BH Macro Limited - Interim Report and Unaudited Financial Statements 2025
Interim Report and Unaudited Financial Statements 2025
LEI: 549300ZOFF0Z2CM87C29
(Classified Regulated Information, under DTR 6 Annex 1 section 1.2)
The Company has today, in accordance with DTR 6.3.5, released its Interim Report and Unaudited Financial Statements for the period ended
Chair’s Statement
The year of 2025 has remained very challenging for the closed-ended fund sector and, as I said last year,
The discount to net asset value (“NAV”) per share has narrowed from the levels we have experienced in the last couple of years and, compared to many in the sector, is at a low level. However, as was the case last year, it is at too great a level for the Board to feel comfortable. None of the issues which bedevilled the sector last year have changed. Factors such as the concentration of shareholdings, the concentration of the wealth management industry and continuing uncertainty around the investment environment contribute to a most difficult set of conditions for the closed-ended fund sector. Whilst the Board retains its confidence in the Manager and the strategy that it has pursued so successfully for many years, neither we nor the Manager are complacent. We continue to search for ways to improve the Company’s returns.
NAV per share performance in the six-month period to
The international environment in which the Company operates remains volatile. President Trump’s administration continues to pursue policies which have set it apart from the consensus of recent decades. The geopolitical situation remains tense. The conflict in
Against this background, the Board remains convinced of the value of the Company and maintains its confidence in the Manager and its strategy. The Board recognises that there are two clear challenges ahead: to outperform other asset classes as a key diversifier for our investors’ portfolios and to attract new investors to the Company.
Chair
Board Members
The Directors of the Company during the period and as at the date of signing, all of whom are non-executive, are listed below, together with
Disclosure of Directorships in Public Companies Listed on Recognised Stock Exchanges
The following summarises the Directors’ current directorships in other public companies:
Exchange
Richard Horlick
Riverstone Energy Limited London
VH Global Energy Infrastructure Plc London Caroline Chan
NextEnergy Solar Fund Limited London Julia Chapman
GCP Infrastructure Investments Limited London
Henderson Far East Income Limited London Bronwyn Curtis
TwentyFour Income Fund Limited London John Le Poidevin John Le Poidevin
Super Group (SGHC) Limited New York
TwentyFour Income Fund Limited London John Whittle
Starwood European Real Estate Finance Limited London
The Renewables Infrastructure Group Limited London
Sancus Lending Group Limited AIM
Sancus Lending Group Limited AIM
Directors’ Report
The Directors submit their Interim Report together with the Company’s Unaudited Statement of Assets and Liabilities, Unaudited Statement of Operations, Unaudited Statement of Changes in Net Assets, Unaudited Statement of Cash Flows and the related notes for the period ended
The Company
The Company’s ordinary shares are issued in Sterling and US Dollars.
Investment Objective and Policy
The Company is organised as a feeder fund that invests all of its assets (net of short-term working capital requirements) directly in the
The Company may employ leverage for the purposes of financing share purchases or buybacks, satisfying working capital requirements or financing further investment into the
Results and Dividends
The results for the year are set out in the Unaudited Statement of Operations. The Directors do not recommend the payment of a dividend.
Share Capital
At the Annual General Meeting held on
Between
The number of shares in issue at the period end is disclosed in note 5 of the Interim Unaudited Financial Statements.
Going Concern
The Directors, having considered the Principal and Emerging Risks and Uncertainties to which the Company is exposed, which are
materially unchanged from those reported in the Company’s financial statements for the year ended
Whilst the Board continues to monitor the ongoing impact of various geopolitical events, the Board has concluded that the biggest threat to the Company remains the failure of a key service provider to maintain business continuity and resiliency. The Board has assessed the measures in place by key service providers to maintain business continuity and, so far, has not identified any significant issues that affect the Company. The financial position of the Company has not been negatively impacted by geopolitical events either and the Board is confident that these events have not impacted the going concern assessment of the Company.
In
The average discount to NAV for the Sterling shares and US Dollar shares for the year ended
The average discount to NAV for both share classes for the period to
The Directors have therefore concluded that there are no significant cash flow or other risks in relation to preparing the Interim Unaudited Financial Statements on a going concern basis.
The Board
The Board of Directors has overall responsibility for safeguarding the Company’s assets, for the determination of the investment policy of the Company, for reviewing the performance of the service providers and for the Company’s activities. The Directors, all of whom are non-executive, are listed on the Board Members section.
The Board has completed an externally facilitated recruitment exercise to replace
Packaged Retain and Insurance Based Investment Products (“PRIIPS”)
In accordance with the requirements of the
Principal and Emerging Risks and Uncertainties
The Board is responsible for the Company’s system of internal controls and for reviewing its effectiveness. The Board is satisfied that by using the Company’s risk matrix in establishing the Company’s system of internal controls, while monitoring the Company’s investment objective and policy, the Board has carried out a robust assessment of the principal and emerging risks and uncertainties facing the Company. The principal and emerging risks and uncertainties which have been identified and the steps which are taken by the Board to mitigate them can be viewed in the Annual
Report for the year ended
Signed on behalf of the Board by:
Chair
Director
Statement of Directors’ Responsibility in respect of the Interim Report and Unaudited Financial Statements
We confirm to the best of our knowledge that:
• these Interim Unaudited Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles and give a true and fair view of the assets, liabilities, financial position and profit or loss; and
• these Interim Unaudited Financial Statements include information detailed in the Chair’s Statement, the Directors’ Report, the Manager’s Report and the Notes to the Interim Unaudited Financial Statements, which provides a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on these Interim Unaudited Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related-party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period and any changes in the related-party transactions described in the last Annual Audited Financial Statements that could materially affect the financial position or performance of the Company.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website and for the preparation and dissemination of financial statements. Legislation in Guernsey governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.
Signed on behalf of the Board by:
Chair
John Le Poidevin
Director
Manager’s Report
Performance Review
The NAV per share of the USD shares of the Company depreciated by 0.59% in the first half of 2025 and the NAV per share of the GBP shares depreciated by 0.28%.
