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: | 19 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 | 2,063,498 | 12.3780 GBP | 12.1700 GBP |
| Sale | 1,739,680 | 12.3800 GBP | 12.1700 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
Decrease Short
Increase Long
Increase Short
Opening a long position
Opening a short position | 1 1,629 4,599 25,368
9 340 72 12,280 14,655 11,085 1,362 60 4,977 5,213 3,784 1,119 4,719 15,021 24,040 10,500 60,000 1,882 16,239 1,095 3,257 7,637 24 5,962 6 3,156 20,000 8,000 2,600
314 17,882 183 100 37
299 9 1,012 614 5,152 23,103 7,289 386,548 3,917 2,448 50 4,887 11,239 22,946 880 91,000 6 3
600 36,359 3,003 1,695
2,301 1,278 1,719 15,175 | 12.2006 GBP 12.2261 GBP 12.2531 GBP 12.2961 GBP
12.1748 GBP 12.1988 GBP 12.1996 GBP 12.2000 GBP 12.2010 GBP 12.2029 GBP 12.2069 GBP 12.2081 GBP 12.2146 GBP 12.2153 GBP 12.2305 GBP 12.2343 GBP 12.2431 GBP 12.2455 GBP 12.2470 GBP 12.2557 GBP 12.2565 GBP 12.2633 GBP 12.2666 GBP 12.2685 GBP 12.2935 GBP 12.2965 GBP 12.3052 GBP 12.3174 GBP 12.3198 GBP 12.3659 GBP 12.3713 GBP 12.3763 GBP 12.3791 GBP
12.1995 GBP 12.2024 GBP 12.2188 GBP 12.2700 GBP 12.2940 GBP
12.1704 GBP 12.1752 GBP 12.1994 GBP 12.2000 GBP 12.2002 GBP 12.2003 GBP 12.2006 GBP 12.2085 GBP 12.2086 GBP 12.2161 GBP 12.2162 GBP 12.2222 GBP 12.2322 GBP 12.2766 GBP 12.2808 GBP 12.2873 GBP 12.3203 GBP 12.3333 GBP
12.2306 GBP 12.2390 GBP 12.2449 GBP 12.2663 GBP
12.2000 GBP 12.2682 GBP 12.3151 GBP 12.3190 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
|
| 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