22nd Jan 2026 14:28
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: | (GS) GOLDMAN SACHS INTERNATIONAL |
(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: | ZURICH INSURANCE GROUP LTD |
(d) Date dealing undertaken: | 19 January 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 the 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 | Purchases | 5,342,339 | 11.9800 GBP | 8.1900 GBP |
5p ordinary | Sales | 5,191,123 | 11.9800 GBP | 8.1900 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 | CFD | Reducing a short position | 44 | 8.1948 GBP |
5p ordinary | CFD | Reducing a long position | 127 | 8.1970 GBP |
5p ordinary | CFD | Increasing a short position | 177 | 8.1980 GBP |
5p ordinary | CFD | Increasing a short position | 93 | 8.2012 GBP |
5p ordinary | CFD | Increasing a short position | 474 | 8.2012 GBP |
5p ordinary | CFD | Increasing a short position | 10,926 | 8.2012 GBP |
5p ordinary | CFD | Increasing a short position | 3,295 | 8.2012 GBP |
5p ordinary | CFD | Reducing a short position | 338 | 8.2084 GBP |
5p ordinary | CFD | Reducing a long position | 112 | 8.2217 GBP |
5p ordinary | CFD | Increasing a short position | 4,360 | 8.2247 GBP |
5p ordinary | CFD | Reducing a short position | 8,850 | 8.3418 GBP |
5p ordinary | CFD | Reducing a short position | 11,491 | 8.3418 GBP |
5p ordinary | CFD | Increasing a short position | 5 | 9.3864 GBP |
5p ordinary | CFD | Increasing a short position | 25 | 9.3864 GBP |
5p ordinary | CFD | Increasing a short position | 579 | 9.3864 GBP |
5p ordinary | CFD | Increasing a short position | 175 | 9.3864 GBP |
5p ordinary | CFD | Reducing a short position | 7,096 | 9.4471 GBP |
5p ordinary | CFD | Increasing a short position | 3,058 | 9.6482 GBP |
5p ordinary | CFD | Increasing a short position | 9,119 | 10.3523 GBP |
5p ordinary | CFD | Reducing a short position | 17,341 | 10.5028 GBP |
5p ordinary | CFD | Increasing a short position | 11,029 | 10.6073 GBP |
5p ordinary | CFD | Reducing a short position | 9,394 | 10.7461 GBP |
5p ordinary | CFD | Increasing a short position | 71,872 | 10.8155 GBP |
5p ordinary | CFD | Increasing a short position | 1,274 | 10.9626 GBP |
5p ordinary | CFD | Reducing a short position | 5 | 11.3200 GBP |
5p ordinary | CFD | Increasing a short position | 121,352 | 11.3590 GBP |
5p ordinary | CFD | Increasing a short position | 18,767 | 11.3680 GBP |
5p ordinary | CFD | Increasing a short position | 74,051 | 11.3680 GBP |
5p ordinary | CFD | Reducing a long position | 1,108 | 11.3745 GBP |
5p ordinary | CFD | Increasing a short position | 50,000 | 11.3773 GBP |
5p ordinary | CFD | Opening a short position | 50,000 | 11.3823 GBP |
5p ordinary | CFD | Increasing a short position | 2,228 | 11.3823 GBP |
5p ordinary | CFD | Reducing a short position | 16,484 | 11.3829 GBP |
5p ordinary | CFD | Reducing a short position | 1,723 | 11.3829 GBP |
5p ordinary | CFD | Opening a short position | 21,689 | 11.3868 GBP |
5p ordinary | CFD | Opening a short position | 85,581 | 11.3868 GBP |
5p ordinary | CFD | Opening a short position | 1,000 | 11.3914 GBP |
5p ordinary | CFD | Increasing a short position | 150,000 | 11.4034 GBP |
5p ordinary | CFD | Reducing a short position | 281,718 | 11.4094 GBP |
5p ordinary | CFD | Opening a short position | 10,000 | 11.4114 GBP |