The month-by-month NAV performance of each currency class of the Company since it commenced operations in 2007 is set out below:
GBP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2007 - - 0.11 0.83 0.17 2.28 2.55 3.26 5.92 0.04 3.08 0.89 20.67 2008 10.18 6.85 (2.61) (2.33) 0.95 2.91 1.33 1.21 (2.99) 2.84 4.23 (0.67) 23.25 2009 5.19 2.86 1.18 0.05 3.03 (0.90) 1.36 0.66 1.55 1.02 0.40 0.40 18.00 2010 (0.23) (1.54) 0.06 1.45 0.36 1.39 (1.96) 1.23 1.42 (0.35) (0.30) (0.45) 1.03 2011 0.66 0.52 0.78 0.51 0.59 (0.56) 2.22 6.24 0.39 (0.73) 1.71 (0.46) 12.34 2012 0.90 0.27 (0.37) (0.41) (1.80) (2.19) 2.38 1.01 1.95 (0.35) 0.94 1.66 3.94 2013 1.03 2.43 0.40 3.42 (0.08) (2.95) (0.80) (1.51) 0.06 (0.55) 1.36 0.41 3.09 2014 (1.35) (1.10) (0.34) (0.91) (0.18) (0.09) 0.82 0.04 4.29 (1.70) 0.96 (0.04) 0.26 2015 3.26 (0.58) 0.38 (1.20) 0.97 (0.93) 0.37 (0.74) (0.63) (0.49) 2.27 (3.39) (0.86) 2016 0.60 0.70 (1.78) (0.82) (0.30) 3.31 (0.99) (0.10) (0.68) 0.80 5.05 0.05 5.79 2017 (1.54) 1.86 (2.95) 0.59 (0.68) (1.48) 1.47 0.09 (0.79) (0.96) 0.09 (0.06) (4.35) 2018 2.36 (0.51) (1.68) 1.01 8.19 (0.66) 0.82 0.79 0.04 1.17 0.26 0.31 12.43 2019 0.52 (0.88) 2.43 (0.60) 3.53 3.82 (0.78) 1.00 (1.94) 0.47 (1.22) 1.52 7.98 2020 (1.42) 5.49 18.31 0.19 (0.85) (0.53) 1.74 0.94 (1.16) (0.02) 0.75 3.04 28.09 2021 1.20 0.32 0.81 0.15 0.25 (1.50) (0.49) 0.87 0.40 0.27 - 0.47 2.76 2022 0.94 1.79 5.39 3.86 1.66 1.05 0.15 2.84 2.12 (0.40) (1.15) 1.88 21.91 2023 1.20 (0.28) (4.29) (0.93) (1.61) (0.25) 0.90 0.34 1.12 0.86 (0.42) 1.69 (1.81) 2024 0.36 (3.08) 0.98 (0.98) 0.76 0.91 0.41 (0.55) 5.10 (3.10) 7.00 (1.63) 5.86 2025 (2.76) (1.47) (1.20) 4.55 (0.73) 1.51 (0.28)
USD Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2007 - - 0.10 0.90 0.15 2.29 2.56 3.11 5.92 0.03 2.96 0.75 20.27 2008 9.89 6.70 (2.79) (2.48) 0.77 2.75 1.13 0.75 (3.13) 2.76 3.75 (0.68) 20.32 2009 5.06 2.78 1.17 0.13 3.14 (0.86) 1.36 0.71 1.55 1.07 0.37 0.37 18.04 2010 (0.27) (1.50) 0.04 1.45 0.32 1.38 (2.01) 1.21 1.50 (0.33) (0.33) (0.49) 0.91 2011 0.65 0.53 0.75 0.49 0.55 (0.58) 2.19 6.18 0.40 (0.76) 1.68 (0.47) 12.04 2012 0.90 0.25 (0.40) (0.43) (1.77) (2.23) 2.36 1.02 1.99 (0.36) 0.92 1.66 3.86 2013 1.01 2.32 0.34 3.45 (0.10) (3.05) (0.83) (1.55) 0.03 (0.55) 1.35 0.40 2.70 2014 (1.36) (1.10) (0.40) (0.81) (0.08) (0.06) 0.85 0.01 3.96 (1.73) 1.00 (0.05) 0.11 2015 3.14 (0.60) 0.36 (1.28) 0.93 (1.01) 0.32 (0.78) (0.64) (0.59) 2.36 (3.48) (1.42) 2016 0.71 0.73 (1.77) (0.82) (0.28) 3.61 (0.99) (0.17) (0.37) 0.77 5.02 0.19 6.63 2017 (1.47) 1.91 (2.84) 3.84 (0.60) (1.39) 1.54 0.19 (0.78) (0.84) 0.20 0.11 (0.30) 2018 2.54 (0.38) (1.54) 1.07 8.41 (0.57) 0.91 0.90 0.14 1.32 0.38 0.47 14.16 2019 0.67 (0.70) 2.45 (0.49) 3.55 3.97 (0.66) 1.12 (1.89) 0.65 (1.17) 1.68 9.38 2020 (1.25) 5.39 18.40 0.34 (0.82) (0.54) 1.84 0.97 (1.11) (0.01) 0.76 3.15 28.89 2021 1.21 0.31 0.85 0.16 0.26 (1.47) (0.47) 0.86 0.31 0.14 (0.09) 0.59 2.67 2022 0.74 1.77 5.27 3.80 1.09 0.76 0.12 3.11 2.46 (0.50) (1.09) 2.01 21.17 2023 1.26 (0.30) (4.11) (0.88) (1.54) (0.15) 0.92 0.34 1.08 0.88 (0.40) 1.69 (1.33) 2024 0.24 (3.13) 0.86 (1.05) 0.73 0.87 0.42 (0.60) 4.91 (2.93) 6.56 (1.63) 4.92 2025 (2.81) (1.54) (1.29) 4.47 (0.73) 1.48 (0.59)
Source: Master Fund NAV data is provided by the administrator of the
The Company’s NAV per Share % Monthly Change is calculated by BHCM.
