6th Feb 2026 11:13
FORM 8.5 (EPT/RI)
PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Name of exempt principal trader: | J.P. Morgan Securities Plc |
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | Beazley plc |
(c) Name of the party to the offer with which exempt principal trader is connected: | Corporate Broker and Financial Adviser to Beazley Plc |
(d) Date dealing undertaken: | 05 February 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 this offer? If it is a cash offer or possible cash offer, state "N/A" | N/A |
2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(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 | Purchases/ sales
| Total number of securities | Highest price per unit paid/received | Lowest price per unit paid/received |
5p ordinary | Purchase | 1,546,186 | 12.4300 GBP | 12.3400 GBP |
| Sale | 1,615,788 | 12.4132 GBP | 12.3400 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 |
5p ordinary | Equity Swap | Decrease Long | 5 | 12.3546 GBP |
2,447 | 12.3584 GBP | |||
476 | 12.3609 GBP | |||
55 | 12.3802 GBP | |||
Decrease Short | 277 | 12.3412 GBP | ||
1,551 | 12.3533 GBP | |||
7,147 | 12.3541 GBP | |||
73 | 12.3553 GBP | |||
2,084 | 12.3565 GBP | |||
148 | 12.3570 GBP | |||
15,264 | 12.3586 GBP | |||
2,161 | 12.3588 GBP | |||
31,438 | 12.3591 GBP | |||
642 | 12.3599 GBP | |||
32,235 | 12.3600 GBP | |||
10,774 | 12.3612 GBP | |||
4,296 | 12.3631 GBP | |||
13,653 | 12.3632 GBP | |||
52,890 | 12.3633 GBP | |||
41,046 | 12.3636 GBP | |||
1,420 | 12.3643 GBP | |||
9,015 | 12.3644 GBP | |||
846 | 12.3646 GBP | |||
59,142 | 12.3650 GBP | |||
12,747 | 12.3656 GBP | |||
33,220 | 12.3679 GBP | |||
5,371 | 12.3693 GBP | |||
1,592 | 12.3700 GBP | |||
11,495 | 12.3705 GBP | |||
12,377 | 12.3720 GBP | |||
1,883 | 12.3726 GBP | |||
68,375 | 12.3732 GBP | |||
1,820 | 12.3735 GBP | |||
22,947 | 12.3761 GBP | |||
69,432 | 12.3789 GBP | |||
4,867 | 12.3794 GBP | |||
184 | 12.3796 GBP | |||
42 | 12.3800 GBP | |||
31,510 | 12.3824 GBP | |||
9,635 | 12.3825 GBP | |||
3,200 | 12.3980 GBP | |||
77 | 12.4039 GBP | |||
Increase Long | 1,549 | 12.3425 GBP | ||
4,892 | 12.3561 GBP | |||
766 | 12.3594 GBP | |||
40,230 | 12.3617 GBP | |||
1,898 | 12.3631 GBP | |||
800 | 12.3975 GBP | |||
Increase Short | 16,235 | 12.3530 GBP | ||
4,024 | 12.3544 GBP | |||
47,212 | 12.3553 GBP | |||
18,107 | 12.3589 GBP | |||
68,793 | 12.3600 GBP | |||
1,656 | 12.3603 GBP | |||
512 | 12.3604 GBP | |||
14,404 | 12.3606 GBP | |||
7,608 | 12.3610 GBP | |||
7 | 12.3614 GBP | |||
38,613 | 12.3618 GBP | |||
3,426 | 12.3766 GBP | |||
2,803 | 12.3785 GBP | |||
7,521 | 12.3828 GBP | |||
4,232 | 12.3866 GBP | |||
11,804 | 12.4011 GBP | |||
1,657 | 12.4235 GBP | |||
11,513 | 12.4299 GBP | |||
Opening a long position | 689 | 12.3391 GBP | ||
Opening a short position | 2,875 | 12.3609 GBP | ||
263,000 | 12.3855 GBP | |||
2,221 | 12.3874 GBP |
(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) |
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3. 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 exempt principal trader 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
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(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 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
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| Date of disclosure: | 06 February 2026 |
| Contact name: | Hetvi Shah |
| Telephone number: | 44 2034 936359 |
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 dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
Related Shares:
Beazley