5p ordinary | CFD | Opening a short position | 10,000 | 11.4115 GBP |
5p ordinary | CFD | Opening a short position | 3,750 | 11.4115 GBP |
5p ordinary | CFD | Opening a short position | 20,799 | 11.4259 GBP |
5p ordinary | CFD | Reducing a long position | 142 | 11.4259 GBP |
5p ordinary | CFD | Reducing a short position | 2,397 | 11.4266 GBP |
5p ordinary | CFD | Reducing a short position | 3,105 | 11.4266 GBP |
5p ordinary | CFD | Reducing a short position | 6,590 | 11.4289 GBP |
5p ordinary | CFD | Reducing a short position | 4,455 | 11.4339 GBP |
5p ordinary | CFD | Reducing a short position | 529 | 11.4385 GBP |
5p ordinary | CFD | Increasing a short position | 32,540 | 11.4470 GBP |
5p ordinary | CFD | Increasing a short position | 469 | 11.4508 GBP |
5p ordinary | CFD | Increasing a short position | 1,250 | 11.4508 GBP |
5p ordinary | CFD | Reducing a short position | 30,283 | 11.4606 GBP |
5p ordinary | CFD | Reducing a short position | 64,522 | 11.4606 GBP |
5p ordinary | CFD | Reducing a short position | 36,225 | 11.4606 GBP |
5p ordinary | CFD | Reducing a short position | 83,819 | 11.4606 GBP |
5p ordinary | CFD | Reducing a short position | 4,886 | 11.4624 GBP |
5p ordinary | CFD | Increasing a short position | 54,685 | 11.4624 GBP |
5p ordinary | CFD | Increasing a short position | 937 | 11.4654 GBP |
5p ordinary | CFD | Increasing a short position | 2,500 | 11.4654 GBP |
5p ordinary | CFD | Reducing a short position | 3,156 | 11.4670 GBP |
5p ordinary | CFD | Reducing a short position | 6,122 | 11.4687 GBP |
5p ordinary | CFD | Increasing a short position | 5,778 | 11.4756 GBP |
5p ordinary | CFD | Reducing a short position | 8,661 | 11.4795 GBP |
5p ordinary | CFD | Opening a short position | 40,000 | 11.4809 GBP |
5p ordinary | CFD | Reducing a short position | 77,786 | 11.4957 GBP |
5p ordinary | CFD | Increasing a short position | 18,766 | 11.4980 GBP |
5p ordinary | CFD | Increasing a short position | 74,052 | 11.4980 GBP |
5p ordinary | CFD | Reducing a short position | 61,366 | 11.5067 GBP |
5p ordinary | CFD | Reducing a short position | 125,719 | 11.5112 GBP |
5p ordinary | CFD | Increasing a short position | 2 | 11.5268 GBP |
5p ordinary | CFD | Increasing a short position | 8 | 11.5268 GBP |
5p ordinary | CFD | Increasing a short position | 133 | 11.5268 GBP |
5p ordinary | CFD | Increasing a short position | 40 | 11.5268 GBP |
5p ordinary | CFD | Reducing a long position | 15,350 | 11.5346 GBP |
5p ordinary | CFD | Reducing a short position | 2,228 | 11.5438 GBP |
5p ordinary | CFD | Increasing a short position | 6,933 | 11.5486 GBP |
5p ordinary | CFD | Increasing a short position | 429 | 11.5497 GBP |
5p ordinary | CFD | Reducing a short position | 4,510 | 11.5512 GBP |
5p ordinary | CFD | Increasing a short position | 469 | 11.5523 GBP |
5p ordinary | CFD | Increasing a short position | 1,250 | 11.5523 GBP |
5p ordinary | CFD | Reducing a short position | 25,000 | 11.5535 GBP |
5p ordinary | CFD | Opening a short position | 42,742 | 11.5623 GBP |
5p ordinary | CFD | Increasing a short position | 20,999 | 11.5723 GBP |
5p ordinary | CFD | Increasing a short position | 82,860 | 11.5723 GBP |
5p ordinary | CFD | Reducing a short position | 8,555 | 11.5739 GBP |
5p ordinary | CFD | Increasing a short position | 829 | 11.5760 GBP |
