BHGG.L Regulatory News (BHGG)

BH Global Limited - Proposed Scheme of Reconstruction – update

PR Newswire

London, July 15

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 BunburyChairmanDavid YovichicInvestec Bank plc020 7597 5970