NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
BH Macro Limited
(the "Company")
(an authorised closed-ended
collective investment scheme established as a company with limited
liability under the laws of Guernsey with registration number
46235)
21 April
2017
31 March 2017 Final month end net asset value per
share and
Tender Offer redemption prices and timetable
As at the close of business on 31 March
2017 the month end final net asset value per share of each
class of the Company’s shares are as follows:
Fund Name |
Sedol |
NAV |
MTD Performance |
YTD Performance |
NAV Date |
BH Macro Ltd |
B1NPGV1 |
$21.15 |
-2.84% |
-2.44% |
31 March 2017 |
BH Macro Ltd |
B1NP514 |
2184p |
-2.95% |
-2.67% |
31 March 2017 |
BH Macro Ltd |
B1NPGZ5 |
€21.25 |
-3.04% |
-2.85% |
31 March 2017 |
Accordingly, the final repurchase prices per share for the
shares to be acquired by the Company pursuant to the tender offer
to shareholders (the “Tender Offer”) launched by the Company on
27 January 2017 are as follows (being
in each case 96 per cent. of the relevant net asset value per
share):
|
Tender Price |
Sterling shares |
£20.9706 |
Euro shares |
€20.3956 |
US dollar shares |
$20.3041 |
The shares to be acquired by the Company pursuant to the Tender
Offer will be repurchased effective 25 April
2017 and the Tender Offer consideration despatched
thereafter.
The net asset value figures in this announcement have been
calculated by Northern Trust International Fund Administration
Services (Guernsey) Limited and are based on unaudited
valuations. The month-end net asset values do not take any
account of the effect of the Tender Offer or the costs associated
with the Tender Offer.
This document is for information purposes only and is not an
offer to invest. All investments are subject to risk. Past
performance is no guarantee of future returns and the value of
investments may fluctuate. Prospective investors are advised
to seek expert legal, financial, tax and other professional advice
before making any investment decisions. Results achieved in the
past are no guarantee of future results.
The MTD performance figures are calculated by reference to
the previous estimated month end NAV or, if published, the
previous month end confirmed NAV. The YTD
performance figures are calculated by reference to the NAV at the
end of the last calendar year. MTD and YTD performance
figures are based on the NAV per share calculated to four decimal
places.
Enquiries
Brevan Howard:
Dan Riggs
020 7022 6236
J.P. Morgan Cazenove:
William Simmonds
020 7742 4000
Northern Trust:
Sharon Williams
01481 745436
Important notices
J.P. Morgan Securities plc, which conducts its UK investment
banking activities as J.P. Morgan Cazenove ("J.P. Morgan
Cazenove"), which is authorised by the Prudential Regulation
Authority and regulated by the Prudential Regulation Authority and
the Financial Conduct Authority in the United Kingdom. J.P. Morgan Cazenove is
acting as corporate broker to the Company and has no liability or
responsibility to any person or entity other than the Company in
such capacity.
This announcement does not constitute an offer or solicitation
to acquire or sell any securities in the Company.
There is no guarantee that, following the Tender Offer, the
Company will make any purchases of its own shares or that any class
discontinuation vote will be held. Accordingly, investors
should not expect that they will necessarily be able to realise,
within a period which they would otherwise regard as reasonable,
their investment in the Company, nor can they be certain that they
will be able to realise their investment on a basis that
necessarily reflects the value of the Company’s investment in
Brevan Howard Master Fund Limited.
This announcement is not for distribution in or into
the United States, Canada, Australia or Japan or any other jurisdiction in which its
distribution may be unlawful. This announcement is not an
offer of securities for sale in the
United States or elsewhere. The securities of the
Company have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “Securities Act”),
and may not be offered or sold in the
United States unless registered under the Securities Act or
pursuant to an exemption from such registration. The Company
has not been and will not be registered under the US Investment
Company Act of 1940, as amended, and investors are not entitled to
the benefits of that Act. There has not been and there will
be no public offering of the Company’s securities in the United States.