Investment trust Hipgnosis Songs Fund has delayed its IPO (initial public offering) for the third time while it waits for potential cornerstone investors to complete due diligence.

In a slightly odd move, the music royalties-focused Hipgnosis says it will also introduce a clause whereby it can buy back every single share in the investment trust one year after floating on the stock market.

That sounds like potential investors are seeking protection and a clear exit if the investment trust isn’t successful within 12 months, assuming it floats at all.