Photo Credit: Engin Akyurt
Shareholders of the UK’s Round Hill Music Royalty Fund have overwhelmingly voted to approve the $468 million buyout offer proposed by Concord.
Back in September, Alchemy Copyrights LLC (which trades as Concord) offered to buy Round Hill Music Royalty Fund contingent on shareholder approval. The vote for approval has happened, with 69% of eligible shareholders voting to approve the deal, which values RHM at around $468.8 million. At the time, the company said it believes the acquisition would be in the best interests of all shareholders.
“RHM has experienced a significant de-rating over the last year driven by inflationary and higher interest rate environment, which has impacted most listed alternative companies,” the statement begins. “The RHM Board believes that the acquisition is in the best interests of RHM shareholders by providing RHM shareholders with an opportunity to realize the value of their RHM shares for cash at a significant premium and a value greater than the highest price at which RHM shares have traded since the company’s IPO in November 2020.”
RHM held its general meeting on Wednesday, October 18 where shareholders voted to overwhelmingly support the sale. RHM currently owns around 51 catalogs from various artists, with around 150,000 songs. A portion of that is a 29% stake in the Carlin catalog which features many classic pop and rock hits.
“The strength of support shown by shareholders in their vote for this transaction marks a resounding endorsement of the value that we have been able to deliver on their behalf since the IPO of the Round Hill Music Royalty Fund in November 2020,” adds Robert Naylor, Chairman of Round Hill Music Royalty Fund Ltd. “It reflects the quality of the management and the portfolio that the transaction has concluded so efficiently and with a counterparty of the calibre of Concord.”
“As one of the world’s leading music companies with a proven track record of strategic catalogue expansion, Concord has a global team of sync, licensing, marketing, copyright, and royalty experts well positioned to maximze the value of this portfolio for all of the songwriters and artists within it,” commented Concord CEO Bob Valentine on the deal in September.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : DigitalMusicNews – https://www.digitalmusicnews.com/2023/10/18/round-hill-music-royalty-fund-concord-buyout/
