3rd Feb 2026 14:36
FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Full name of discloser: | GOLDMAN SACHS & CO. LLC |
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. | |
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | DOWLAIS GROUP PLC |
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: |
|
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure | 02 February 2026 In addition, Goldman Sachs & CO. LLC has dealt on previous dates during the offer period as attached at the end of this form. |
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A" | YES - disclosing today for DAUCH CORPORATION |
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security:
| 1p ordinary | |||
| Interests | Short positions | ||
| Number | % | Number | % |
(1) Relevant securities owned and/or controlled: | 0 | 0.00 | 0 | 0.00 |
(2) Cash-settled derivatives: | 0 | 0.00 | 4 | 0.00 |
(3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 0 | 0.00 | 0 | 0.00 |
TOTAL: | 0 | 0.00 | 4 | 0.00 |
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors' and other employee options)
Class of relevant security in relation to which subscription right exists: | |
Details, including nature of the rights concerned and relevant percentages: |
|
3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
Class of relevant security | Purchase/sale
| Number of securities | Price per unit |
1p ordinary | Purchase | 9,627,258 | 0.9385 GBP |
1p ordinary | Sale | 9,627,258 | 0.9385 GBP |
(b) Cash-settled derivative transactions
Class of relevant security | Product description e.g. CFD | Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position | Number of reference securities | Price per unit |
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
Class of relevant security | Product description e.g. call option | Writing, purchasing, selling, varying etc. | Number of securities to which option relates | Exercise price per unit | Type e.g. American, European etc. | Expiry date | Option money paid/ received per unit |
(ii) Exercise
Class of relevant security | Product description e.g. call option | Exercising / exercised against | Number of securities | Exercise price per unit |
(d) Other dealings (including subscribing for new securities)
Class of relevant security | Nature of dealing e.g. subscription, conversion | Details | Price per unit (if applicable) |
|
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none" |
NONE
|
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" |
NONE
|
(c) Attachments
Is a Supplemental Form 8 (Open Positions) attached? | NO |
| Date of disclosure: | 03 February 2026 |
| Contact name: | Papa Lette and Andrzej Szyszka |
| Telephone number*: | +33(1) 4212 1459 / +48(22) 317 4817 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
(d) Purchases and sales
Date | Class of relevant security | Purchase/sale | Number of securities | Price per unit |
| |
| ||||||
20 Mar 2025 | 1p ordinary | Purchase | 5,773 | 0.6500 GBP | ||
20 Mar 2025 | 1p ordinary | Sale | 5,773 | 0.6500 GBP | ||
21 Mar 2025 | 1p ordinary | Purchase | 591 | 0.6500 GBP | ||
21 Mar 2025 | 1p ordinary | Sale | 591 | 0.6500 GBP | ||
24 Apr 2025 | 1p ordinary | Purchase | 21,625 | 0.5360 GBP | ||
24 Apr 2025 | 1p ordinary | Sale | 21,625 | 0.5360 GBP | ||
29 Apr 2025 | 1p ordinary | Purchase | 2,222 | 0.5723 GBP | ||
29 Apr 2025 | 1p ordinary | Sale | 2,222 | 0.5723 GBP | ||
01 May 2025 | 1p ordinary | Purchase | 258,610 | 0.5825 GBP | ||
01 May 2025 | 1p ordinary | Sale | 258,610 | 0.5825 GBP | ||
02 May 2025 | 1p ordinary | Purchase | 258,610 | 0.5996 GBP | ||
02 May 2025 | 1p ordinary | Sale | 258,610 | 0.5996 GBP | ||
14 May 2025 | 1p ordinary | Purchase | 176,220 | 0.6812 GBP | ||
14 May 2025 | 1p ordinary | Sale | 176,220 | 0.6812 GBP | ||
15 May 2025 | 1p ordinary | Purchase | 1,999 | 0.6717 GBP | ||
15 May 2025 | 1p ordinary | Purchase | 82,236 | 0.6722 GBP | ||
15 May 2025 | 1p ordinary | Purchase | 29,859 | 0.6725 GBP | ||
15 May 2025 | 1p ordinary | Sale | 1,999 | 0.6717 GBP | ||
15 May 2025 | 1p ordinary | Sale | 82,236 | 0.6722 GBP | ||
15 May 2025 | 1p ordinary | Sale | 29,859 | 0.6725 GBP | ||
30 May 2025 | 1p ordinary | Purchase | 291,700 | 0.6655 GBP | ||
30 May 2025 | 1p ordinary | Sale | 291,700 | 0.6655 GBP | ||
16 Jun 2025 | 1p ordinary | Purchase | 65,330 | 0.6741 GBP | ||
16 Jun 2025 | 1p ordinary | Sale | 65,330 | 0.6741 GBP | ||