The Company’s NAV data is unaudited and net of all investment management and performance fees and all other fees and expenses payable by the Company. In addition, the Company’s investment in the
NAV performance is provided for information purposes only. Shares in the Company do not necessarily trade at a price equal to the prevailing NAV per Share.
Data as at
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
Quarterly and Annual contribution (%) to the performance of the NAV per Share of the Company’s USD Shares (net of fees and expenses) by asset class*
This information is given in USD ($)
______________________________________________________________________________ | |Rates|FX |Commodities|Credit|Equity|Digital Assets|Discount |TOTAL| | | | | | | | |Management| | |________|_____|_____|___________|______|______|______________|__________|_____| |Q1 2025 |-1.12|-3.90|0.11 |-0.27 |0.29 |-0.65 |0.00 |-5.54| |________|_____|_____|___________|______|______|______________|__________|_____| |Q2 2025 |1.34 |1.53 |0.23 |-0.01 |1.96 |0.19 |0.00 |5.24 | |________|_____|_____|___________|______|______|______________|__________|_____| |YTD 2025|0.14 |-2.45|0.33 |-0.27 |2.14 |-0.48 |0.00 |-0.59| |________|_____|_____|___________|______|______|______________|__________|_____|
Data as at
Quarterly and YTD figures are calculated by BHCM as at
Quarterly and Annual contribution (%) to the performance of the NAV per Share of the Company’s GBP Shares (net of fees and expenses) by asset class*
This information is given in GBP (£)
______________________________________________________________________________ | |Rates|FX |Commodities|Credit|Equity|Digital Assets|Discount |TOTAL| | | | | | | | |Management| | |________|_____|_____|___________|______|______|______________|__________|_____| |Q1 2025 |-1.09|-3.88|0.11 |-0.27 |0.29 |-0.65 |0.14 |-5.35| |________|_____|_____|___________|______|______|______________|__________|_____| |Q2 2025 |1.33 |1.53 |0.23 |-0.01 |1.96 |0.18 |0.12 |5.34 | |________|_____|_____|___________|______|______|______________|__________|_____| |YTD 2025|0.17 |-2.43|0.33 |-0.27 |2.15 |-0.48 |0.25 |-0.28| |________|_____|_____|___________|______|______|______________|__________|_____|
Data as at
Quarterly and YTD figures are calculated by BHCM as at
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
Methodology and Definition of Contribution to Performance:
Attribution by asset class is produced at the instrument level, with adjustments made based on risk estimates.
*The above asset classes are categorised as follows:
“
Rates
”: interest rates markets
“
FX
”: FX forwards and options
“
Commodities
”: commodity futures and options
“
Credit
”: corporate and asset-backed indices, bonds and CDS
“ Equity”: equity markets including indices and other derivatives
“Digital Assets”: crypto-currencies including derivatives
“Discount Management”: buyback activity or shares from treasury
Performance and Economic Outlook Commentary
At the start of the year, President Trump’s policies and their potential knock-on effects were the main focus for markets. The President campaigned on higher tariffs, lower taxes, and tighter immigration control. Risk assets reacted positively to the President’s election victory and rapid tariff announcements were anticipated after
At the same time, the US pursued a big fiscal package, which extended the tax cuts from the President’s first term, targeted new tax cuts for individuals, and expanded investment incentives for businesses. Given the front-loading of the benefits and the deferral of the tax pay-fors, most economists estimate that there will be a small but noticeable boost to growth for the next couple years. Taking a step back, tariffs are estimated to result in approximately a 1% drag on growth and fiscal expansion partly makes up for that. If monetary policy eases as the markets predict, then the combination of fiscal and monetary policy easing could eventually balance the estimated subtraction from tariffs.
In the international realm, the President recalibrated established trading and geopolitical relationships, pressurised allies, took military action against
The macro impact of the material changes in US policies has been felt in the depreciation in the exchange value of the US dollar, as investors hedged some of their exposure to US markets. In addition, a hint of concern about US fiscal sustainability has been apparent in the edging up of the term premium in the long-end of the US bond market.
The next catalyst for the US rates market will depend importantly on the
Elsewhere, other central banks are guiding policy to neutral rates. The
While it may have seemed like events involving the President have been central to international affairs, change has unfolded in other countries as well. The new conservative government in
With this landscape of macro dispersion and geopolitical uncertainty across all regions, markets are likely to remain extremely interesting.
acting by its sole general partner,
Independent Review Report to
Introduction
We have reviewed the accompanying interim unaudited financial statements of
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Responsibilities of the directors
The directors are responsible for preparing the interim unaudited financial statements in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom’s
In preparing the interim unaudited financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim unaudited financial statements do not give a true and fair view of the financial position of the entity as at
Use of our report
This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the
Guernsey
Unaudited Statement of Assets and Liabilities
As at
30.06.25 31.12.24
(Unaudited) (Audited)
US$'000 US$ '000
Assets
Investment in the Master Fund (note 3) 2,057,637 1,911,988
Master Fund redemption proceeds receivable 14,706 45,111
Prepaid expenses 277 31
Cash and bank balances denominated in Sterling 22,465 42,122
Cash and bank balances denominated in US Dollars 2,086 3,111
Total assets 2,097,171 2,002,363
Liabilities
Performance fees payable (note 4) - 14,536
Management fees payable (note 4) 2,582 2,667
Purchase of shares into treasury payable 2,915 498
Accrued expenses and other liabilities 261 164
Administration fees payable (note 4) 80 155
Total liabilities 5,838 18,020
Net assets 2,091,333 1,984,343
Number of shares in issue (note 5)
Sterling shares 332,135,756 342,211,496
US Dollar shares 26,638,728 27,478,960
Net asset value per share (notes 7 and 9)
Sterling shares £4.33 £4.35
US Dollar shares US$4.45 US$4.48
See accompanying Notes to the Interim Unaudited Financial Statements .
