2nd Mar 2026 10:32
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: | 27 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 | 2,061,950 | 12.7700 GBP | 12.4500 GBP |
| Sale | 1,993,714 | 12.7600 GBP | 12.4471 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 | 900 | 12.4711 GBP |
25,792 | 12.6261 GBP | |||
1,534 | 12.6671 GBP | |||
103 | 12.6706 GBP | |||
1,006 | 12.6709 GBP | |||
148 | 12.6963 GBP | |||
Decrease Short | 594 | 12.4483 GBP | ||
14,868 | 12.4503 GBP | |||
24,837 | 12.4607 GBP | |||
413,003 | 12.4613 GBP | |||
9,586 | 12.4697 GBP | |||
210 | 12.4700 GBP | |||
1,107 | 12.4767 GBP | |||
2,506 | 12.4816 GBP | |||
2,347 | 12.4991 GBP | |||
212 | 12.5000 GBP | |||
2,563 | 12.5029 GBP | |||
467 | 12.5297 GBP | |||
1,917 | 12.5897 GBP | |||
1,259 | 12.6000 GBP | |||
1,096 | 12.6115 GBP | |||
25,706 | 12.6125 GBP | |||
104 | 12.6147 GBP | |||
4,664 | 12.6153 GBP | |||
2,662 | 12.6223 GBP | |||
1,336 | 12.6233 GBP | |||
77,710 | 12.6517 GBP | |||
4,351 | 12.6548 GBP | |||
1,121 | 12.6687 GBP | |||
435,571 | 12.6700 GBP | |||
9,328 | 12.6737 GBP | |||
2,328 | 12.6757 GBP | |||
13,154 | 12.6768 GBP | |||
22,000 | 12.7014 GBP | |||
20,739 | 12.7024 GBP | |||
36,420 | 12.7032 GBP | |||
579 | 12.7033 GBP | |||
1,283 | 12.7045 GBP | |||
22,816 | 12.7160 GBP | |||
7,330 | 12.7180 GBP | |||
10 | 12.7198 GBP | |||
Increase Long | 1,700 | 12.4591 GBP | ||
12 | 12.4692 GBP | |||
42,444 | 12.6723 GBP | |||
100 | 12.7000 GBP | |||
Increase Short | 11,288 | 12.4501 GBP | ||
37,948 | 12.4510 GBP | |||
6,871 | 12.4601 GBP | |||
10,000 | 12.4619 GBP | |||
211,766 | 12.4687 GBP | |||
5,427 | 12.4716 GBP | |||
20,567 | 12.4909 GBP | |||
989 | 12.5039 GBP | |||
633 | 12.5042 GBP | |||
1,107 | 12.5223 GBP | |||
128 | 12.5500 GBP | |||
17,118 | 12.5746 GBP | |||
22,064 | 12.6270 GBP | |||
4,862 | 12.6395 GBP | |||
413 | 12.6493 GBP | |||
5,396 | 12.6579 GBP | |||
10,000 | 12.6661 GBP | |||
437,856 | 12.6700 GBP | |||
28,911 | 12.6701 GBP | |||
1,056 | 12.6702 GBP | |||
315 | 12.6713 GBP | |||
1,850 | 12.6763 GBP | |||
203,000 | 12.6777 GBP | |||
203,000 | 12.6793 GBP | |||
110 | 12.6913 GBP | |||
10 | 12.6990 GBP | |||
6,633 | 12.7107 GBP | |||
10 | 12.7203 GBP | |||
114 | 12.7213 GBP | |||
Opening a short position | 2,220 | 12.6871 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: | 02 March 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