BHMG Bh Macro Limited

 
TIDMBHMG TIDMBHMU 
 
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 
 
 
 
END 
 
 

(END) Dow Jones Newswires

April 12, 2021 02:00 ET (06:00 GMT)

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