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 Performance||YTD Performance||NAV Date|
|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||€21.25||-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):
|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.
020 7022 6236
J.P. Morgan Cazenove:
020 7742 4000
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.