01 Aug 2025 | 1p ordinary | Purchase | 263,617 | 0.6964 GBP | ||
01 Aug 2025 | 1p ordinary | Sale | 263,617 | 0.6964 GBP | ||
26 Aug 2025 | 1p ordinary | Purchase | 17,819 | 0.7855 GBP | ||
26 Aug 2025 | 1p ordinary | Sale | 17,819 | 0.7855 GBP | ||
29 Aug 2025 | 1p ordinary | Purchase | 23,889 | 0.7785 GBP | ||
29 Aug 2025 | 1p ordinary | Sale | 23,889 | 0.7785 GBP | ||
03 Sep 2025 | 1p ordinary | Purchase | 10,000 | 0.7900 GBP | ||
03 Sep 2025 | 1p ordinary | Sale | 10,000 | 0.7900 GBP | ||
19 Sep 2025 | 1p ordinary | Purchase | 3,677 | 0.8205 GBP | ||
19 Sep 2025 | 1p ordinary | Sale | 3,677 | 0.8205 GBP | ||
25 Sep 2025 | 1p ordinary | Purchase | 41,467 | 0.8050 GBP | ||
25 Sep 2025 | 1p ordinary | Sale | 41,467 | 0.8050 GBP | ||
30 Sep 2025 | 1p ordinary | Purchase | 22,891 | 0.7990 GBP | ||
30 Sep 2025 | 1p ordinary | Sale | 22,891 | 0.7990 GBP | ||
06 Oct 2025 | 1p ordinary | Purchase | 408 | 0.8150 GBP | ||
06 Oct 2025 | 1p ordinary | Sale | 408 | 0.8150 GBP | ||
13 Oct 2025 | 1p ordinary | Purchase | 13,142 | 0.7635 GBP | ||
13 Oct 2025 | 1p ordinary | Sale | 13,142 | 0.7635 GBP | ||
17 Nov 2025 | 1p ordinary | Purchase | 3 | 0.8185 GBP | ||
17 Nov 2025 | 1p ordinary | Sale | 3 | 0.8185 GBP | ||
19 Nov 2025 | 1p ordinary | Purchase | 39,443 | 0.8225 GBP | ||
19 Nov 2025 | 1p ordinary | Sale | 39,443 | 0.8225 GBP | ||
24 Nov 2025 | 1p ordinary | Purchase | 232,459 | 0.8270 GBP | ||
24 Nov 2025 | 1p ordinary | Sale | 232,459 | 0.8270 GBP | ||
25 Nov 2025 | 1p ordinary | Purchase | 7 | 0.8334 GBP | ||
25 Nov 2025 | 1p ordinary | Sale | 7 | 0.8334 GBP | ||
19 Dec 2025 | 1p ordinary | Purchase | 455 | 0.8660 GBP | ||
19 Dec 2025 | 1p ordinary | Sale | 455 | 0.8660 GBP | ||
19 Jan 2026 | 1p ordinary | Purchase | 1 | 0.9250 GBP | ||
19 Jan 2026 | 1p ordinary | Sale | 1 | 0.9250 GBP | ||
26 Jan 2026 | 1p ordinary | Purchase | 550,000 | 0.9576 GBP | ||
26 Jan 2026 | 1p ordinary | Sale | 550,000 | 0.9576 GBP |
(b) Cash-settled derivative transactions
Date | Class of relevant security | Product description | Nature of dealing | Number of reference securities | Price per unit |
| |
| |||||||
13 Mar 2025 | 1p ordinary | SWAP | Reducing a short position | 53691 | 0.8552 USD | ||
13 Mar 2025 | 1p ordinary | SWAP | Opening a short position | 53691 | 0.8552 USD | ||
23 Apr 2025 | 1p ordinary | SWAP | Increasing a short position | 25590 | 0.6788 USD | ||
21 May 2025 | 1p ordinary | SWAP | Increasing a short position | 9928 | 0.8981 USD | ||
29 May 2025 | 1p ordinary | SWAP | Increasing a short position | 24993 | 0.8851 USD | ||
11 Jun 2025 | 1p ordinary | SWAP | Opening a short position | 75210 | 0.9062 USD | ||
11 Jun 2025 | 1p ordinary | SWAP | Reducing a short position | 75210 | 0.9062 USD | ||
11 Jun 2025 | 1p ordinary | SWAP | Reducing a short position | 14513 | 0.9081 USD | ||
20 Jun 2025 | 1p ordinary | SWAP | Increasing a short position | 9442 | 0.9045 USD | ||
05 Aug 2025 | 1p ordinary | SWAP | Increasing a short position | 4393 | 0.9296 USD | ||
27 Aug 2025 | 1p ordinary | SWAP | Reducing a short position | 18849 | 1.0519 USD | ||
09 Sep 2025 | 1p ordinary | SWAP | Reducing a short position | 55683 | 1.0828 USD | ||
09 Sep 2025 | 1p ordinary | SWAP | Opening a short position | 55683 | 1.0828 USD | ||
12 Sep 2025 | 1p ordinary | SWAP | Reducing a short position | 17046 | 1.0800 USD | ||
15 Sep 2025 | 1p ordinary | SWAP | Reducing a short position | 10468 | 1.0787 USD | ||
16 Sep 2025 | 1p ordinary | SWAP | Reducing a short position | 10384 | 1.0961 USD | ||
18 Sep 2025 | 1p ordinary | SWAP | Reducing a short position | 8487 | 1.1077 USD | ||
02 Oct 2025 | 1p ordinary | SWAP | Increasing a short position | 5814 | 1.0692 USD | ||
14 Nov 2025 | 1p ordinary | SWAP | Increasing a short position | 30759 | 1.0800 USD | ||
01 Dec 2025 | 1p ordinary | SWAP | Reducing a short position | 9498 | 1.1225 USD | ||
04 Dec 2025 | 1p ordinary | SWAP | Reducing a short position | 36369 | 1.1262 USD | ||
05 Dec 2025 | 1p ordinary | SWAP | Opening a short position | 4 | 1.1240 USD | ||
05 Dec 2025 | 1p ordinary | SWAP | Reducing a short position | 4 | 1.1240 USD | ||
08 Jan 2026 | 1p ordinary | SWAP | Increasing a short position | 1242 | 1.1650 USD | ||
09 Jan 2026 | 1p ordinary | SWAP | Increasing a short position | 1223 | 1.2181 USD | ||
16 Jan 2026 | 1p ordinary | SWAP | Reducing a short position | 2465 | 1.2699 USD |
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