BH Global Limited Possible Corporate Action

 
TIDMBHGG TIDMBHGU 
 
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 
 
 
 
 
END

(END) Dow Jones Newswires

April 29, 2021 10:10 ET (14:10 GMT)

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