REG-BH Macro Limited: Increase in Annual Buyback Allowance

BH MacroAnnouncement

17/06/2024 07:15

BH MACRO LIMITED (the “Company”)

(an authorised closed-ended collective investment scheme established as a
non-cellular company limited by shares under the laws of Guernsey with
registration number 46235)

LEI: 549300ZOFF0Z2CM87C29

Increase in Annual Buyback Allowance

The board of directors (the “Board”) of the Company is pleased to announce
that it has agreed with Brevan Howard Capital Management Limited, acting as
the sole general partner of Brevan Howard Capital Management LP (the
“Manager”) to increase the Annual Buyback Allowance applicable to the
Company’s Sterling Shares in respect of the current calendar year under the
management agreement in relation to the Company (the “Management
Agreement”).

Under the Management Agreement, if, in any calendar year, the Company makes
repurchases or redemptions of any class of its Shares above the applicable
Annual Buyback Allowance, the Company is required to pay to the Manager an
additional fee equal to two per cent. of the price paid by the Company to
repurchase or redeem those additional Shares.

The Annual Buyback Allowance in respect of each class of Shares for each
calendar year is ordinarily equal to five per cent. of the number of Shares of
the relevant class in issue as at 31 December in the immediately preceding
calendar year (in each case excluding Shares held in treasury). Prior to the
increase in the Annual Buyback Allowance agreed between the Company and the
Manager, the Company had utilised approximately 85 per cent. of its Annual
Buyback Allowance for 2024 in respect of its Sterling Shares.

Under its agreement with the Manager, the Company’s Annual Buyback Allowance
for 2024 in respect of the Sterling Shares has been increased by an amount
equal to its unused Annual Buyback Allowance for the Sterling Shares for the
year 2023. Accordingly, the Company may, during the remainder of 2024,
repurchase under its Share buyback programme a further 16,308,970 Sterling
Shares (equal to approximately 4.56 per cent. of the Sterling Shares currently
in issue, excluding Sterling Shares held in treasury) without incurring the
additional fees ordinarily payable to the Manager under the Management
Agreement.

The Company may also repurchase a further 1,492,824 US dollar Shares during
the remainder of 2024 (equal to 5 per cent. of the US dollar Shares currently
in issue, excluding US dollar Shares held in treasury) from the existing
Annual Buyback Allowance applicable to such Shares.

Enquiries:

Company website: www.bhmacro.com

 

J.P. Morgan Cazenove
William Simmonds, Rupert Budge
Tel: +44 (0) 203 493 8000

 

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: 01481 745001

 

 



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