BH Macro Ltd on Monday said has agreed with Brevan Howard Capital Management Ltd to increase the annual buyback allowance in respect of this calendar year.
The Guernsey-based close-ended investment company said that if it repurchases or redeems any shares above the buyback allowance in any calendar year, it must pay an additional fee to Brevan Howard Capital Management LP equal to 2% of the total buyback price.
Normally, BH Macro explained, the annual buyback allowance is equal to 5% of the number of shares of the relevant class in issue as of December 31. The firm had utilised approximately 85% of the allowance so far this year, in respect of its sterling shares.
Under the new agreement, BH Macro said its buyback allowance has been increased by 16.3 million sterling shares, equal to its unused allowance for 2023 and approximately 4.56% of its 357.3 million shares currently in issue.
It can also repurchase an additional 1.5 million US dollar shares, equal to 5% of an issued 28.5 million.
Shares in BH Macro were up 1.2% at 349.50 pence in London on Monday morning.
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