The board of Hipgnosis Songs Fund Limited (LSE:SONG) (the ?Board?) noted the announcement by Blackstone Europe LLP, acting as sub- advisor to the Blackstone Funds (together with its affiliates ?Blackstone?) and confirms that it on April 21, 2024 received an improved proposal to acquire the entire issued and to be issued share capital of Hipgnosis on the terms set out in the Blackstone announcement (the ?Proposal?). The Board, having reviewed the Proposal with its financial adviser, Singer Capital Markets, has indicated to Blackstone that the Proposal is at a value that it would be minded to recommend to its shareholders should Blackstone announce a firm intention to make an offer pursuant to Rule 2.7 of the Code on such financial terms. The Board and its advisers will continue to provide Blackstone and its advisers access to confirmatory due diligence, to enable Blackstone to announce a firm intention to make an offer, as soon as possible. There can be no certainty that a firm offer will be made for the Company by Blackstone, nor as to the terms of any such offer.

Accordingly, shareholders are advised to take no action at this time with regard to the approach by Blackstone. The Hipgnosis Directors continue to recommend unanimously to Hipgnosis shareholders the cash offer by Concord Chorus Limited, an entity indirectly controlled by Alchemy Copyrights LLC. That recommendation has not been withdrawn, qualified or modified.

In accordance with paragraph 4(c) of Appendix 7 of the Code, the Takeover Panel will set the date by which Blackstone must clarify its intentions with regard to any offer for Hipgnosis. A further announcement will be made by the Board of Hipgnosis in due course.