BH Macro Limited (the "Company")

(a closed-ended collective investment scheme established as a company with limited liability under the laws of Guernsey with registered number 46235)

 

LEI: 549300ZOFF0Z2CM87C29

 

Notice of Class Closure Meetings

29 January 2026

 

Notices of Class Closure Meetings

 

Further to the announcement by the Company on 27 January 2026 that the Class Closure Resolution procedure contained in the Company's articles of incorporation (the "Articles") has been triggered in respect of the year ended 31 December 2025 for both the Company's Sterling share class and US Dollar share class (the "Shares"), the Company announces that a shareholder circular containing notices convening class closure meetings ("Class Closure Meetings") to be held in respect of both classes of Shares will be despatched to the Company's shareholders ("Shareholders") later today (the "Circular").  

 

Capitalised terms used but not otherwise defined in this announcement shall have the same meaning as set out in the Circular.

 

Copies of the Circular will shortly be available for inspection at the National Storage Mechanism website at https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism . An electronic copy of the Circular will also shortly be available on the Company's website www.bhmacro.com .

The Circular contains an explanation of the business to be considered at each Class Closure Meeting. The Class Closure Meetings will be held starting at 9.00 a.m. on 19 February 2026 at the offices of Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QL.  

 

Class Closure Resolution

 

If passed by the Shareholders of the relevant class, the Class Closure Resolution to be proposed at each Class Closure Meeting requires the Company to make the following options (the "Class Closure Options") available to those Shareholders in respect of their holdings of shares of that class:

(a)   to offer all or some of their shares for redemption by the Company;

(b)   to convert all or some of their shares into shares of the other class of shares; or

(c)   to remain in the class, (subject to the Company retaining the ability to redeem or convert those shares if the remaining number of Shares of the relevant class was insufficiently large or not widely enough held to justify its continuation following the exercise of the Class Closure Options).

Alternatively, if holders of both classes of the Company's shares approve a Class Closure Resolution, the Company is required to put in place measures for its winding-up instead of offering the Class Closure Options to Shareholders.

If a Class Closure Resolution is rejected, no further action is required to be taken in respect of the relevant class of shares. Depending on the share price performance of the relevant class compared to its NAV, the earliest that another class closure resolution may be required to be proposed under the Articles in relation to that class would be in not less than twelve months' time, in 2027.

The Board believes that the Company continues to fulfil its purpose and retains the utmost confidence in Brevan Howard Capital Management LP (the "Manager") and the strategy of the Master Fund, both of which the Board continues to monitor closely.

The Circular includes a letter from the Manager setting out its support for the Company and further information provided by the Manager regarding the past and comparative performance of the Company.

Recommendation

The Board considers that a vote AGAINST the Class Closure Resolution, to be proposed at each Class Closure Meeting, is in the best interests of Shareholders as a whole. All directors intend to vote their own beneficial holdings AGAINST the Class Closure Resolution to be proposed at each Class Closure Meeting.

The Board unanimously recommends Shareholders to vote AGAINST the Class Closure Resolution to be proposed at each Class Closure Meeting.

 

Class Closure Resolutions

The Class Closure Resolution to be proposed at each Class Closure Meeting is a special resolution, which requires not less than seventy-five per cent. of the members of the relevant class of Shares and duly appointed proxies attending the meeting and voting on a show of hands to vote in favour (excluding any votes that are withheld) or, if a poll is demanded, not less than seventy-five per cent. of the total voting rights cast on the relevant resolution (excluding any votes that are withheld) to be in favour. Each Class Closure Resolution will be conducted by poll.

Action to be taken

Holders of US Dollar Shares should complete and return the Form of Proxy featuring a blue band for the Class Closure Meeting of the US Dollar Shares to the Registrar, Computershare Investor Services (Guernsey) Limited, c/o The Pavilions, Bridgwater Road, Bristol, BS99 6ZY as soon as possible and, in any event, not later than 9.00 a.m. on 17 February 2026 and/or attend and vote at the meeting on 19 February 2026.

Holders of Sterling Shares should complete and return the Form of Proxy featuring a purple band for the Class Closure Meeting of the Sterling Shares to the registrar, Computershare Investor Services (Guernsey) Limited, c/o The Pavilions, Bridgwater Road, Bristol, BS99 6ZY as soon as possible and, in any event, not later than 9.15 a.m. on 17 February 2026 and/or attend and vote at the meeting on 19 February 2026.

The Form(s) of Proxy may also be sent to Computershare Investor Services (Guernsey) Limited by email at externalproxyqueries@computershare.co.uk . The lodging of a Form of Proxy will not prevent you from attending the relevant Class Closure Meeting and voting in person if you so wish.

 

  Expected Timetable

 

Latest time and date for receipt of Forms of   9.00 a.m. on 17 February 2026
Proxy for the US Dollar Class Closure Meeting

Latest time and date for receipt of Forms of   9.15 a.m. on 17 February 2026
Proxy for the Sterling Class Closure Meeting

US Dollar Class Closure Meeting                9.00 a.m. on 19 February 2026

Sterling Class Closure Meeting                 9.15 a.m. on 19 February 2026

 

All references are to Guernsey time.

 

Company website:       www.bhmacro.com

 

Enquiries:

 

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel:       +44 (0) 1481 745001

 

Manager

Brevan Howard Capital Management LP

Email:   bhmacro.ir@brevanhoward.com

 

Corporate Broker

J.P. Morgan Cazenove

William Simmonds   /   Rupert Budge

Tel: +44 (0)20 3493 8000