AVI Global exits ‘highly successful’ Hipgnosis Songs investment

Activest investor AVI Global (AGT) has sold out of Hipgnosis Songs (SONG) after a ‘highly successful’ holding that saw the rejigged board engineer a takeover bid above the shares’ 2018 listing price.

Writing in the £1.2bn trust’s half-year report, fund manager Joe Bauernfreund highlighted his role in fighting off the proposed sale of a portion of SONG’s catalogues and urging fellow shareholders to vote against the company’s continuation vote last October.

The activist then successfully pushed for the appointment to the board of Robert Naylor and Francis Keeling, who had just stepped down from rival Round Hill Music Royalty (RHM) following its acquisition by Concord.