5p ordinary | CFD | Increasing a short position | 247 | 11.5760 GBP |
5p ordinary | CFD | Increasing a short position | 113,910 | 11.5781 GBP |
5p ordinary | CFD | Increasing a short position | 449,478 | 11.5781 GBP |
5p ordinary | CFD | Reducing a long position | 2 | 11.5800 GBP |
5p ordinary | CFD | Increasing a long position | 5,094 | 11.5810 GBP |
5p ordinary | CFD | Opening a short position | 40,909 | 11.5812 GBP |
5p ordinary | CFD | Reducing a short position | 37,109 | 11.5867 GBP |
5p ordinary | CFD | Reducing a short position | 1,960 | 11.5891 GBP |
5p ordinary | CFD | Reducing a short position | 230 | 11.5897 GBP |
5p ordinary | CFD | Reducing a short position | 62,940 | 11.5900 GBP |
5p ordinary | CFD | Reducing a short position | 64,400 | 11.5907 GBP |
5p ordinary | CFD | Reducing a long position | 6,518 | 11.5931 GBP |
5p ordinary | CFD | Opening a short position | 24,122 | 11.6026 GBP |
5p ordinary | CFD | Reducing a short position | 5,514 | 11.6078 GBP |
5p ordinary | CFD | Reducing a short position | 3,342 | 11.6187 GBP |
5p ordinary | CFD | Increasing a short position | 100 | 11.6303 GBP |
5p ordinary | CFD | Increasing a short position | 45 | 11.6411 GBP |
5p ordinary | CFD | Increasing a short position | 100 | 11.6411 GBP |
5p ordinary | CFD | Increasing a short position | 2,543 | 11.6411 GBP |
5p ordinary | CFD | Increasing a short position | 777 | 11.6411 GBP |
5p ordinary | CFD | Reducing a long position | 24 | 11.6417 GBP |
5p ordinary | CFD | Increasing a short position | 39,987 | 11.6501 GBP |
5p ordinary | CFD | Reducing a short position | 483 | 11.6628 GBP |
5p ordinary | CFD | Reducing a long position | 185 | 11.6634 GBP |
5p ordinary | CFD | Opening a short position | 111,971 | 11.6720 GBP |
5p ordinary | CFD | Increasing a short position | 469 | 11.6803 GBP |
5p ordinary | CFD | Increasing a short position | 1,250 | 11.6803 GBP |
5p ordinary | CFD | Reducing a short position | 17,533 | 11.6848 GBP |
5p ordinary | CFD | Reducing a long position | 13,883 | 11.6944 GBP |
5p ordinary | CFD | Reducing a long position | 5,931 | 11.6944 GBP |
5p ordinary | CFD | Opening a long position | 1,356 | 11.6977 GBP |
5p ordinary | CFD | Increasing a long position | 12,635 | 11.6977 GBP |
5p ordinary | CFD | Increasing a long position | 273 | 11.6977 GBP |
5p ordinary | CFD | Increasing a short position | 22 | 11.6980 GBP |
5p ordinary | CFD | Increasing a short position | 113 | 11.6980 GBP |
5p ordinary | CFD | Increasing a short position | 2,418 | 11.6980 GBP |
5p ordinary | CFD | Increasing a short position | 725 | 11.6980 GBP |
5p ordinary | CFD | Reducing a short position | 3,342 | 11.6985 GBP |
5p ordinary | CFD | Reducing a short position | 8,337 | 11.6998 GBP |
5p ordinary | CFD | Reducing a short position | 13,411 | 11.6999 GBP |
5p ordinary | CFD | Reducing a short position | 76,737 | 11.7000 GBP |
5p ordinary | CFD | Reducing a short position | 881 | 11.7000 GBP |
5p ordinary | CFD | Opening a long position | 11,943 | 11.7000 GBP |
5p ordinary | CFD | Increasing a long position | 5,565 | 11.7000 GBP |
5p ordinary | CFD | Reducing a short position | 42,742 | 11.7000 GBP |
5p ordinary | CFD | Reducing a short position | 105,627 | 11.7000 GBP |
5p ordinary | CFD | Reducing a short position | 1,535 | 11.7000 GBP |
5p ordinary | CFD | Reducing a long position | 1,679 | 11.7000 GBP |