Signed on behalf of the Board by:
Richard Horlick
Chair
John Le Poidevin
Director
Unaudited Statement of Operations
For
the
period from
01.01.25 01.01.24
to 30.06.25 to 30.06.24
(Unaudited) (Unaudited)
US$'000 US$ '000
Net investment gain allocated from the Master Fund
Interest income 80,904 56,146
Dividend and other income (net of withholding tax:
30 June 2025: US$56,092 ; 30 June 2024: US$11,911 ) 298 306
Expenses (60,891) (39,288)
Net investment gain allocated from the Master Fund 20,311 17,164
Company income
Bank interest income 350 274
Foreign exchange gains (note 3) 174,140 -
Total Company income 174,490 274
Company expenses
Performance fees (note 4) - -
Management fees (note 4) 14,664 14,705
Other expenses 511 324
Directors' fees 216 202
Administration fees (note 4) 151 151
Foreign exchange losses (note 3) - 15,801
Total Company expenses 15,542 31,183
Net investment gain / (loss) 179,259 (13,745)
Net realised and unrealised gain/(loss) on investments
allocated from the Master Fund
Net realised gain on investments 45,460 3,641
Net unrealised loss on investments (63,248) (40,069)
Net realised and unrealised (loss) / gain on (17,788) (36,428)
investments allocated from the Master Fund
Net increase / (decrease) in net assets resulting 161,471 (50,173)
from operations
See accompanying Notes to the Interim Unaudited Financial Statements.
Unaudited Statement of Changes in Net Assets
For
the
period from
01.01.25 01.01.24
to 30.06.25 to 30.06.24
(Unaudited) (Unaudited)
US$'000 US$ '000
Net increase in net assets resulting from
operations
Net investment gain / 179,259 (13,745)
(loss)
Net realised gain on investments allocated from 45,460 3,641
the Master Fund
Net unrealised (loss) / gain on investments (63,248) (40,069)
allocated from the Master Fund
161,471 (50,173)
Purchase of shares into
treasury
Sterling shares (54,481) (74,683)
Total share capital (54,481) (74,683)
transactions
Net increase / 106,990 (124,856)
(decrease) in net assets
Net assets at the 1,984,343 2,074,531
beginning of the period
Net assets at the end of 2,091,333 1,949,675
the period
See accompanying Notes to the Interim Unaudited Financial Statements.
Unaudited Statement of Cash Flows
For
the
period from
01.01.25 01.01.24
to 30.06.25 to 30.06.24
(Unaudited) (Unaudited)
US$'000 US$ '000
Cash flows from operating activities
Net increase/(decrease) in net assets 161,471 (50,173)
resulting from operations
Adjustments to reconcile net (decrease)/increase in
net assets resulting from
operations to net cash (used in)/generated from
operating activities:
Net investment gain allocated from the (20,311) (17,164)
Master Fund
Net realised gain on investments allocated (45,460) (3,641)
from the Master Fund
Net unrealised loss on investments allocated from 63,248 40,069
the Master Fund
Purchase of investment in the Master Fund (27,183) -
Proceeds from sale of investment in the 86,518 100,668
Master Fund
Foreign exchange (gains) / losses (174,140) 15,801
Increase in prepaid expenses (246) (52)
Decrease in performance fees payable (14,536) (2)
Decrease in management fees payable (85) (249)
Increase in accrued expenses and other 97 33
liabilities
Increase in Directors' fees payable - 103
(Decrease)/increase in administration fees (75) 71
payable
Net cash generated from operating 29,298 85,464
activities
Cash flows from financing activities
Purchase of own shares into treasury (52,064) (76,160)
Net cash used in financing activities (52,064) (76,160)
Change in cash (22,766) 9,304
Cash, beginning of the period 45,233 19,651
Effect of exchange rate fluctuations 2,084 (286)
Cash, end of the period 24,551 28,669
Cash, end of the period
Cash and bank balances denominated in 22,465 26,497
Sterling1
Cash and bank balances denominated in US 2,086 2,172
Dollars
24,551 28,669
Supplemental disclosure of non-cash financing
activities
1 Cash and bank balances in Sterling 16,399 20,958
(GBP'000)
See accompanying Notes to the Interim Unaudited Financial Statements.
Notes to the Interim Unaudited Financial Statement s
For
the
period from 1 January 2025 to 30 June 2025
1. The Company
The Company’s ordinary shares are issued in Sterling and US Dollars.
2. Organisation
The Company is organised as a feeder fund and seeks to achieve its investment objective by investing all of its investable assets, net of short-term working capital requirements, in the ordinary Sterling and US Dollar-denominated Class B shares issued by
As such, the Interim Unaudited Financial Statements of the Company should be read in conjunction with the Financial Statements of the
At the date of these Interim Unaudited Financial Statements, there were four other feeder funds in operation in addition to the Company that invest all of their assets (net of working capital) in the
Off-Balance Sheet, market and credit risks of the Master Fund’s investments and activities are discussed in the notes to the Master Fund’s Interim Unaudited Financial Statements. The Company’s investment in the
Market risk represents the potential loss in value of financial instruments caused by movements in market factors including, but not limited to, market liquidity, investor sentiment and foreign exchange rates.
The Manager
The Manager also manages the
In order to reflect the increased investment of the Company in the
The Company will ordinarily be required to provide 12 months’ notice of the redemption of all or some of its investment in the Master Fund , except as may be required to fund the Company’s specific working capital requirements and, up to a maximum amount equal to five per cent of each class of the Company’s holding of Master Fund shares every month, to finance on-market share buybacks. As such, any redemption of all or part of the Company’s investment in the Master Fund on a winding up of the Company or to finance a tender offer or a class closure resolution will be required to be on 12 months’ notice. In those cases, the Company would only receive the proceeds of redemption from the Master Fund (and, therefore, Shareholders would only receive payment from the Company) after the redemption date at the end of the 12-month notice period and the Company (and, therefore, Shareholders) would remain exposed to the investment performance of the Master Fund in the intervening period to that redemption date.
In other changes to the Management Agreement, the circumstances in which the Company can terminate the Management Agreement and redeem its investment in the Master Fund on less than 12 months’ notice includes certain “cause” events affecting the Manager, in which case the Company would be entitled to terminate the Management Agreement on 90 days’ notice and redeem its investment in the Master Fund on three months’ notice.
