Listing on Bermuda Stock Exch

RNS Number : 2217G

BH Macro Limited

20 October 2008

 



BH Macro Limited (the ' Company')

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 46235)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN, OR INTO, DIRECTLY OR INDIRECTLY, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR TO US PERSONS OR TO ANY OTHER JURISDICTION WHERE SUCH AN ANNOUNCEMENT WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE INCLUDING IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR BERMUDA. THE INFORMATION CONTAINED IS FOR BACKGROUND PURPOSES ONLY.

PRESS RELEASE FROM BH GLOBAL LIMITED AND BH MACRO LIMITED

BH GLOBAL AND BH MACRO ANNOUNCE SECONDARY LISTING IN BERMUDA

(LONDON, 20 OCTOBER, 2008) - BH Global Limited and BH Macro Limited, the two London-listed closed-ended feeder funds managed by Brevan Howard Offshore Management Limited today listed on the Bermuda Stock Exchange (BSX). 

No additional capital raising is being undertaken and no new securities are being issued by either company in connection with the Bermudian listings. 

Both BH Global and BH Macro are feeder funds, with BH Global solely investing in the Brevan Howard Global Opportunities Master Fund. The Brevan Howard Global Opportunities Master Fund seeks to spread risk by investing in a variety of underlying funds managed by Brevan Howard to provide exposure to a range of strategies, asset classes and geographies. 

BH Macro invests in the Brevan Howard Master Fund, whose investment objective is to generate consistent long-term appreciation through active leveraged trading and investment on a global basis. The Brevan Howard Master Fund employs a combination of investment strategies that focus primarily on economic change, monetary policy and market inefficiencies.

'This underlines our commitment to broadening BH Global's shareholder base and thereby increasing secondary market liquidity,' noted Lord Turnbull, chairman of BH Global.

'The Bermuda Stock Exchange listing will increase BH Macro's profile and will give BH Macro access to a wider range of investors,' added Ian Plenderleith, chairman of BH Macro. 

Greg Wojciechowski, President & CEO of the BSX, stated, 'We are delighted to welcome BH Global Limited and BH Macro Limited to the Official List of the BSX. These two Brevan Howard managed funds join a prestigious group of international funds and corporate entities that have listed on the BSX.'

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ENQUIRIES  

Anthony Payne/ Paul Mungo, Peregrine Communications 

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NOTES TO EDITORS

About BH Global

BH Global is a closed-ended investment company whose shares are listed on the London Stock Exchange (LSE). It was listed on the LSE on 29 May 2008 and presently has net assets of approximately US$1 billion. Its ordinary shares are denominated in euros, pounds sterling and US dollars. 

About BH Macro

Like BH Global, BH Macro is a closed-ended investment company whose shares are listed on the LSE. It was listed on the LSE on 14 March 2007 and presently has net assets of approximately US$1.6 billion. Its ordinary shares are denominated in euros, pounds sterling and US dollars. Since listing 18 months ago, the net asset value of BH Macro's dollar shares has risen approximately 40 per cent, though past performance is not a guide to future performance. 

About Brevan Howard

Bevan Howard is the largest hedge fund manager in Europe, with over US$26 billion in assets under management.

IMPORTANT INFORMATION 

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information contained in this announcement by BH Macro or BH Global or their respective affiliates or their respective members, directors or employees and no liability is accepted by such persons for the accuracy or completeness of any such information.

This announcement does not constitute or form part of any offer of securities or any invitation to issue or sell securities, or constitute an invitation or any solicitation of any offer to subscribe or purchase any securities or any investments, nor shall it (or the fact of its distribution) form the basis of, or be relied on in connection with, any contract therefor.

The information about the entities set out above is included in this announcement for information purposes only and should not be construed as research, investment advice, recommendation or solicitation to buy or sell investments in any investments or entities mentioned in this announcement and it is not intended to constitute an invitation or inducement to invest in the Companies. 

The information contained herein is not for publication or distribution in the United States of America. These materials do not contain or constitute an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the 'Securities Act'), and may not be offered or sold in the United States (as such term is defined in Regulation S under the Securities Act) absent registration under the Securities Act or an available exemption from it. BH Global and BH Macro do not intend to register the securities in the United States. BH Global and BH Macro will not be registered under the US Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

 

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