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