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BH Global Limited (BHGG)


Thursday 29 April, 2021

BH Global Limited

Possible Corporate Action


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)


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:


Sir Michael Bunbury

David Yovichic
Investec Bank plc
Tel: +44 (0)20 7597 5970

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