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BH Macro Limited – Tender Offer Update
Hamilton, Bermuda – 26 March, 2010 – In an filing to the Bermuda Stock Exchange (BSX), BH Macro Limited (the “Company") has released an update to the Annual Partial Share Redemption Offer and Share Buy-back schemes.
The Company has the ability to undertake an annual partial redemption offer whereby shareholders may elect to offer some of their shares for redemption by the Company.
The decision whether to make a partial redemption offer in any year and, if so, its price and size, is considered annually by the Company’s board of directors (the “Board”). Whether a partial redemption offer is made in any particular year and, if so, the amount of the return, may 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.
As the Company’s share prices are currently trading at a premium to net asset value, the Board does not believe that it is appropriate to undertake an annual partial redemption offer during this year.
Nevertheless, the Board intents that the Company should continue to undertake share buybacks where it believes it is in the interests of continuing shareholders.
Enquiries:
William Simmonds 020 7588 2828
J.P. Morgan Cazenove