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  "documentTitle": "Hipgnosis Songs Fund | Results Presentation Deck | 22 slides",
  "authorId": "hipgnosis-songs-fund",
  "authorName": "Hipgnosis Songs Fund",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-09-01 00:00:00",
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  "notes": "Uses a stacked bar chart to visualize the 'out of the money' status of contingent bonus obligations relative to growth rates.",
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      "text": "Expected contingent bonuses have been fully provided at $5.5m",
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      "text": "Theoretical Maximum PFAR-based Bonus Obligation",
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      "text": "29 music catalogues, of which 7 have active bonus provisions: 3 are at the maximum bonus liability full provision of $5.5m; 4 are 'out of the money' but have a total theoretical bonus obligation of $9.9m",
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      "text": "The fourth 'out of the money' catalogue bonus of $2.5 million is triggered if that catalogue's NAV in November 2028 hits target. This requires 116% increase from 31 March 2023 valuation.",
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      "text": "Of these four 'out of the money' catalogues, three are PFAR-related bonus payments. These would require exceptional PFAR growth to trigger bonus payments, as illustrated in the chart",
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      "text": "ADDITIONAL BONUSES UNLIKELY TO BE TRIGGERED",
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      "text": "Clarifying Contingent Bonuses",
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