BH Macro Limited NAVs, Tender Offer redemption prices and timetable
22 April 2017 - 12:52AM
UK Regulatory
TIDMBHMG TIDMBHMU TIDMBHME
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)
21 April 2017
31 March 2017 Final month end net asset value per share and
Tender Offer redemption prices and timetable
As at the close of business on 31 March 2017 the month end final net asset
value per share of each class of the Company's shares are as follows:
Fund Name Sedol NAV MTD YTD NAV Date
Performance Performance
BH Macro Ltd B1NPGV1 $21.15 -2.84% -2.44% 31 March 2017
BH Macro Ltd B1NP514 2184p -2.95% -2.67% 31 March 2017
BH Macro Ltd B1NPGZ5 EUR21.25 -3.04% -2.85% 31 March 2017
Accordingly, the final repurchase prices per share for the shares to be
acquired by the Company pursuant to the tender offer to shareholders (the
"Tender Offer") launched by the Company on 27 January 2017 are as follows
(being in each case 96 per cent. of the relevant net asset value per share):
Tender Price
Sterling shares GBP20.9706
Euro shares EUR20.3956
US dollar shares $20.3041
The shares to be acquired by the Company pursuant to the Tender Offer will be
repurchased effective 25 April 2017 and the Tender Offer consideration
despatched thereafter.
The net asset value figures in this announcement have been calculated by
Northern Trust International Fund Administration Services (Guernsey) Limited
and are based on unaudited valuations. The month-end net asset values do not
take any account of the effect of the Tender Offer or the costs associated with
the Tender Offer.
This document is for information purposes only and is not an offer to invest.
All investments are subject to risk. Past performance is no guarantee of
future returns and the value of investments may fluctuate. Prospective
investors are advised to seek expert legal, financial, tax and other
professional advice before making any investment decisions. Results achieved in
the past are no guarantee of future results.
The MTD performance figures are calculated by reference to the previous
estimated month end NAV or, if published, the previous month end confirmed
NAV. The YTD performance figures are calculated by reference to the NAV at the
end of the last calendar year. MTD and YTD performance figures are based on
the NAV per share calculated to four decimal places.
Enquiries
Brevan Howard:
Dan Riggs
020 7022 6236
J.P. Morgan Cazenove:
William Simmonds
020 7742 4000
Northern Trust:
Sharon 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.
END
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