BH Macro Limited - Completion of Tender Offer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

BH Macro Limited (the "Company")

(an authorised closed-ended collective investment scheme established as a company with limited liability under the laws of Guernsey with registration number 46235)

25 April 2017

Completion of Tender Offer

The Company announces that the acquisition by the Company of 9,279,700 Sterling shares, 624,103 Euro shares and 6,932,474 US Dollar shares pursuant to the tender offer launched by the Company on 27 January 2017 (the “Tender Offer”) has now been executed with all being repurchased by the Company and cancelled. 

Payment to shareholders of the Tender Offer consideration is expected to be despatched today, 25 April 2017. 

In addition, the Company has cancelled 10,479,700 Sterling shares, 804,103 Euro shares and 8,007,474 US Dollar shares held in treasury.

Following each of the above transactions, the total number of shares in issue in each share class of the Company is as follows:

	Shares in issue	Shares in treasury
Sterling shares	14,600,311	1,450,652
Euro shares	942, 686	91,854
US Dollar shares	3,342,813	331,228

The number of votes each share in the Company is entitled to on a poll at any general meeting of the Company was published by the Company on 9 March 2007 and will not change as a result of the conversions.  These are:

Euro share                     1

US Dollar share              0.7606

Sterling share                1.4710

From today, the total number of voting rights in the Company (rounded down to the whole number) is 22,484,592.

Enquiries

Brevan Howard:
Dan Riggs
020 7022 6236

J.P. Morgan Cazenove:
William Simmonds
020 7742 4000

Northern Trust:
Sharon A Williams
01481 745436

Important notices

J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), which is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority in the United Kingdom, J.P. Morgan Cazenove is acting as corporate broker to the Company and has no liability or responsibility to any person or entity other than the Company in such capacity.

This announcement does not constitute an offer or solicitation to acquire or sell any securities in the Company.

There is no guarantee that, following the Tender Offer, the Company will make any purchases of its own shares or that any class discontinuation vote will be held.  Accordingly, investors should not expect that they will necessarily be able to realise, within a period which they would otherwise regard as reasonable, their investment in the Company, nor can they be certain that they will be able to realise their investment on a basis that necessarily reflects the value of the Company’s investment in Brevan Howard Master Fund Limited. 

This announcement is not for distribution in or into the United States, Canada, Australia or Japan or any other jurisdiction in which its distribution may be unlawful.  This announcement is not an offer of securities for sale in the United States or elsewhere.  The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration.  The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended, and investors are not entitled to the benefits of that Act.  There has not been and there will be no public offering of the Company’s securities in the United States.

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