Increase in Annual Buyback Allowance
Summary by AI BETAClose X
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED
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 of the Company is pleased to announce that it has agreed with the Company's manager, 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 and US dollar 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 either class of Shares above the applicable Annual Buyback Allowance, the Company is required to pay to the Manager an additional fee equal to 2 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 5 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).
Under its agreement with the Manager, the Company's Annual Buyback Allowance in respect of each class of Shares for 2026 has been increased from 5 per cent. to 14.99 per cent. of the number of Shares of the relevant class in issue as at 31 December 2025, excluding Shares held in treasury.
As at close of business on 16 January 2026, prior to the increase in the Annual Buyback Allowance agreed between the Company and the Manager, the Company had purchased 1,980,750 Sterling Shares through on-market Share purchases during 2026 and had purchased 57,383 US dollar Shares. Accordingly, the Company would be entitled during the remainder of the year, at the discretion of the Board, to repurchase under its Share buyback programme up to a further 45,319,383 Sterling Shares (equal to approximately 14.45 per cent. of the Sterling Shares currently in issue, excluding Sterling Shares held in treasury) and up to 3,510,366 US dollar Shares (equal to 14.78 per cent. of the US dollar Shares currently in issue, excluding US dollar Shares held in treasury) in each case without incurring the additional fees otherwise payable to the Manager under the Management Agreement. Shareholders should note that there can be no expectation that the Board will exercise any such discretion to authorise further buy-backs of Shares.
Enquiries:
Company website: www.bhmacro.com
William Simmonds
Rupert Budge
JPMorgan Cazenove
Tel: 020 7588 2828
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: 01481 74500
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