5p ordinary | CFD | Reducing a long position | 3,886 | 11.7000 GBP |
5p ordinary | CFD | Reducing a long position | 11,298 | 11.7000 GBP |
5p ordinary | CFD | Opening a long position | 76,878 | 11.7000 GBP |
5p ordinary | CFD | Increasing a long position | 11,298 | 11.7000 GBP |
5p ordinary | CFD | Increasing a long position | 1,679 | 11.7000 GBP |
5p ordinary | CFD | Increasing a long position | 30,820 | 11.7000 GBP |
5p ordinary | CFD | Increasing a short position | 14,511 | 11.7002 GBP |
5p ordinary | CFD | Increasing a short position | 291 | 11.7002 GBP |
5p ordinary | CFD | Increasing a short position | 26,301 | 11.7012 GBP |
5p ordinary | CFD | Increasing a short position | 30,000 | 11.7014 GBP |
5p ordinary | CFD | Reducing a long position | 21 | 11.7019 GBP |
5p ordinary | CFD | Reducing a long position | 82,258 | 11.7023 GBP |
5p ordinary | CFD | Reducing a short position | 2,227 | 11.7035 GBP |
5p ordinary | CFD | Opening a short position | 73,201 | 11.7105 GBP |
5p ordinary | CFD | Reducing a short position | 33,472 | 11.7109 GBP |
5p ordinary | CFD | Reducing a short position | 3,595 | 11.7477 GBP |
5p ordinary | CFD | Reducing a short position | 252 | 11.7477 GBP |
5p ordinary | CFD | Reducing a long position | 42,763 | 11.7501 GBP |
5p ordinary | CFD | Opening a short position | 22,052 | 11.7501 GBP |
5p ordinary | CFD | Reducing a short position | 40,000 | 11.7588 GBP |
5p ordinary | CFD | Increasing a short position | 2,282 | 11.7591 GBP |
5p ordinary | CFD | Increasing a short position | 51,489 | 11.7612 GBP |
5p ordinary | CFD | Reducing a short position | 12,271 | 11.7617 GBP |
5p ordinary | CFD | Reducing a short position | 175,375 | 11.7617 GBP |
5p ordinary | CFD | Reducing a short position | 266 | 11.7617 GBP |
5p ordinary | CFD | Reducing a short position | 19 | 11.7617 GBP |
5p ordinary | CFD | Opening a short position | 1,997 | 11.7693 GBP |
5p ordinary | CFD | Increasing a long position | 59 | 11.8442 GBP |
5p ordinary | CFD | Reducing a short position | 938 | 11.8493 GBP |
5p ordinary | CFD | Reducing a short position | 2,500 | 11.8493 GBP |
5p ordinary | CFD | Increasing a short position | 24,085 | 11.8500 GBP |
5p ordinary | CFD | Reducing a short position | 1,033 | 11.8564 GBP |
5p ordinary | CFD | Reducing a short position | 9,890 | 11.8564 GBP |
5p ordinary | CFD | Increasing a short position | 37,571 | 11.9009 GBP |
5p ordinary | CFD | Reducing a short position | 2,227 | 11.9097 GBP |
5p ordinary | CFD | Increasing a short position | 6,087 | 11.9180 GBP |
5p ordinary | CFD | Increasing a short position | 157 | 11.9206 GBP |
5p ordinary | CFD | Increasing a short position | 814 | 11.9206 GBP |
5p ordinary | CFD | Increasing a short position | 17,457 | 11.9206 GBP |
5p ordinary | CFD | Increasing a short position | 5,230 | 11.9206 GBP |
5p ordinary | CFD | Reducing a short position | 2,228 | 11.9717 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) |
|
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
|
(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: | 22 January 2026 |
| Contact name: | Papa Lette and Andrzej Szyszka |
| Telephone number: | +33(1) 4212 1459 / +48(22) 317 4817 |
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 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