On 14 September 2023, Hipgnosis Songs Fund Limited announced that it had entered into a transaction to sell a portfolio of 29 music catalogues to Hipgnosis Songs Capital, the trading name of Hipgnosis SC IV (Delaware) L.P. (the "Buyer") for aggregate cash consideration of $440 million (the "Transaction"). Andrew Sutch has informed the Board that he will step down as Chair and retire as a director of the Company once a suitable replacement is found and, in any event, at or before the Company's annual general meeting in 2024. The Company will now commence a process to recruit a new Chair.

In addition, Andrew Wilkinson has also informed the Board that he intends to retire as a director before the end of 2023, thereby reducing the Board to five directors. The Board intends to appoint Cindy Rampersaud, who joined the Board as an Independent Non-Executive Director on 1 August 2023, to the role of chair of the Company's Audit and Risk Management Committee upon Andrew Wilkinson's retirement.