Shareholders in Round Hill Music Royalty Fund (RHM ) have overwhelmingly approved the bid made by Alchemy Copyrights, which trades as Concord, at a meeting this afternoon.

A stock exchange filing shows 81 of the shareholders who voted, representing 68% of the register, opted for the bid, which offered $1.15 (92p) per share.

This represented an 11.5% discount to the trust’s net asset value, but a 67% premium to the share price at close on 7 September of $0.69. Following the announcement of the offer, shares in the trust rallied to trade at about $1.14. 

Four investors voted against, meaning 99.99% of the voting shareholders signed off the deal. 

Shares in RHM will be cancelled on the London Stock Exchange at market open on 1 November. 

Meanwhile, shares in its peer Hipgnosis Songs Fund (SONG ) rallied 5.7% on Wednesday as it battles an activist and evaporating investor support, with shareholders voting on its continuation and a proposal to sell a fifth of its assets at the annual general meeting next week. Shares in SONG have fallen 16.7% in 2023.