REG-BH Macro Limited: Shareholder Update

BH MacroAnnouncement

12/04/2021 07:05

BH MACRO LIMITED (the “Company”)
(a closed-ended investment company incorporated in Guernsey with registration
number 46235)

LEI: 549300ZOFF0Z2CM87C29

12 April 2021

Shareholder update

The Board of BH Macro Limited (“BHMG”) has been approached by its largest
shareholder, Investec Wealth & Investment Limited (“Investec”), to explore
the possibility of a combination with BH Global Limited (“BHGG”).  BHMG
understands that Investec has made the same request to the board of BHGG.
 Investec is a significant shareholder of BHGG as well as BHMG. 

The BHMG board views Investec’s proposal as a positive suggestion and would
welcome the opportunity to enter into discussions with the BHGG board as soon
as practicable regarding the possible combination of the two companies. 
Investec has requested that these discussions take place before the launch of
the tender offers that have been previously announced by each company
following shareholder approval of the changes to their respective management
agreements in March. 

Instead of each company potentially continuing in a smaller, more illiquid
form, with significantly overlapping investment portfolios, the BHMG board
sees significant merit in the suggestion that the interests of shareholders in
both BHMG and BHGG would be best served by a combination into a larger,
single, company with an exit opportunity being offered to those shareholders
who no longer wished to remain invested. 

For the avoidance of doubt this is not an approach for the purposes of the
Takeover Code nor is it intended that any combination would be a transaction
to which the Takeover Code applies.

Brevan Howard Capital Management LP, the manager of both companies, has
confirmed that it is supportive of discussions between the two companies
taking place and that it would help facilitate any agreed combination of the
two companies, including by not seeking to enforce any notice period or
compensation payment under the existing management agreements in connection
with the combination.

Enquiries

Richard Horlick
Chairman

William Simmonds
J.P. Morgan Cazenove
020 7742 4000

Edward Berry / Josh Sarson
FTI Consulting
07703 330 199 / 0755 499 1072



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