The annual buyback allowance fee arrangements introduced in 2021 will continue to apply in respect of repurchases and redemptions by the Company of its shares of each class in excess of a number equal to five per cent of shares in issue of the relevant class at the end of the prior calendar year.
See also note 8 for further details relating to redemptions from the Master Fund for discount management mechanisms.
3. Significant accounting policies
These Interim Unaudited Financial Statements, which give a true and fair view, are prepared in accordance with United States Generally Accepted Accounting Principles and comply with The Companies (Guernsey) Law, 2008. The functional and reporting currency of the Company is US Dollars which is the currency of the primary economic environment in which the Company operates.
As further described in the Directors’ Report, these Interim Unaudited Financial Statements have been prepared using the going concern basis of accounting.
The Board continues to monitor the ongoing impact of various geopolitical events but has concluded that the biggest threat to the Company remains the failure of a key service provider to maintain business continuity and resiliency. The Board has assessed the measures in place by key service providers to maintain business continuity and, so far, has not identified any significant issues that affect the Company. The financial position of the Company has not been negatively impacted by geopolitical events and the Board is confident that these events have not impacted the going concern assessment of the Company.
Results of the
The Company is an investment company which has applied the provisions of Accounting Standards Codification (“ASC”) 946.
Recent accounting pronouncements
The Company has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective and is currently evaluating the potential impact on the Interim Unaudited Financial Statements.
The following are the significant accounting policies adopted by the Company:
Valuation of investments
The Company records its investment in the
Shares
Percentage of NAV per Share held in Investment in Investment in
the Master Master Fund Master Fund
Fund
Master Fund's (Class B) (Class B) CCY '000 US$ '000
capital
30 June 2025
Sterling 16.44% £7,111.79 199,382 £1,417,957 1,943,168
US Dollar 0.97% US$7,136.40 16,038 US$114,469 114,469
2,057,637
31 December 2024
Sterling 14.95% £7,101.86 201,713 £1,432,534 1,792,458
US Dollar 1.00% US$7,126.07 16,772 US$119,530 119,530
1,911,988
The valuation and classification of securities held by the
Income and expenses
The Company records monthly its proportionate share of the Master Fund’s income, expenses and realised and unrealised gains and losses. In addition, the Company accrues its own income and expenses.
Use of estimates
The preparation of the Interim Unaudited Financial Statements in accordance with United States Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these Interim Unaudited Financial Statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Leverage
The Manager has discretion, subject to the prior approval of a majority of the independent Directors, to employ leverage for and on behalf of the Company by way of borrowings to effect share purchases or share buybacks, to satisfy working capital requirements and to finance further investments in the
The Company may borrow up to 20% of its NAV, calculated as at the time of borrowing. Additional borrowing over 20% of NAV may only occur if approved by an ordinary resolution of the Shareholders.
Foreign exchange
Transactions reported in the Unaudited Statement of Operations are translated into US Dollar amounts at the date of such transactions. Assets and liabilities denominated in foreign currencies are translated into US Dollars at the exchange rate at the reporting date. The share capital and other capital reserves are translated at the historic rate ruling at the date of the transaction.
Investment securities and other assets and liabilities of the Sterling share class are translated into US Dollars, the Company's reporting currency, using exchange rates at the reporting date. The Unaudited Statement of Operations’ items of the Sterling share class are converted into US Dollars using the average exchange rate. Exchange differences arising on translation are included in foreign exchange gains or losses in the Unaudited Statement of Operations. This foreign exchange adjustment has no effect on the value of net assets allocated to the individual share classes.
Cash and bank balances
Cash and bank balances comprise demand deposits.
Allocation of results of the Master Fund
Net realised and unrealised gains or losses of the
Treasury
shares
Where the Company has purchased its own share capital, the consideration paid, which includes any directly attributable costs, has been recognised as a deduction from equity Shareholders’ funds through the Company’s reserves.
Where such shares have been subsequently sold or reissued to the market, any consideration received, net of any directly attributable incremental transaction costs, is recognised as an increase in equity Shareholders’ funds through the share capital account. Where the Company cancels treasury shares, no further adjustment is required to the share capital account of the Company at the time of cancellation. Shares held in treasury are excluded from calculations when determining NAV per share as detailed in note 7 and in the ‘Financial highlights’ in note 9.
Refer to note 5 for details of sales of shares from treasury or purchases by the Company of its share capital.
Segment reporting
The Chief Operating Decision Maker, which is the Board, is of the opinion that the Company is engaged in a single segment for the current and comparative period presented. The financial information used by the Chief Operating Decision Maker to manage the Company presents the business as a single segment and concludes that the segment measure is the net increase/(decrease) in net assets resulting from operations.
4. Management Agreement and administration agreement
Management fee and performance fee
The Company has entered into the Management Agreement with the Manager to manage the Company’s investment portfolio. The management fee charged to the Company is reduced by the Company’s share of management fees incurred by the
During the six month period ended 30 June 2025 , US$14,664,469 (six month period ended 30 June 2024:US$14,704,921 ) was earned by the Manager as net management fees. At 30 June 2025 , US$2,581,761 (31 December 2024 : US$2,667,015 ) of the management fee remained outstanding.
The Manager is also entitled to an annual performance fee for both share classes. The performance fee is equal to 20% of the appreciation in the NAV per share of that class during the period of twelve months ending on 31 December in each year (the “calculation period”) which is above the base NAV per share of that class, other than that arising to the remaining shares of the relevant class from any repurchase, redemption or cancellation of any share in the calculation period. The base NAV per share is the greater of the NAV per share of the relevant class at the time of issue of such share and the highest NAV per share achieved as at the end of any previous calculation period.
