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 INCLUDES INSIDE
INFORMATION
BH GLOBAL LIMITED
(a closed-ended investment company incorporated in Guernsey with
registration number 48555)
LEI: 549300BIIO4DTKEMXV14
15 July 2021
Proposed Scheme of
Reconstruction – update
Results of Scheme
elections
Further to the Company’s announcement of 30 June detailing the
terms of a proposed scheme of reconstruction (the “Scheme”)
pursuant to which the Company would be placed into voluntary
liquidation and Shareholders would have the option to receive cash
and/or shares in BH Macro Limited in exchange for their
shareholdings, the Board of BH Global Limited announces that final
elections under the Scheme are (or, in accordance with the terms
and conditions of the Scheme, are deemed to be) as follows:
Sterling Shares
Elections for the Cash Option – 2,937,143 Sterling Shares
Elections for the BH Macro Shares Option – 17,517,300 Sterling
Shares
US Dollar Shares
Elections for the Cash Option – 1,202,789
US Dollar Shares
Elections for the BH Macro Shares Option – 1,441,690 US Dollar Shares
Implementation of the Scheme remains conditional upon, inter
alia, the passing of all the Resolutions at (a) the Sterling
Shareholders’ Class Meeting; (b) the US Dollar Shareholders’ Class
Meeting; and (c) the Extraordinary General Meeting and all
conditions to such Resolutions (excluding any condition relating to
the passing of any other Resolution) being fulfilled. Each of these
Meetings is due to be held on 19 July 2021.
In the event that the Scheme does proceed, the number of BH
Macro Shares to which the relevant electing Shareholders will be
entitled will be calculated by reference to the NAV of the
Company’s Shares and of BH Macro’s Shares as at the Calculation
Date (being 31 July 2021). A further
announcement will (if appropriate) be made in due course detailing
entitlements for those Shareholders who have elected, or are deemed
to have elected, for the BH Macro Shares Option.
Suspension of
Shares
In accordance with the circular published by the Company on 30
June with regard to its proposed scheme of reconstruction (the
“Circular”), both classes of the Company’s Shares were suspended
from listing on the Official List of the Financial Conduct
Authority and from trading on the London Stock Exchange at
7.30 a.m. this morning, 15 July 2021.
Application has been made to the Financial Conduct Authority and
to the London Stock Exchange for the listings and admissions to
trading of the two classes of Shares to be cancelled with effect
from 8.00 a.m. on 23 July 2021.
Weekly Estimated
NAV announcement
Shareholders should note that the Company’s next estimated NAV
per share update will be calculated as at 19 July (the proposed
date of the Company’s entry into liquidation) and not 16 July, for
US reporting purposes. It is expected that the estimated NAVs as at
19 July will be announced to the market on or around 21 July.
Defined terms in this announcement have the meanings given to
them in the Circular unless the context requires otherwise.
Enquiries:
Sir Michael Bunbury
Chairman
David Yovichic
Investec Bank plc
020 7597 5970
