BH
MACRO LIMITED (the “Company”)
(an
authorised closed-ended collective investment scheme established as
a non-cellular company limited by shares under the laws of Guernsey
with registration number 46235)
LEI:
549300ZOFF0Z2CM87C29
Increase
in Annual Buyback Allowance
The
board of directors (the “Board”) of the Company is pleased to
announce that it has agreed with Brevan Howard Capital Management
Limited, acting as the sole general partner of Brevan Howard
Capital Management LP (the “Manager”) to increase the Annual
Buyback Allowance applicable to the Company’s Sterling Shares in
respect of the current calendar year under the management agreement
in relation to the Company (the “Management Agreement”).
Under
the Management Agreement, if, in any calendar year, the Company
makes repurchases or redemptions of any class of its Shares above
the applicable Annual Buyback Allowance, the Company is required to
pay to the Manager an additional fee equal to two per cent. of the
price paid by the Company to repurchase or redeem those additional
Shares.
The
Annual Buyback Allowance in respect of each class of Shares for
each calendar year is ordinarily equal to five per cent. of the
number of Shares of the relevant class in issue as at 31 December
in the immediately preceding calendar year (in each case excluding
Shares held in treasury). Prior to the increase in the Annual
Buyback Allowance agreed between the Company and the Manager, the
Company had utilised approximately 85 per cent. of its Annual
Buyback Allowance for 2024 in respect of its Sterling
Shares.
Under
its agreement with the Manager, the Company’s Annual Buyback
Allowance for 2024 in respect of the Sterling Shares has been
increased by an amount equal to its unused Annual Buyback Allowance
for the Sterling Shares for the year 2023. Accordingly, the Company
may, during the remainder of 2024, repurchase under its Share
buyback programme a further 16,308,970 Sterling Shares (equal to
approximately 4.56 per cent. of the Sterling Shares currently in
issue, excluding Sterling Shares held in treasury) without
incurring the additional fees ordinarily payable to the Manager
under the Management Agreement.
The
Company may also repurchase a further 1,492,824 US dollar Shares during the remainder
of 2024 (equal to 5 per cent. of the US dollar Shares currently in
issue, excluding US dollar Shares held in treasury) from the
existing Annual Buyback Allowance applicable to such
Shares.
Enquiries:
Company
website:
www.bhmacro.com
J.P.
Morgan Cazenove
William Simmonds, Rupert
Budge
Tel: +44
(0) 203 493 8000
The
Company Secretary
Northern
Trust International Fund Administration Services (Guernsey)
Limited
Tel:
01481 745001