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Round Hill Music Royalty Fund Ltd - Guernsey-based investor in music copyright assets - Announces further independent valuation report on its portfolio of music rights from FTI Consulting Inc. Notes valuation reaffirms findings of previous report by Citrin Cooperman. Adds FTI provided two valuations: one based on a transaction using financing with traditional bank debt and one financed through an asset backed securitisation structure. The first valued the portfolio excluding the Carlin interest at $523 million, and $587 million with the interest, 3% below the Citrin valuation. The second valued the portfolio at a total $678 million, a 13% premium to the Citrin estimate. Josh Gruss, CEO of Round Hill Music LP, the company’s investment manager, said the valuation ‘supports our strong view that the Round Hill Music portfolio is significantly undervalued by the market and therefore offers considerable upside potential’.
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