Mr Mercuriadis in which it will seek a full indemnity.
  • Hammerson (HMSO) has exchanged unconditional contracts for the sale of Union Square, a 52,000 sqm shopping centre in Aberdeen, to an affiliate of Lone Star Real Estate Fund VI, L.P. for £111m. Completion is expected to occur in March 2024. The price represents an 8% discount to the 31 December 2023 book value of £121m and a net initial yield of 11%. The proceeds of the disposal will be used to reduce net debt and provide capacity for reinvestment into the core portfolio. The sale of Union Square concludes Hammerson’s £500m non-core disposal programme, as outlined at the start of 2022.
  • Aquila European Renewables (AERI) has announced that following indications of interest for a potential merger of AERI with another trust, the board has instructed its advisers, Deutsche Numis, to commence a process of mutual due diligence with multiple interested parties, though the board comments that these discussions are at a very early stage, so there is no certainty for a successful combination.
  • Marble Point Loan Financing (MPLF) has announced the results of the general meeting that was held on Friday 23 February 2024 following the requisition by Freestone Advantage Partners III LP to consider proposals for amending MPLF’s articles of incorporation to allow for a liquidating share opportunity every year (rather than every other financial year under the current arrangements) and for the cap on the number of ordinary shares that can be converted to liquidating shares (currently 25%) to be removed altogether (click here to see our coverage of that story), failed to achieve sufficient shareholder support to pass.

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