Net Asset Value(s) and Tender Price Announcement
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)
23 June 2016
31 May 2016 month-end net asset values and Tender Offer redemption prices
As at the close of business on 31May 2016 the month end final net asset values 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 | $20.04 | -0.28% | -1.44% | 31 May 2016 |
| BH Macro Ltd | B1NP514 | 2087p | -0.30% | -1.62% | 31 May 2016 |
| BH Macro Ltd | B1NPGZ5 | €20.21 | -0.38% | -1.68% | 31 May 2016 |
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 Offerâ€) for up to 25 per cent. of the issued shares of each class of the Company launched on 27 April 2016 will be as follows:
| 5% increment acceptances | 6% increment acceptances | 7% increment acceptances | Base (8%) increment acceptances | |
| Sterling shares | 1982.79p | 1961.92p | 1941.05p | 1920.18p |
| Euro shares | €19.2041 | €19.0019 | €18.7998 | €18.5976 |
| US dollar shares | N/A | $18.8348 | $18.6344 | $18.4340 |
The shares to be acquired by the Company pursuant to the Tender Offer will be repurchased with effect from 27 June 2016 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 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.
Enquiries
Brevan Howard:
Dan Riggs
020 7022 6236
J.P. Morgan Cazenove:
William Simmonds
020 7742 4000
Northern Trust:
Sharon Williams
01481 745436
Important notices
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, is acting exclusively for the Company and no-one else in connection with the Tender Offer and will not be responsible to anyone other than the Company for providing the protections afforded to customers of J.P. Morgan Cazenove or for providing advice in relation to the Tender Offer or any matter referred to herein.
This announcement does not constitute an offer or solicitation to acquire or sell any securities in the Company. Any acceptance or other response to the Tender Offer should be made on the basis of the information contained in the Circular. The Tender Offer will not be extended into any jurisdiction where to do so may be unlawful or which may otherwise subject the Company or any other person to any unduly onerous obligation.
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 Actâ€), 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.
This announcement includes statements that are, or may be deemed to be, ‘‘forward-looking statements’’. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms ‘‘believes’’, ‘‘estimates’’, ‘‘anticipates’’, ‘‘expects’’, ‘‘intends’’, ‘‘may’’, ‘‘will’’ or ‘‘should’’ or, in each case their negative or other variations or comparable terminology. These forward-looking statements include matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the Company. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The investment performance, financial condition and prospects of the Company may change. Except as required by law or applicable regulation, the Company does not undertake any obligation to update any forward-looking statements, even though the situation of the Company may change in the future. All of the information presented in this announcement, and particularly the forward-looking statements, is qualified by these cautionary statements.
ENDS
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