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

GAMMA COMMUNICATIONS PLC

relevant securities this form relates:

(c)

Name of the party to the offer with which exempt

GAMMA COMMUNICATIONS PLC

principal trader is connected

(d)

Date position held/dealing undertaken:

02 Sep 2026

(e)

In addition to the company in 1(b) above, is the exempt principal

NO

trader making disclosures in respect of any other party to the offer?

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:

1,605,361

1.80%

248,336

0.28%

(2)

Cash-settled derivatives:

and/or controlled:

245,475

0.28%

1,575,405

1.77%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,850,836

2.08%

1,823,741

2.05%

(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)

Purchases and sales

Class of relevant

Purchase/sale

Total number of

Highest price per unit

Lowest price per unit

security

securities

paid/received

paid/received

0.25p ordinary

Purchase

526,734

11.5911 GBP

11.4773 GBP

0.25p ordinary

Sale

336,115

11.5909 GBP

11.5500 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

0.25p ordinary

SWAP

Decreasing Short

2,573

11.5909 GBP

0.25p ordinary

SWAP

Increasing Short

402

11.5741 GBP

0.25p ordinary

SWAP

Decreasing Short

116

11.5900 GBP

0.25p ordinary

SWAP

Increasing Short

16,354

11.5708 GBP

0.25p ordinary

SWAP

Closing Long

42

11.5601 GBP

0.25p ordinary

SWAP

Opening Short

34

11.5601 GBP

0.25p ordinary

SWAP

Increasing Long

479

11.5700 GBP

0.25p ordinary

SWAP

Decreasing Long

1,265

11.5900 GBP

0.25p ordinary

SWAP

Opening Short

66

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

8,026

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

6,609

11.5650 GBP

0.25p ordinary

SWAP

Opening Short

3,352

11.5650 GBP

0.25p ordinary

SWAP

Increasing Short

2,032

11.5650 GBP

0.25p ordinary

SWAP

Decreasing Short

4

11.5850 GBP

0.25p ordinary

SWAP

Decreasing Short

1,019

11.5797 GBP

0.25p ordinary

SWAP

Decreasing Long

716

11.5900 GBP

0.25p ordinary

SWAP

Closing Short

1

11.5900 GBP

0.25p ordinary

SWAP

Closing Long

4,108

11.4773 GBP

0.25p ordinary

SWAP

Decreasing Long

9,030

11.5703 GBP

0.25p ordinary

SWAP

Increasing Long

2,423

11.5701 GBP

0.25p ordinary

SWAP

Increasing Short

179,814

11.5700 GBP

0.25p ordinary

SWAP

Increasing Short

2,467

11.5841 GBP

0.25p ordinary

SWAP

Increasing Long

2,686

11.5796 GBP

0.25p ordinary

SWAP

Increasing Long

998

11.5796 GBP

0.25p ordinary

CFD

Decreasing Short

336

11.5600 GBP

0.25p ordinary

CFD

Increasing Long

9

11.5733 GBP

0.25p ordinary

CFD

Decreasing Short

5,263

11.5696 GBP

0.25p ordinary

CFD

Increasing Short

6,693

11.5751 GBP

0.25p ordinary

CFD

Closing Short

9,335

11.5900 GBP

0.25p ordinary

CFD

Decreasing Short

1,066

11.5696 GBP

0.25p ordinary

SWAP

Decreasing Short

298

11.5670 GBP

0.25p ordinary

SWAP

Increasing Short

478

11.5709 GBP

0.25p ordinary

SWAP

Increasing Short

1,486

11.5855 GBP

0.25p ordinary

SWAP

Decreasing Long

3,036

11.5902 GBP

0.25p ordinary

SWAP

Opening Short

2,260

11.5650 GBP

0.25p ordinary

SWAP

Closing Short

1

11.5895 GBP

0.25p ordinary

SWAP

Opening Long

96

11.5700 GBP

0.25p ordinary

SWAP

Opening Short

4,135

11.5714 GBP

0.25p ordinary

SWAP

Increasing Short

38

11.5905 GBP

0.25p ordinary

SWAP

Increasing Long

128

11.5800 GBP

0.25p ordinary

SWAP

Decreasing Short

7,644

11.5650 GBP

0.25p ordinary

SWAP

Increasing Short

2,758

11.5650 GBP

0.25p ordinary

SWAP

Increasing Short

1,838

11.5650 GBP

0.25p ordinary

SWAP

Decreasing Short

3,139

11.5677 GBP

0.25p ordinary

SWAP

Decreasing Long

788

11.5726 GBP

0.25p ordinary

SWAP

Decreasing Long

11,790

11.5900 GBP

0.25p ordinary

SWAP

Increasing Long

10,028

11.5683 GBP

0.25p ordinary

SWAP

Increasing Short

87,002

11.5751 GBP

0.25p ordinary

CFD

Closing Short

496

11.5865 GBP

0.25p ordinary

SWAP

Increasing Short

2,013

11.5650 GBP

0.25p ordinary

SWAP

Closing Long

96

11.5714 GBP

0.25p ordinary

SWAP

Increasing Short

351

11.5603 GBP

0.25p ordinary

SWAP

Decreasing Short

449

11.5894 GBP

0.25p ordinary

SWAP

Increasing Short

15,371

11.5877 GBP

0.25p ordinary

SWAP

Increasing Short

1,367

11.5669 GBP

0.25p ordinary

SWAP

Increasing Short

912

11.5669 GBP

0.25p ordinary

SWAP

Decreasing Short

5

11.5700 GBP

0.25p ordinary

SWAP

Increasing Long

1,010

11.5580 GBP

0.25p ordinary

SWAP

Decreasing Long

16,767

11.5905 GBP

0.25p ordinary

SWAP

Decreasing Short

3,884

11.5551 GBP

0.25p ordinary

SWAP

Increasing Short

999

11.5669 GBP

0.25p ordinary

SWAP

Closing Short

4,486

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

931

11.5894 GBP

0.25p ordinary

SWAP

Decreasing Short

29,928

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Long

1,076

11.5724 GBP

0.25p ordinary

SWAP

Closing Long

9,471

11.5832 GBP

0.25p ordinary

SWAP

Opening Short

5,609

11.5832 GBP

0.25p ordinary

SWAP

Increasing Short

474

11.5911 GBP

0.25p ordinary

SWAP

Closing Short

9,806

11.5699 GBP

0.25p ordinary

SWAP

Opening Long

449

11.5699 GBP

0.25p ordinary

SWAP

Decreasing Short

530

11.5806 GBP

0.25p ordinary

SWAP

Increasing Long

285

11.5650 GBP

0.25p ordinary

SWAP

Decreasing Short

390

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

12,157

11.5900 GBP

0.25p ordinary

SWAP

Increasing Long

1,885

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

425

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

37,287

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Long

99

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

230

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

168

11.5600 GBP

0.25p ordinary

SWAP

Increasing Long

4,052

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

295

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

5,006

11.5671 GBP

0.25p ordinary

SWAP

Increasing Long

11,177

11.5900 GBP

0.25p ordinary

SWAP

Decreasing Short

12,624

11.5567 GBP

0.25p ordinary

SWAP

Increasing Long

4,426

11.5675 GBP

0.25p ordinary

SWAP

Increasing Long

4,386

11.5697 GBP

0.25p ordinary

SWAP

Decreasing Long

17,559

11.5638 GBP

0.25p ordinary

SWAP

Increasing Long

14,231

11.5571 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

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:

03 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213