The Manager will be paid an estimated performance fee on the business day preceding the last business day of each calculation period. Within 5 business days of the publication of the final NAV of each class of shares as at the end of the calculation period, any difference between the actual performance fee and the estimated amount will be paid to or refunded by the Manager, as appropriate. Any accrued performance fee in respect of shares which are converted into another share class prior to the date on which the performance fee would otherwise have become payable in respect of those shares will crystallise and become payable on the date of such conversion. The performance fee is accrued on an ongoing basis and is reflected in the Company’s published NAV. During the six month period ended
The notice period for termination of the Management Agreement without cause by either the Company or the Manager is 12 months. The Management Agreement was amended on
Administration fee
The Company has appointed
5. Share capital
Issued and authorised share capital
The Company has the power to issue an unlimited number of ordinary shares with no-par value and an unlimited number of shares with a par value. Shares may be divided into at least two classes denominated in Sterling and US Dollars. Further issues of shares may be made in accordance with the Articles of Incorporation (the “Articles”). Shares may be issued in differing currency classes of ordinary redeemable shares. The following tables show the movement in ordinary shares.
For the period from 1 January 2025 to 30 June 2025 :
For the year ended30 June 2025 Sterling shares US Dollar shares Number of ordinary shares In issue at 1 January 2025 342,211,496 27,478,960 Share conversions 673,765 (840,232) Purchase of shares into Treasury (10,749,505) - In issue at 30 June 2025 332,135,756 26,638,728 Number of treasury shares In issue at 1 January 2025 33,244,410 - Shares purchased and held inTreasury during the period: On market purchases* 10,749,505 - In issue at 30 June 2025 43,993,915 - Percentage of class 11.70% -
*On market purchases for the period ended
Treasury shares Number ofshares purchased Cost (US$) Cost
(in currency)
US Dollar shares - - -
Sterling shares 10,749,505 54,481,257 £41,734,230
For the year ended31 December 2024 Sterling shares US Dollar shares Number of ordinary shares In issue at 1 January 2024 372,024,149 29,856,472 Share conversions 1,927,480 (2,377,512) Purchase of shares into (31,740,133) - treasury In issue at 31 December 2024 342,211,496 27,478,960 Number of treasury shares In issue at 1 January 2024 1,504,277 - On market purchases* 31,740,133 - In issue at 31 December 2024 33,244,410 - Percentage of class 8.85% - *On market purchases in the year ended31 December 2024 . Number of Cost (in Treasury shares shares Cost (US$) currency) purchased US Dollar shares - - - Sterling shares 31,740,133 148,418,885 £115,985,967
Share classes
In respect of each class of shares, a separate class account has been established in the books of the Company. An amount equal to the aggregate proceeds of issue of each share class has been credited to the relevant class account. Any increase or decrease in the NAV of the Master Fund US Dollar shares and
Voting rights of shares
Ordinary shares carry the right to vote at general meetings of the Company and to receive any dividends attributable to the ordinary shares as a class declared by the Company and, in a winding-up will be entitled to receive, by way of capital, any surplus assets of the Company attributable to the ordinary shares as a class in proportion to their holdings remaining after settlement of any outstanding liabilities of the Company.
As prescribed in the Company’s Articles, the different classes of ordinary shares have different values attributable to their votes. The attributed values have been calculated on the basis of the Weighted Voting Calculation (as described in the Articles) which takes into account the prevailing exchange rates on the date of initial issue of ordinary shares. On a vote, a single US Dollar ordinary share has 0.7606 votes and a single Sterling ordinary share has 1.4710 votes.
Repurchase of ordinary shares
Under the Company’s Articles, Shareholders of a class of shares have the ability to call for repurchase of that class of shares in certain circumstances. At the Annual General Meeting held on
Further issue of shares
As approved by the Shareholders at the Annual General Meeting held on
Distributions
As announced on
Further, the Company will first apply any such income in payment of its management fee and performance fees.
Treasury shares are not entitled to distributions. During the period ended 30 June 2025 , the Company purchased 10,749,505 (period ended 30 June 2024 : 16,703,822) Sterling shares to be held in Treasury .
Share conversion scheme
The Company has implemented a share conversion scheme. The scheme provides Shareholders with the ability to convert some or all of their ordinary shares in the Company of one class into ordinary shares of the other class. Shareholders are able to convert ordinary shares on the last business day of every month. Each conversion will be based on the NAV (note 7) of the shares of the class to be converted.
6. Taxation
Overview
The Company is exempt from taxation in Guernsey under the provisions of the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989. The adoption of Pillar Two by Guernsey effective
Uncertain tax positions
The Company recognises the tax benefits of uncertain tax positions only where the position is more-likely-than- not (i.e. greater than 50%) to be sustained assuming examination by a tax authority based on the technical merits of the position. In evaluating whether a tax position has met the recognition threshold, the Company must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognise in the Company’s Interim Unaudited Financial Statements. Income tax and related interest and penalties would be recognised by the Company as tax expenses in the Interim Unaudited Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold.
The Company analyses all open tax years for all major taxing jurisdictions. Open tax years are those that are open for examination by taxing authorities, as defined by the statute of limitations in each jurisdiction. The Company identifies its major tax jurisdictions as: Guernsey; the
The Directors have analysed the Company’s tax positions and have concluded that no liability for unrecognised tax benefits should be recorded related to uncertain tax positions. Further, the Directors are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognised tax benefits will significantly change in the remainder of the year.
7. Publication and calculation of the Company’s Net Asset Value (“NAV”)
The NAV of the Company is equal to the value of its total assets less its total liabilities. The NAV per share of each class will be calculated by dividing the NAV of the relevant class account by the number of shares of the relevant class in issue on that day.
The Company publishes the NAV per share for each class of shares as calculated by the Administrator based in part on information provided by the
The Company also publishes an estimate of the NAV per share for each class of shares as calculated by the Administrator based in part on information provided by the
8. Discount management programme
The Company has previously implemented a number of methods in order to seek to manage any discount to NAV at which the Company’s shares trade. See note 2 for further details regarding the Company’s annual buyback allowance.
Market purchases
Subject to the authority granted by Shareholders at the 2023 AGM, the 2024 AGM and subsequently, the 2025 AGM (see note 5), from
Under the terms of the Management Agreement, the Company may, on one month’s notice, redeem up to 5 per cent of its shares of each class in the
Please see note 5 for details of shares purchased and held in
Annual offer of partial return of capital
Under the Company’s Articles, once in every calendar year, the Directors have discretion to determine that the Company make an offer of a partial return of capital in respect of such number of shares of the Company in issue as they determine, provided that the maximum amount distributed does not exceed 100% of the increase in NAV of the Company in the prior calendar year.
