Roughly 99% of the shareholders who voted supported the sale.
Round Hill Music Royalty Fund’s shareholders voted on Wednesday to sell the fund’s assets to U.S.-based music company Concord in a deal that values the company at $469 million.
While the fund’s share price has soared since then — it closed at $1.15 on Oct. 18 — the deal presented investors with a premium opportunity to get out of the fund, which fell more than 31% from its initial public offering in November 2020 to Sept. 7. Concord buys the fund’s assets at an 11.5% discount to the portfolio’s net asset value.
The deal was widely expected to receive shareholder approval after a group of shareholders representing 33% of shares that was led by Investors of music royalty funds will be watching for the results of another portfolio sale by rival London-listed fund Hipgnosis Songs Fund next week.
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