BH Macro Limited Executes Buyback of 8,317 Sterling Shares at 4.2200p, Shares Added to Treasury

Details of BH Macro Limited's Sterling Share Buyback on 15 July 2026

On 16 July 2026, BH Macro Limited confirmed it repurchased 8,317 Sterling ordinary shares on the London Stock Exchange on 15 July 2026. The buyback was executed through J.P. Morgan Securities plc, one of the company’s appointed brokers, at a weighted average price of 4.2200 pence per share. Although the total consideration paid was not disclosed, investors can estimate the amount based on the share count and price. The immediate impact on the share price was not evident from publicly available information at the time.

The repurchased shares will be held in treasury rather than cancelled, meaning they remain the company's property but are excluded from shares in issue for earnings per share and net asset value calculations. This treasury share mechanism is widely used by UK-listed closed-ended investment companies, offering the board flexibility to reissue shares later under favorable market conditions. BH Macro Limited’s buyback pertains solely to its Sterling share class within its dual currency share structure.

Updated Share Capital Structure for Sterling and US Dollar Classes

Following the 15 July 2026 buyback, BH Macro Limited disclosed its updated share capital figures. The Sterling share class now has 300,182,147 shares in issue excluding treasury, with 77,573,565 shares held in treasury. Treasury shares do not carry voting rights and are excluded from regulatory and financial reporting share counts. The substantial treasury holding in Sterling shares reflects the company’s ongoing repurchase activity.

For the US Dollar share class, 23,579,013 shares remain in issue excluding treasury, with 928,765 shares held in treasury. The US Dollar class is smaller than the Sterling class, reflecting different investor demand. The total voting rights across both share classes stand at 459,502,136, as disclosed after the transaction. Shareholders should reference these figures for regulatory notification purposes.

Overview of BH Macro Limited and Its Closed-Ended Structure

BH Macro Limited is a Guernsey-incorporated closed-ended collective investment scheme (registered number 46235). Unlike open-ended funds, it maintains a fixed capital pool with shares traded on the secondary market—in this case, the London Stock Exchange. This structure means share prices fluctuate based on market supply and demand and can trade at a premium or discount to net asset value per share, making buyback programs a key tool for managing market valuation.

The company’s registered office and administration are managed by Northern Trust International Fund Administration Services (Guernsey) Limited, which also serves as Company Secretary. JPMorgan Cazenove maintains the company’s broking relationship. Additional information on investment strategy, net asset value disclosures, and regulatory announcements is available at www.bhmacro.com. Inquiries about share transactions and capital management can be directed to William Simmonds at JPMorgan Cazenove via the contact details in the announcement.

Role of J.P. Morgan Securities plc in the Share Repurchase

The 8,317 Sterling shares were repurchased on the open market through J.P. Morgan Securities plc, acting as counterparty on behalf of BH Macro Limited. Utilizing a major institutional broker like J.P. Morgan Securities plc is standard for on-market buybacks under approved authorities. The weighted average price of 4.2200 pence per share reflects market conditions on 15 July 2026 for BH Macro Limited’s Sterling shares.

Such buyback transactions are disclosed in compliance with UK regulations requiring prompt market notification of company share purchases. This transparency enables investors to assess the volume and price of shares acquired and understand the company’s capital management activities and effects on shares in issue.

Treasury Share Holdings Highlighted: Sterling Treasury Shares Surpass 77 Million

BH Macro Limited’s treasury holdings in the Sterling share class now total 77,573,565 shares, a significant block that carries no voting rights and is excluded from shares in issue for most purposes. Treasury shares may be reissued in the future, subject to shareholder approval, providing the board with capital management flexibility.

In contrast, the US Dollar share class treasury holdings are modest at 928,765 shares, indicating buyback efforts have focused primarily on the Sterling class. This difference may reflect varying liquidity, investor demand, or discount levels between the two classes. The consistent accumulation of Sterling treasury shares through successive buybacks demonstrates the board’s sustained capital management approach.

Voting Rights Update Following 15 July 2026 Transactions

The announcement confirms a total of 459,502,136 voting rights in BH Macro Limited following the recent transactions. This figure is important for shareholders and investors who must monitor holdings against regulatory notification thresholds under UK and Guernsey law. Any change in proportionate voting rights crossing prescribed thresholds requires public disclosure.

Disclosure of total voting rights is a standard legal requirement for London Stock Exchange-listed companies conducting buybacks. Given BH Macro Limited’s dual share class structure, the aggregate voting rights include both Sterling and US Dollar shares. Investors should assess this updated figure relative to their holdings to determine any regulatory obligations.

Buyback Strategy and Discount Management in Guernsey-Domiciled Investment Companies

Share buybacks are a primary mechanism for closed-ended investment companies to manage the discount at which shares trade relative to net asset value. For Guernsey-domiciled companies like BH Macro Limited, buyback and treasury share management are governed by Guernsey law and London Stock Exchange rules. Repurchasing shares at a discount and holding them in treasury typically increases net asset value per share for remaining shareholders.

The announcement does not specify the discount level at which the 8,317 Sterling shares were bought nor provide guidance on future buybacks or remaining repurchase authority. Investors seeking context on BH Macro’s buyback strategy, including discount levels and mandate status, should consult the company’s website and public disclosures.

Implications of BH Macro Limited’s Dual Share Class Structure

BH Macro Limited issues two classes of ordinary shares: Sterling and US Dollar, both traded on the London Stock Exchange. This structure offers investors currency denomination choice, relevant for managing currency risk. The Sterling share class is significantly larger, with over 300 million shares in issue excluding treasury, compared to about 23.6 million US Dollar shares.

The dual class structure adds complexity in monitoring capital structure, as each class has distinct in-issue and treasury share figures. The large disparity between Sterling treasury shares (77.6 million) and US Dollar treasury shares (928,765) reflects differing buyback histories. Investors should differentiate between classes when evaluating voting rights, net asset value per share, and dilution risk from treasury share reissuance.

Governance and Administration by Northern Trust International Fund Administration

Northern Trust International Fund Administration Services (Guernsey) Limited provides administration and company secretarial services for BH Macro Limited, underpinning the company’s governance framework. Northern Trust’s established presence in Guernsey highlights the institutional quality of BH Macro’s operations. Contact details for Northern Trust are provided in the announcement (telephone 01481 745001) for administration inquiries.

BH Macro Limited’s governance complies with Guernsey law and London Stock Exchange listing requirements. Regulatory adherence includes timely disclosure of share transactions. The prompt publication of this buyback announcement on 16 July 2026, following the 15 July 2026 transaction, aligns with the company’s commitment to transparent market communication.

Investor Considerations Following the Treasury Share Update

Investors are likely to watch developments related to the company’s sizeable Sterling treasury shareholding. Questions remain about the board’s plans for these shares—whether they will be cancelled, reissued at a premium to support capital raises, or retained indefinitely as part of capital management. Any policy changes would require shareholder approval and disclosure to the London Stock Exchange.

Additionally, investors may track the pace and scale of future buybacks as indicators of the board’s view on discount levels and capital allocation priorities. The announcement does not provide forward-looking guidance on buyback activity, so investors should not assume any commitment. Comprehensive analysis and review of all public information remain essential when making investment decisions.