Form 8.5 (EPT/NON-RI) GAMMA COMMUNICATIONS PLC

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS

(OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Name of exempt principal trader:

BARCLAYS CAPITAL SECURITIES LTD

(b)

Name of offeror/offeree in relation to whose relevant securities this form relates:

GAMMA COMMUNICATIONS PLC

(c)

Name of the party to the offer with which exempt principal trader is connected

GAMMA COMMUNICATIONS PLC

(d)

Date position held/dealing undertaken:

21 Oct 2026

(e)

In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to the offer?

NO

2.

POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(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:

0.25p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1) Relevant securities owned and/or controlled:

2,153,380

2.41%

128,157

0.14%

(2) Cash-settled derivatives:

105,976

0.12%

2,146,367

2.40%

(3) Stock-settled derivatives (including options) and agreements to purchase/sell:

0

0.00%

0

0.00%

  TOTAL:

2,259,356

2.53%

2,274,524

2.55%

(b)

Rights to subscribe for new securities (including directors and other executive 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 EXEMPT PRINCIPAL TRADER

(a)

Purchase and sales

Class of relevant security

Purchase/sale

Total number of securities

Highest price per unit paid/received

Lowest price per unit paid/received

0.25p ordinary

Purchase

119736

10.9198 GBP

10.8800 GBP

0.25p ordinary

Sale

169734

10.9200 GBP

10.8796 GBP

(b)

Cash-settled derivative transactions

Class of relevant security

Product description

Nature of dealing

Number of reference securities

Price per unit

0.25p ordinary

SWAP

Increasing Long

1,710

10.8800 GBP

0.25p ordinary

SWAP

Decreasing Long

4,612

10.8800 GBP

0.25p ordinary

SWAP

Decreasing Short

115,000

10.8746 GBP

0.25p ordinary

SWAP

Decreasing Short

381

10.8964 GBP

0.25p ordinary

SWAP

Increasing Short

410

10.8929 GBP

0.25p ordinary

SWAP

Decreasing Short

2

10.8800 GBP

0.25p ordinary

SWAP

Decreasing Short

53

10.8800 GBP

0.25p ordinary

SWAP

Closing Short

17

10.8800 GBP

0.25p ordinary

SWAP

Increasing Short

5,138

10.8962 GBP

0.25p ordinary

SWAP

Increasing Short

1,911

10.8962 GBP

0.25p ordinary

CFD

Increasing Short

7,266

10.9010 GBP

0.25p ordinary

SWAP

Decreasing Short

4,368

10.8885 GBP

0.25p ordinary

SWAP

Decreasing Short

2

10.8796 GBP

0.25p ordinary

SWAP

Decreasing Short

873

10.8921 GBP

0.25p ordinary

SWAP

Increasing Short

984

10.9045 GBP

0.25p ordinary

SWAP

Increasing Short

243

10.8800 GBP

0.25p ordinary

SWAP

Decreasing Short

23

10.9131 GBP

0.25p ordinary

SWAP

Decreasing Short

3,150

10.9029 GBP

0.25p ordinary

SWAP

Increasing Short

229

10.9088 GBP

0.25p ordinary

SWAP

Increasing Short

20,202

10.8800 GBP

0.25p ordinary

SWAP

Decreasing Short

717

10.9017 GBP

0.25p ordinary

SWAP

Increasing Short

1,816

10.8948 GBP

0.25p ordinary

SWAP

Increasing Short

721

10.9052 GBP

0.25p ordinary

SWAP

Increasing Short

9,203

10.9086 GBP

0.25p ordinary

SWAP

Decreasing Short

89

10.8950 GBP

0.25p ordinary

SWAP

Decreasing Short

18

10.8800 GBP

0.25p ordinary

SWAP

Increasing Short

88

10.8800 GBP

0.25p ordinary

SWAP

Increasing Short

23,819

10.8800 GBP

0.25p ordinary

SWAP

Increasing Short

829

10.8900 GBP

0.25p ordinary

SWAP

Decreasing Short

254

10.8900 GBP

0.25p ordinary

SWAP

Increasing Short

1,261

10.9000 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class of relevant security

Product description

Writing, purchasing, selling, varying etc

Number of securities to which option relates

Exercise price per unit

Type

Expiry date

Option money paid/ received per unit

(ii)

Exercising

Class of relevant security

Product description

Exercising/ exercised against

Number of securities

Exercise price per unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant security

Nature of Dealings

Details

Price per unit (if applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings 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 exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader 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 of future acquisition or disposal of any relevant securities to which any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

22 Oct 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213