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BH Global Limited – Class Closure Meetings
Hamilton, Bermuda – 27 January, 2014 – BH Global Limited (the “Company”) has filed a notice advising that the class closure resolution procedure has been triggered. The filing states:
“The Company notes that following the publication of the 31 December 2013 month end final net asset values for each class of the Company's shares, the class closure resolution procedure contained in the Company’s articles of incorporation has been triggered in respect of the year ended 31 December 2013 for each class of shares. This is because the average daily closing market price of each class of shares during 2013 was ten per cent. or more below the average NAV per share of the relevant class, based on the average of the NAV per share for that class at each of the twelve month-end NAV calculation dates occurring in 2013.
The Company is now required to convene a class closure meeting for each class of shares at which a class closure resolution will be proposed. It is anticipated that these meetings will be held on 27 February 2014. A circular containing notices convening the class meetings will be sent to shareholders shortly.
If a class closure resolution is passed, the Company is required to make the following options available to shareholders of the relevant 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 another class of the Company; or
c) to remain in the class, subject to the class remaining viable.
Alternatively, if holders of all three classes of the Company’s shares approve class closure resolutions, the Company is required to put in place measures for the winding-up of the Company.
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 would be required to be proposed in relation to that class would be in twelve months’ time in 2015.”
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Enquiries:
Company website: www.bhglobal.com
Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden
Tel: +44 (0) 1481 745368