REG-BH Macro Limited: Class Closure Meetings

BH MacroAnnouncement

Yesterday 12:00

BH Macro Limited (the "Company")

(a closed-ended collective investment scheme established as a company with
limited liability under the laws of Guernsey with registered number 46235)

 

LEI: 549300ZOFF0Z2CM87C29

 

Class Closure Meetings

27 January 2026

 

The Company notes that, following the publication of the                    
final month-end Net Asset Values for 31 December 2025 for both classes of the
Company's shares on 26 January 2026, the                     class closure
resolution procedure contained in the Company's articles of incorporation has
been triggered in respect of the year ended 31 December 2025 for both classes
of shares.           

 

This is because           the average daily closing market price of both
classes of shares during 2025 was 8 per cent. or more below the average net
asset value per share of such class taken over the 12 month-end NAV
calculation dates occurring in 2025.

 

The Company is now required to convene a class closure meeting for each class
of shares at which a class closure resolution will be proposed.              
       It is anticipated that these meetings will be held before the end of
February 2026.                      A circular containing notices convening
the class closure meetings will be sent to shareholders in due course.

 

If passed by the shareholders of the relevant class, the class closure
resolution requires the Company to make the following options (the "Class
Closure Options") available to such shareholders in respect of their holdings
of shares of that class:

 

(a)                     to offer all or some of their shares for redemption
by the Company;

(b)                     to convert all or some of their shares into shares of
the other class of shares; or

(c)                     to remain in the class (subject to the Company
retaining the ability to redeem or convert those shares if the remaining
number of Shares of the relevant class was insufficiently large or not widely
enough held to justify its continuation following the exercise of the Class
Closure Options).

 

Alternatively, if holders of both classes of the Company's shares approve the
class closure resolution, the Company is required to put in place measures for
its winding-up instead of offering the Class Closure Options to shareholders.

 

If a class closure resolution is rejected, no further action is required to be
taken in respect of the relevant class of shares. Depending on the share price
performance of the relevant class compared to its NAV, the earliest that
another class closure resolution may be required to be proposed under the
articles of incorporation in relation to that class would be in not less than
twelve months' time, in 2027.

 

Company website:                                            www.bhmacro.com

 

Enquiries:

 

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel:                     +44 (0) 1481 745001

 

Manager

Brevan Howard Capital Management LP

Email: bhmacro.ir@brevanhoward.com

 

Corporate Broker

J.P. Morgan Cazenove

William Simmonds / Rupert Budge

Tel: +44 (0)20 3493 8000



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