BH Global Limited

Shareholder Update

BH GLOBAL LIMITED (the “Company”)
(a closed-ended investment company incorporated in Guernsey with registration number 48555)

LEI: 549300BIIO4DTKEMXV14

12 April 2021

Shareholder update

The Board of BH Global Limited (the “Company”) notes the announcement made earlier today by BH Macro Limited (“BHMG”) regarding the possibility of a combination of the Company and BHMG following a request made to BHMG by its largest shareholder.

While the Board is aware of the potential advantages of a larger, single company, it also recognises that its largest shareholders have to date either voiced continuing support for a vehicle specifically designed to invest in the Brevan Howard Multi-Strategy Fund or at the very least shown no strong desire for a combination of the two companies to be effected. Equally, the Board is cognisant of the fact that Brevan Howard Capital Management LP (“BHCM”), the manager of the two companies, has until now emphasised its support for two separate funds pursuing discrete investment mandates.  

As noted in BHMG’s announcement, BHCM has now indicated that it is supportive of discussions between the two companies taking place with a view to the creation of a single vehicle managed by BHCM. This change in stance was communicated to the Company yesterday evening. In light of this, the Board believes it appropriate to revisit the subject with its largest shareholders in order to ascertain whether there has been a meaningful shift in the level of support for a single vehicle as a result and, if so, on what basis. Given the intention of both the Company and BHMG to undertake tender offers in the coming weeks, the Board will seek to expedite these discussions so that the envisaged timetables for those tender offers will not be disrupted in the event that the Company’s shareholders as a whole are not supportive of exploring a combination.

For the avoidance of doubt, the Company is not treating BHMG’s announcement as an approach for the purposes of the Takeover Code nor is it intended that any combination would be a transaction to which the Takeover Code applies.

Enquiries

Sir Michael Bunbury
Chairman
David Yovichic
Investec Bank plc

020 7597 5970