THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION
BH Global Limited (the “Company”)
(a closed-ended collective investment
scheme established as a company with limited liability under the
laws of Guernsey with registered number 48555)
LEI: 549300BIIO4DTKEMXV14
29 April 2021
Possible Corporate Action
Further to its announcement of 12 April, the Board of BH Global
Limited (the “Company”) confirms that it has entered into
discussions with the Board of BH Macro Limited (“BHM”) with regard
to the possibility of a combination of the two companies. It is
envisaged by both Boards that any such combination, which would be
effected by way of a scheme of reconstruction of the Company,
should be structured in such a way as to be NAV accretive to all
shareholders choosing to maintain their investment in the ongoing
vehicle; that those shareholders in the Company not wishing to
maintain their investment should have the ability to exit their
position in full at a level at least comparable to that which they
could achieve through the tender offer proposal approved by the
Company’s shareholders last month; and that the ongoing vehicle
should adopt the investment objective currently pursued by BHM,
namely seeking to generate long-term capital appreciation through
an investment in Brevan Howard Master Fund Limited.
There can be no certainty at this stage whether or on what basis
the combination proposal might proceed. The Board intends to
complete its discussions with the Board of BHM in a timely fashion
so that, in the event that the proposal is not pursued, the Company
is able to carry out its tender offer within the originally
anticipated timeframe; and accordingly the Company will not proceed
with publication of the documentation relating to the tender offer
for the time being. The Company will in any event make a further
announcement providing an update within the next two weeks.
For the avoidance of doubt, neither the Company nor BHM regards
their discussions as giving rise to any obligation or requirement
under the Takeover Code, nor do they intend for any combination to
take the form of a transaction to which the Takeover Code
applies.
Company website: www.bhglobal.com
Enquiries:
Sir Michael Bunbury
Chairman
David Yovichic
Investec Bank plc
Tel: +44 (0)20 7597 5970