The Directors have discretion to determine the particular class or classes of shares in respect of which a partial return of capital would be made, the timetable for that partial return of capital and the price at which the shares of each relevant class are to be returned.
The Company is entitled to redeem upon three months’ notice, no more than once per year, a portion of its interest in the
The decision to make a partial return of capital in any particular year and the amount of the return depend, among other things, on prevailing market conditions, the ability of the Company to liquidate its investments to fund the capital return, the success of prior capital returns and applicable legal, regulatory and tax considerations.
Class closure resolutions
If any class of shares trades at an average discount at or in excess of 8% of the monthly NAV in any year from 1 January to 31 December, the Company will hold a class closure vote of the relevant class.
The average discount to NAV for the Sterling shares and US Dollar shares for the period ended
The average discount to NAV for the Sterling shares and US Dollar shares for the year ended
The arrangements for class closure meetings are described more fully in the Company’s principal documents which were approved at the EGM on
9. Financial highlights
The following tables include selected data for a single ordinary share of each of the ordinary share classes in issue at
The per share amounts and ratios shown reflect the income and expenses of the Company for each class of ordinary share.
30.06.25 30.06.25
Sterling shares US Dollar shares
£ US$
Per share operating performance
Net asset value at beginning of the 4.35 4.48
period
Income from investment operations
Net investment gain1 0.01 0.01
Net realised and unrealised loss on (0.04) (0.04)
investment
Other capital items2 0.01 -
Total loss (0.02) (0.03)
Net asset value, end of the period 4.33 4.45
Total loss before performance fees (0.28%) (0.59%)
Performance fees - -
Total loss after performance fees (0.28%) (0.59%)
Total loss reflects the net loss for an investment made at the beginning of the period and is calculated as the change in the NAV per ordinary share during the period from
30.06.25 30.06.25
Sterling shares US Dollar shares
£'000 US$ '000
Supplemental data
Net asset value, end of the period 1,439,539 118,597
Average month end net asset value for the 1,426,896 116,891
period
30.06.25 30.06.25
Sterling shares US Dollar shares
Ratio to average net assets6
Operating expenses
Company expenses3 0.79% 0.78%
Master Fund expenses4 0.51% 0.51%
Master Fund interest expenses5 2.58% 2.61%
Performance fees - -
3.88% 3.90%
Net investment gain before 0.26% 0.28%
performance fees1
Net investment gain after 0.26% 0.28%
performance fees1
31.12.24 31.12.24
Sterling shares US Dollar shares
£ US$
Per share operating performance
Net asset value at beginning of the year 4.11 4.27
Income from investment operations
Net investment loss1 (0.03) (0.03)
Net realised and unrealised gain on 0.23 0.24
investment
Other capital items2 0.04 -
Total gain 0.24 0.21
Net asset value, end of the year 4.35 4.48
Total gain before performance fees 6.59% 5.86%
Performance fees (0.73%) (0.94%)
Total gain after performance fees 5.86% 4.92%
Total gain reflects the net gain for an investment made at the beginning of the year and is calculated as the change in the NAV per ordinary share during the year from
31.12.24 31.12.24
Sterling shares US Dollar shares
£'000 US$ '000
Supplemental data
Net asset value, end of the 1,487,501 123,111
year
Average month end net asset 1,463,916 121,860
value for the year
31.12.24 31.12.24
Sterling shares US Dollar shares
Ratio to average net assets6
Operating expenses
Company expenses3 1.59% 1.57%
Master Fund expenses4 1.07% 1.07%
Master Fund interest expenses5 3.58% 3.55%
Performance fees 0.74% 0.87%
6.98% 7.06%
Net investment gain before 0.10% 0.12%
performance fees1
Net investment loss after (0.64%) (0.75%)
performance fees1
Notes
1
The net investment gain and loss figures disclosed above do not include net realised and unrealised gains/losses on investments allocated from the
2 Included in other capital items are the discounts and premiums on conversions between share classes and on the sale of treasury shares as well as any partial capital return effected in the relevant year or period as compared to the NAV per share at the beginning of the year or period.
3 Company expenses are as disclosed in the Unaudited Statement of Operations for the period excluding the performance fee and foreign exchange gains/losses.
4
5
6 Average net assets is calculated as the sum of the final NAV of the share class as at each month-end NAV Calculation Date during the period/year, divided by 6 for the six-month period or 12 for the year.
10. Related-party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the party in making financial or operational decisions.
The management fees, performance fees and administration fees are disclosed in note 4. Details of the amended Management Agreement can be found in note 2.
The annual Directors’ fees from
Fee per annum
Role £
Board Chair 90,000
Audit Committee Chair 65,000
Management Engagement Committee Chair 55,000
Remuneration and Nomination Committee Chair 55,000
Senior Independent Director 55,000
All other Directors 50,000
During the meeting of
Fee per annum
Role £
Board Chair 99,000
Audit Committee Chair 69,000
Management Engagement Committee Chair 58,000
Remuneration and Nomination Committee Chair 58,000
Senior Independent Director 59,000
All other Directors 53,000
The fees payable by the Company in respect of each of the Directors who served during the period ended 30 June 2025 , the year ended 31 December 2024 and the period ended 30 June 2024 , were as follows:
Period Year
ended ended
30.06.25 31.12.24
£ £
Richard Horlick 49,500 90,000
Caroline Chan 29,000 55,000
Julia Chapman 29,000 55,000
Bronwyn Curtis 29,500 55,000
John Le Poidevin 34,500 65,000
John Whittle (appointed 1 July 2025) - -
Total 171,500 320,000
The annual aggregate limit of fees payable to Directors is £800,000 per annum.
11.Subsequent events
On 4 July 2025 , the Company completed the share conversion for the 31 May 2025 share conversion date, issuing 327,585 Sterling shares and cancelling 429,016 US Dollar shares.
On 1 August 2025 , the Company completed the share conversion for the 30 June 2025 share conversion date, issuing 234,698 GBP Shares and cancelling 313,694 US Dollar shares.
