Attached files
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| 8-K - 8-K - MILLS MUSIC TRUST | d414741d8k.htm |
Exhibit 99.1
MILLS MUSIC TRUST
C/O HSBC BANKS U.S.A.
452 FIFTH AVENUE
NEW YORK, NY 10018-2706
June 23, 2021
Quarterly Distribution Report No. 226
To the holders (the “Unit Holders”) of Trust Certificates representing interests (the “Trust Units”) in Mills Music Trust (the “Trust”):
Enclosed you will find a check representing your share of a distribution by the Trust to the Unit Holders of record at the close of business on June 22, 2021.
This Quarterly Distribution report relates to the payment received by the Trust from EMI Entertainment World Inc. (“EMI”) during the first quarter of 2021 (the “Q1 Distribution Period”), in respect of the contingent portion payment attributable to royalty income generated by the Trust’s copyright catalogue in the Q1 Distribution Period (the “Contingent Portion Payment”).
The Trust received $240,626 ($.8664 per Trust Unit) for the Contingent Portion Payment attributable to the Q1 Distribution Period, as compared to $229,717 ($.8272 per Trust Unit) for the payment attributable to the first quarter of 2020.
After receiving the Contingent Portion Payment, the Trust paid $83,127 to third parties in connection with invoices rendered to the Trust, leaving a balance of $157,499 ($.5671 per Trust Unit). Such balance is being distributed to the Unit Holders of record as of the close of business on June 22, 2021.
During the twelve month period ended June 30, 2021, the Trust’s aggregate distributions will amount to $803,692 ($2.8940 per Trust Unit), as compared to $920,392 ($3.3142 per Trust Unit) during the twelve month period ended June 30, 2020.
Additional computation details are set forth in the attached report.
The information contained in this Quarterly Distribution Report will be disclosed on a Form 8-K filed with the Securities and Exchange Commission (the “SEC”). The Trust’s SEC filings are available to the public over the internet on the SEC’s web site at http://www.sec.gov.
Very truly yours,
MILLS MUSIC TRUST
The following is a computation of amounts available for distribution and/or the payment of administrative expenses of the Trust during the three months and twelve months ended June 30, 2021 and June 30, 2020 out of payments made to the Trust in connection with a deferred contingent purchase price obligation under the asset purchase agreement, dated December 5, 1964:
| Three Months June
30, |
Per Unit* |
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| Gross royalty income collected by EMI for the period |
$ | 864,826 | ||||||||||
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| Less: Related royalty expense |
363,465 | |||||||||||
| Amount deducted by EMI |
258,896 | |||||||||||
| Adjustment for copyright renewals, etc. |
1,839 | |||||||||||
| Foreign Tax Credits Received |
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| 624,200 | ||||||||||||
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| Balance as reported by EMI |
$ | 240,626 | ||||||||||
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| Payments received by Trust |
$ | 240,626 | $ | .8664 | ||||||||
| Royalty audit settlement with EMI |
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| Less: Fees and expenses to Registrar-Transfer Agent and other administrative expenses |
83,127 | .2993 | ||||||||||
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| Balance available for distribution |
$ | 157,499 | $ | .5671 | ||||||||
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| Distribution per Unit* |
$ | .5671 | ||||||||||
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| * | Based on the 277,712 Trust Units outstanding. |
| Three Months Ended June 30, |
Per Unit* |
Twelve Months Ended June 30, |
Per Unit |
Twelve Months Ended June 30, |
Per Unit |
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| $ | 810,982 | $ | 3,187,035 | $ | 3,468,315 | |||||||||||||||||||||||||||||
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| 330,631 | 1,166,625 | 1,246,225 | ||||||||||||||||||||||||||||||||
| 240,149 | 949,606 | 1,043,434 | ||||||||||||||||||||||||||||||||
| 10,485 | 45,290 | 66,394 | ||||||||||||||||||||||||||||||||
| (23,984 | ) | |||||||||||||||||||||||||||||||||
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| 581,265 | 2,137,537 | 2,356,053 | ||||||||||||||||||||||||||||||||
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| $ | 229,717 | $ | 1,049,498 | $ | 1,112,262 | |||||||||||||||||||||||||||||
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| $ | 229,717 | $ | .8272 | $ | 1,049,498 | $ | 3.7791 | $ | 1,112,262 | $ | 4.0051 | |||||||||||||||||||||||
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78,187 |
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.2815 | 245,806 | .8851 | 191,870 | .6909 | |||||||||||||||||||||||||||
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| $ | 151,530 | $ | .5457 | $ | 803,692 | $ | 2.8940 | $ | 920,392 | $ | 3.3142 | |||||||||||||||||||||||
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| $ | .5457 | $ | 2.8940 | $ | 3.3142 | |||||||||||||||||||||||||||||
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