BH
Macro Limited (the "Company")
(a
closed-ended collective investment scheme established as a company
with limited liability under the laws of Guernsey with registered
number 46235)
LEI:
549300ZOFF0Z2CM87C29
Class
Closure Meetings
28 January 2025
The
Company notes that, following the publication of
the final
month-end Net Asset Values for 31 December
2024 for both classes of the Company's shares earlier
today,
the class
closure resolution procedure contained in the Company's articles of
incorporation has been triggered in respect of the year ended
31 December 2024 for both classes of
shares.
This is
because
the average daily closing market price of both classes of shares
during 2024 was 8 per cent. or more below the average net asset
value per share of such class taken over the 12 month-end NAV
calculation dates occurring in 2024.
The
Company is now required to convene a class closure meeting for each
class of shares at which a class closure resolution will be
proposed.
It is
anticipated that these meetings will be held on or around
18 February 2025.
A circular
containing notices convening the class closure meetings will be
sent to shareholders in due course.
If
passed by the shareholders of the relevant class, the class closure
resolution requires the Company to make the following options (the
"Class Closure Options") available to such shareholders in respect
of their holdings of shares of that class:
(a) to
offer all or some of their shares for redemption by the
Company;
(b) to
convert all or some of their shares into shares of the other class
of shares; or
(c) to
remain in the class, subject as described further below.
Alternatively,
if holders of both classes of the Company's shares approve the
class closure resolution, the Company is required to put in place
measures for its winding-up instead of offering the Class Closure
Options to shareholders.
If a
class closure resolution is rejected, no further action is required
to be taken in respect of the relevant class of shares. Depending
on the share price performance of the relevant class compared to
its NAV, the earliest that another class closure resolution may be
required to be proposed under the articles of incorporation in
relation to that class would be in not less than twelve months'
time, in 2026.
Company
website: www.bhmacro.com
Enquiries:
The
Company Secretary
Northern
Trust International Fund Administration Services (Guernsey)
Limited
Tel: +44
(0) 1481 745001
Manager
Brevan
Howard Capital Management LP
Email:
bhmacro.ir@brevanhoward.com
Corporate
Broker
J.P.
Morgan Cazenove
William
Simmonds / Rupert Budge
Tel: +44
(0)20 3493 8000
