BH Global Limited Shareholder Update

 
TIDMBHGG TIDMBHGU 
 
BH GLOBAL LIMITED (the "Company") 
 (a closed-ended investment company incorporated in Guernsey with registration 
                                 number 48555) 
 
                           LEI: 549300BIIO4DTKEMXV14 
 
12 April 2021 
 
                              Shareholder update 
 
The Board of BH Global Limited (the "Company") notes the announcement made 
earlier today by BH Macro Limited ("BHMG") regarding the possibility of a 
combination of the Company and BHMG following a request made to BHMG by its 
largest shareholder. 
 
While the Board is aware of the potential advantages of a larger, single 
company, it also recognises that its largest shareholders have to date either 
voiced continuing support for a vehicle specifically designed to invest in the 
Brevan Howard Multi-Strategy Fund or at the very least shown no strong desire 
for a combination of the two companies to be effected. Equally, the Board is 
cognisant of the fact that Brevan Howard Capital Management LP ("BHCM"), the 
manager of the two companies, has until now emphasised its support for two 
separate funds pursuing discrete investment mandates. 
 
As noted in BHMG's announcement, BHCM has now indicated that it is supportive 
of discussions between the two companies taking place with a view to the 
creation of a single vehicle managed by BHCM. This change in stance was 
communicated to the Company yesterday evening. In light of this, the Board 
believes it appropriate to revisit the subject with its largest shareholders in 
order to ascertain whether there has been a meaningful shift in the level of 
support for a single vehicle as a result and, if so, on what basis. Given the 
intention of both the Company and BHMG to undertake tender offers in the coming 
weeks, the Board will seek to expedite these discussions so that the envisaged 
timetables for those tender offers will not be disrupted in the event that the 
Company's shareholders as a whole are not supportive of exploring a 
combination. 
 
For the avoidance of doubt, the Company is not treating BHMG's announcement as 
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. 
 
Enquiries 
 
Sir Michael Bunbury 
Chairman 
David Yovichic 
Investec Bank plc 
 
020 7597 5970 
 
 
 
END

(END) Dow Jones Newswires

April 12, 2021 10:08 ET (14:08 GMT)

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