On 3 September 2025 , the Company completed the share conversion for the 31 July 2025 share conversion date, issuing 279,210 GBP Shares and cancelling 358,917 US Dollar shares.
The Company made the following purchases of ordinary shares to be held in
Sterling Class shares
Month Number of shares Highest Price point Lowest Price point
bought
£ £
July 2025 3,122,897 4.01 3.93
August 2025 2,745,496 4.01 3.87
September 2025* 1,355,005 3.97 3.89
Total 7,223,398
*Until
The Directors have evaluated subsequent events up to
Historic Performance Summary
As at 30 June 2025
30.06.25 31.12.24 31.12.23 31.12.22 31.12.21
US$'000 US$ '000 US$ '000 US$ '000 US$ '000
Net increase
in net assets
resulting from 161,471 58,231 66,494 112,078 12,010
operations
Total 2,097,171 2,002,363 2,079,009 1,707,130 1,307,490
assets
Total (5,838) (18,020) (4,478) (66,682) (9,762)
liabilities
Net 2,091,333 1,984,343 2,074,531 1,640,448 1,297,728
assets
Number of
shares in
issue
Sterling 332,135,756 342,211,496 372,024,149 30,156,454* 25,864,663*
shares
US
Dollar 26,638,728 27,478,960 29,856,472 2,858,135* 2,689,547*
shares
Net asset
value per
share
Sterling £4.33 £4.35 £4.11 £41.81* £34.30*
shares
US
Dollar US$4.45 US$4.48 US$4.27 US$43.28 * US$35.71 *
shares
*
The Number of Shares In Issue and Net Asset Value Per Share prior to
Glossary of Terms and Alternative Performance Measures
Alternative Performance Measures (“APMs”)
We assess our performance using a variety of measures that are not specifically defined under US GAAP and therefore termed APMs. The APMs that we use may not be directly comparable with those used by other companies.
Average Discount to NAV
The average discount to NAV of the whole year/period is calculated for each share class by using the following formula:
(A-B) B
Where:
-- ‘A’ is the average closing market price of a share of the relevant share
class as derived from the trading price on the London Stock Exchange ,
calculated as the sum of all the closing market prices per share of that
class as at each London Stock Exchange trading day during a calendar
year, divided by the number of such trading days in such year; and
-- ‘B’ is the average NAV per share of the shares of the relevant share
class taken over the 6 month-end NAV Calculation Dates in the period
ended 30 June 2025 calculated as the sum of the final NAV of the share
class as at each month-end NAV Calculation Date during the period ended
30 June 2025 , divided by 6.
Discount
If the share price of an investment is lower than the NAV per share, the shares are said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share of the relevant share class and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, the shares are said to be trading at a premium. The Board monitors the level of discount or premium and consideration is given to ways in which share price performance may be enhanced, including the effectiveness of marketing and share buybacks, where appropriate. The discount is shown below.
Sterling Shares US Dollar Shares
30.06.25 31.12.24 30.06.25 31.12.24
Share Price at Period / Year End (C) £3.93 £3.66 US$3.97 £3.80
NAV per Share (D) £4.33 £4.13 US$4.45 £4.27
Discount to NAV (C-D)/D (9.24%) (11.24%) (10.79%) (10.99%)
(Loss)/Gain Per Share
(Loss)/gain per share is calculated using the net loss/gain on ordinary activities after finance costs and taxation (period ended
Period ended Year ended
30.06.25 31.12.24
Per share '000 Per share '000
Net total (loss)/gain for Sterling (2.62p) (£9,093) 17.91p £68,166
shares
Net total (loss)/gain for US Dollar (3.12c) (US$837 ) 19.88c US$5,681
shares
Ongoing Charges
The Ongoing Charges are calculated using the AIC Ongoing Charges methodology, which was last updated in
Sterling Shares US Dollar Shares
Period ended Year ended Period ended Year ended
30.06.25 31.12.24 30.06.25 31.12.24
Average NAV
for the period £1,426,895,782 £1,463,916,101 US$116,890,753 US$121,859,568
/ year (A)
Management £21,489,067 £22,022,232 US$1,760,407 US$1,833,616
Fee *
Other Company £1,306,766 £1,190,495 US$74,543 US$79,940
expenses *
Total Company £22,795,833 £23,212,727 US$1,834,950 US$1,913,556
Expenses *
Expenses allocated
from the Master £9,120,439 £9,161,315 US$747,745 US$758,658
Fund *
Performance £0 £10,771,912 US$0 US$1,058,004
Fee
Total Expenses £31,916,272 £43,145,954 US$2,582,695 US$3,730,218
(B) *
Ongoing 2.23% 2.95% 2.21% 3.06%
Charges (B/A)
*For comparative purposes, the expenses for the period ended
The NAV
The NAV is the net assets of the Company attributable to Shareholders, that is, total assets less total liabilities, expressed as an amount per individual share of the relevant class of shares.
Company Information
Directors
(All Directors are non-executive and independent for the purpose of UKLR 11.2.12)
Registered Office
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
Channel Islands GY1 3QL
Manager
Brevan Howard Capital Management LP
6th Floor
37 Esplanade
St Helier
Jersey
Channel Islands JE2 3QA
Administrator and Corporate Secretary
Northern Trust International Fund
Administration Services (Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
Channel Islands GY1 3QL
Independent Auditor
Guernsey
Glategny Court
Glategny Esplanad e
St Peter Port
Guernsey
Channel Islands GY1 1WR
Registrar and CREST Service Provider
Computershare Investor Services (Guernsey) Limited
1st Floor
Tudor House
Le Bordage
St Peter Port
Guernsey GY1 1DB
Legal Advisor (Guernsey Law)
Carey Olsen
Carey House
Les Banques
St Peter Port
Guernsey
Channel Islands GY1 4BZ
Legal
Advisor
(
Hogan
Corporate Broker
JPMorgan Cazenove
25 Bank Street
Canary Wharf
Tax Adviser
Deloitte LLP
PO Box 137
Regency Court
Glategny Esplanade
St Peter Port
Guernsey
Channel Islands GY1 3HW
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