BH Macro has announced the results of its tender offer (up to 100% for all share classes) and its shareholder meetings. In aggregate, 48% of shares in issue were tendered (41.4% of GBP, 42.3% of EUR, 69.7% of USD shares). The company says that this is within the 66.667% tender limit so the tender can proceed. The company says that, assuming the tender completes, it is likely the EUR shareclass NAV will fall below $25m following the tender. As such, the remaining EUR shares will be converted into GBP shares. This company expects this to occur in June 2017.
About BH Macro
BH Macro is a feeder fund. It invests substantially all of its assets (net of short-term working capital) in the ordinary shares of Brevan Howard Master Fund Limited. BH Macro Limited was admitted to the Main Market of the London Stock Exchange on 14 March 2007 and initially had three classes of share (sterling, Euro and US dollar denominated). The company now expects that its Euro class will close in June 2017.
About Brevan Howard Master Fund
Brevan Howard Master Fund Limited (“BHMF”) is an exempted company incorporated with limited liability in the Cayman Islands as an open-ended investment company on 22 January 2003 and launched on 1 April 2003. The investment objective of BHMF is to generate consistent long-term appreciation through active leveraged trading on a global basis. Exposure is predominantly to global fixed income and FX markets, employing a combination of global macro and relative value trading strategies.
BH Macro sees 48% of shares tendered; Euro share class to close : BHMG, BHMU, BHME