The U.K.-listed firm, run by Canadian music executive Merck Mercuriadis, reported Thursday that its value dropped to about US$1.7 per share as of Sept. 30, down 9.2 per cent from six months earlier. The firm’s board warned investors to treat the valuation with a “higher degree of caution.” (The Logic)

Talking point: Hipgnosis, which earns royalties from rights it owns to music by Neil Young, Nirvana and Justin Bieber, among others, delayed reporting its results by two days, saying the valuation it had received from independent valuer was “materially higher” than what recent deals in the music industry would suggest. The company’s investment advisor Hipgnosis Song Management was also reluctant to give a clear opinion on the company’s fair value, the firm said in its financial report, creating uncertainty for shareholders. Hipgnosis has been floundering lately, following a pandemic-era boom in music assets as alternative investments. The company is undergoing a strategic review, after shareholders voted in October against another five-year mandate for the fund, leaving the company with six months to decide whether it will sell, fold or find a way to stay alive.