25th Feb 2026 17:45
AMENDMENT
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: | 23 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 | 1,687,910 | 12.2500 GBP | 12.1700 GBP |
| Sale | 650,829 | 12.2500 GBP | 12.1691 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 | 1 | 12.1706 GBP |
3,684 | 12.1973 GBP | |||
24,077 | 12.1988 GBP | |||
370 | 12.1989 GBP | |||
1,400 | 12.2221 GBP | |||
Decrease Short | 483 | 12.1688 GBP | ||
10,493 | 12.1696 GBP | |||
6,705 | 12.1700 GBP | |||
7,011 | 12.1775 GBP | |||
63 | 12.1790 GBP | |||
100 | 12.1794 GBP | |||
6,325 | 12.1863 GBP | |||
18,297 | 12.1883 GBP | |||
535 | 12.1924 GBP | |||
1,470 | 12.1936 GBP | |||
5,308 | 12.1977 GBP | |||
15,156 | 12.2076 GBP | |||
1,024 | 12.2151 GBP | |||
27,744 | 12.2165 GBP | |||
2,943 | 12.2228 GBP | |||
3,070 | 12.2290 GBP | |||
Increase Long | 16 | 12.1691 GBP | ||
17 | 12.1694 GBP | |||
962 | 12.1695 GBP | |||
8,328 | 12.1723 GBP | |||
16,983 | 12.1996 GBP | |||
3,400 | 12.2191 GBP | |||
Increase Short | 51,971 | 12.1700 GBP | ||
910 | 12.1702 GBP | |||
35,000 | 12.1706 GBP | |||
8,269 | 12.1720 GBP | |||
32,287 | 12.1778 GBP | |||
6 | 12.1800 GBP | |||
62 | 12.1815 GBP | |||
134 | 12.1900 GBP | |||
125,000 | 12.1912 GBP | |||
125,000 | 12.1927 GBP | |||
1,014 | 12.1964 GBP | |||
7,437 | 12.1968 GBP | |||
7,437 | 12.1980 GBP | |||
2,754 | 12.1996 GBP | |||
50,000 | 12.2006 GBP | |||
185,360 | 12.2022 GBP | |||
7,857 | 12.2036 GBP | |||
6,250 | 12.2073 GBP | |||
473,013 | 12.2085 GBP | |||
84 | 12.2115 GBP | |||
6,247 | 12.2129 GBP | |||
1,068 | 12.2188 GBP | |||
7,298 | 12.2194 GBP | |||
6,871 | 12.2297 GBP | |||
Opening a long position | 2,086 | 12.1700 GBP | ||
1,694 | 12.1968 GBP | |||
Opening a short position | 3,029 | 12.1700 GBP | ||
306 | 12.1804 GBP | |||
445 | 12.2104 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: | 25 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