By Michael Susin
Hipgnosis Songs Fund said it has withdrawn the interim dividend proposal on the back of significantly lower retroactive royalty payments.
The London-listed music investor said Monday it currently expects to receive an accrual of $9.9 million, down from $21.7 million expected as at March 31.
The industry-wide payment is related to the retroactive U.S. copyright royalty board’s decision regarding royalties payable to songwriters for the period covering 2018 to 2022, it added.
The board, which had proposed a dividend of 1.3125 pence a share, will focus on paying its current credit facility.
Write to Michael Susin at [email protected]
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