Source - PRN

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

Completion of 29 February 2020 Share Conversion

26 March 2020

Classified Regulated Information, under DTR 6 Annex 1 section 2.5

Following the publication on 23 March 2020 of the final month-end net asset values for 29 February 2020 the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 29 February 2019 share conversion date:

0.808292 Sterling shares for each US Dollar share
1.237177 US Dollar shares for each Sterling share

On the basis of aggregate applications received and using the conversion ratios listed above, the following shares will be issued:

  • 11,454 US Dollar Shares of no par value

and the following shares will be cancelled:

  • 9,259 Sterling Shares of no par value

all with effect from 26 March 2020.

Application will be made to the Financial Conduct Authority (“FCA”) for the new shares to be admitted to the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange’s main market for listed securities.

Admission is expected to occur on or about 3 April 2020 Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on or about 3 April 2020.

Following issue and cancellation of the relevant shares, the total number of shares in issue in each class will be as follows:

-  2,456,396  US Dollar Shares

-  331,228    US Dollar Treasury Shares

-  14,448,526   Sterling Shares

-  1,300,652  Sterling Treasury Shares

The number of votes each share in the Company is entitled to on a poll at any general meeting of the Company was published by the Company on 9 March 2007 and will not change as a result of the conversions. These are:

US Dollar Share  0.7606 

Sterling Share  1.4710

From 26 March 2020, the total number of voting rights in the Company (rounded down to the whole number) is 23,122,117.


Northern Trust International Fund Administration Services (Guernsey) Limited
Tel:  +44 (0)1481 745001

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