A fund which invests in music royalties could be forced to wind down after investors voted against its continuation.
A meeting this week (October 26) saw 82.3 per cent of Hipgnosis Songs Fund shareholders vote against the fund remaining open.
It means the company will now work on proposals for the reconstruction, reorganisation or winding-up of the company.
These options will be put to the shareholders in the music royalty fund within six months.
It comes after the resignation of non-executive directors of the company Andrew Wilkinson and Paul Burger.
Chairman Andrew Sutch is also set to step down in 2024 once a replacement director for the company is found.
Sylvia Coleman, senior independent director of Hipgnosis Songs Fund, said: "The board and the investment adviser have each engaged widely with investors over recent months.
“While shareholders have not supported our proposed transaction or the continuation vote, it is clear that they share our belief in the inherent quality and potential of these assets.
“The directors are now expediting the appointment of a new chair who will drive the strategic review we have already announced, with a clear focus on delivering improved shareholder value."
Hipgnosis was launched in 2018 by Merck Mercuriadis, a former manager of Beyonce, Nile Rogers and Elton John.
tara.o'connor@ft.com
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