BH Macro Limited Executes Treasury Share Buyback of 9,000 Sterling Shares on LSE

Details of Share Buyback Executed on London Stock Exchange

BH Macro Limited executed a share repurchase on the London Stock Exchange on 17 July 2026, facilitated by J.P. Morgan Securities plc as the executing broker. The Company acquired 9,000 ordinary Sterling shares at a weighted average price of 4.2200 Sterling per share. This transaction represents a routine capital management activity for the Guernsey-registered closed-ended investment scheme (company number 46235).

The involvement of J.P. Morgan Securities plc, a leading institutional broker, underscores the professional and compliant nature of the transaction conducted via standard London Stock Exchange channels. The weighted average price serves as a reference point for investors evaluating the Company’s treasury share acquisitions. The announcement was released on 20 July 2026, three business days after the transaction, complying with regulatory disclosure requirements for listed investment companies.

Treasury Share Strategy and Capital Management Approach

BH Macro Limited has confirmed its intention to retain the 9,000 repurchased shares in treasury rather than cancelling them. Holding shares in treasury provides the Company with capital allocation flexibility, allowing future sale, transfer, or cancellation of these shares depending on evolving shareholder interests and market conditions. This approach contrasts with cancellation, which would permanently reduce the Company’s issued share capital.

Within a closed-ended investment company framework, treasury shares can be utilized for employee share schemes, satisfy share demand without new issuance, or be cancelled later if deemed appropriate by the Board. Retaining shares in treasury enables BH Macro Limited to maintain operational flexibility while actively managing capital to enhance shareholder value. This strategy reflects the Company’s assessment of capital deployment aligned with shareholder interests.

Post-Transaction Share Capital Structure

Following the 17 July 2026 buyback, BH Macro Limited’s share capital comprises multiple currency-denominated classes. The Sterling share class includes 300,143,775 shares in issue excluding treasury holdings, alongside 77,611,937 Sterling shares held in treasury. The US Dollar share class consists of 23,579,013 shares in issue excluding treasury and 928,765 US Dollar shares held in treasury.

This multi-currency share structure caters to investor preferences and reflects the Company’s international investor base and investment operations. Treasury shares in both classes provide a consolidated pool available for future capital deployment. The Sterling share class, exceeding 300 million shares, remains the primary trading segment on the London Stock Exchange for BH Macro Limited.

Total Voting Rights and Compliance Disclosure

As of 17 July 2026, BH Macro Limited has disclosed total voting rights of 459,445,690, rounded to the nearest whole number. This figure excludes treasury shares, which carry no voting rights, and complies with Market Abuse Regulation (MAR) and Disclosure Guidance and Transparency Rules (DTTR). Investors use this total voting rights number to assess shareholding thresholds and disclosure obligations under Financial Conduct Authority regulations.

The disclosed voting rights aggregate both Sterling and US Dollar shares excluding treasury holdings. Shareholders rely on this figure to determine if their holdings cross regulatory disclosure thresholds such as 3%, 5%, or 10%. The timely disclosure within three business days post-transaction demonstrates BH Macro Limited’s adherence to regulatory requirements as a London Stock Exchange-listed closed-ended investment company.

Company Structure and Guernsey Regulatory Framework

BH Macro Limited operates as a closed-ended collective investment scheme incorporated under Guernsey law, offering a regulatory and structural framework distinct from open-ended funds. Registered under company number 46235 and regulated by the Guernsey Financial Services Commission, the Company’s closed-ended structure means shares are traded on the London Stock Exchange rather than redeemed directly by investors.

Guernsey’s established regulatory environment supports international investment vehicles like BH Macro Limited, enabling a stable capital base alongside capital management flexibility such as buyback programmes. The Company’s administration is handled by Northern Trust International Fund Administration Services (Guernsey) Limited, a leading Guernsey-based fund administrator.

Brokerage Execution by J.P. Morgan Securities

The share repurchase was executed by J.P. Morgan Securities plc, a subsidiary of JPMorgan Chase and a global leader in investment banking and securities. Engaging J.P. Morgan Securities ensures the transaction was professionally managed and compliant with market conduct rules. JPMorgan Cazenove, the advisory division, serves as the enquiry contact, reflecting a comprehensive service relationship with BH Macro Limited.

J.P. Morgan Securities’ role guarantees adherence to regulatory standards governing share repurchases on the London Stock Exchange. William Simmonds of JPMorgan Cazenove is listed as the primary contact for investor inquiries, providing transparency and communication regarding the Company’s share repurchase activities.

Regulatory Disclosure Timing and Investor Communication

The announcement was published on 20 July 2026, three business days after the 17 July 2026 transaction date, aligning with regulatory requirements for timely disclosure of own share dealings by listed investment companies. Under Market Abuse Regulation, such transactions must be disclosed promptly, with full details provided subsequently.

BH Macro Limited’s disclosure includes all mandatory details: purchase date, number of shares acquired, weighted average price, and broker identity. The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited, is available for investor queries. Additional information is accessible via the Company’s website at www.bhmacro.com.

Capital Management and Shareholder Value Implications

The repurchase of 9,000 Sterling shares at 4.2200 Sterling each reflects BH Macro Limited’s capital management strategy aimed at enhancing shareholder value. Share buybacks by closed-ended investment companies may address share price discounts to net asset value, improve earnings per share, or optimize returns. Holding shares in treasury signals the Company’s view that this capital deployment benefits existing shareholders.

This relatively small-scale transaction likely forms part of an ongoing treasury management programme rather than a major capital restructuring. Accumulating treasury shares over time provides BH Macro Limited with flexibility for future capital allocation decisions, supporting shareholder value objectives. The announcement offers transparency on the Company’s active capital resource management.

Market Context for Closed-Ended Investment Company Share Buybacks

Share repurchases are common among closed-ended investment companies on the London Stock Exchange, especially when shares trade below net asset value. Such buybacks can enhance value for investors by acquiring shares at attractive prices. Market trading in these shares often reflects sentiment toward the Company’s investment strategy and asset exposure.

BH Macro Limited’s buyback activity should be viewed within the broader closed-ended investment sector and the macro investment focus suggested by its name. The announcement does not disclose the Company’s current net asset value or the repurchase price’s relation to underlying assets, which are key for evaluating the transaction’s attractiveness. Investors are encouraged to monitor ongoing capital management and net asset value disclosures to assess the impact on shareholder value.