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