27th Feb 2026 10:21
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: | 26 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 | 772,558 | 12.4606 GBP | 12.3400 GBP |
| Sale | 666,990 | 12.4600 GBP | 12.3391 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 | 226 | 12.4006 GBP |
200 | 12.4200 GBP | |||
169 | 12.4360 GBP | |||
75 | 12.4458 GBP | |||
1 | 12.4606 GBP | |||
Decrease Short | 170 | 12.3400 GBP | ||
4,013 | 12.3840 GBP | |||
8,742 | 12.3929 GBP | |||
1,924 | 12.3982 GBP | |||
892 | 12.4043 GBP | |||
1,088 | 12.4107 GBP | |||
6,923 | 12.4122 GBP | |||
14,895 | 12.4126 GBP | |||
3,806 | 12.4188 GBP | |||
2,048 | 12.4242 GBP | |||
3,018 | 12.4266 GBP | |||
3,341 | 12.4273 GBP | |||
3,324 | 12.4282 GBP | |||
8,158 | 12.4292 GBP | |||
161 | 12.4294 GBP | |||
14 | 12.4302 GBP | |||
38,250 | 12.4363 GBP | |||
1,781 | 12.4400 GBP | |||
1,000 | 12.4461 GBP | |||
1,955 | 12.4588 GBP | |||
16,147 | 12.4593 GBP | |||
9,987 | 12.4595 GBP | |||
633 | 12.4598 GBP | |||
5,406 | 12.4600 GBP | |||
Increase Long | 2,000 | 12.3391 GBP | ||
15,500 | 12.4146 GBP | |||
800 | 12.4275 GBP | |||
12 | 12.4292 GBP | |||
1,493 | 12.4481 GBP | |||
13,361 | 12.4534 GBP | |||
45 | 12.4594 GBP | |||
Increase Short | 926 | 12.3691 GBP | ||
2,395 | 12.3985 GBP | |||
1,086 | 12.4163 GBP | |||
2,552 | 12.4201 GBP | |||
1 | 12.4250 GBP | |||
48,418 | 12.4279 GBP | |||
19 | 12.4400 GBP | |||
44,394 | 12.4425 GBP | |||
19,691 | 12.4441 GBP | |||
5,299 | 12.4458 GBP | |||
4,068 | 12.4480 GBP | |||
20,331 | 12.4541 GBP | |||
447 | 12.4551 GBP | |||
116,920 | 12.4600 GBP | |||
Opening a long position | 710 | 12.3596 GBP | ||
3,537 | 12.3618 GBP | |||
4,010 | 12.4261 GBP | |||
2,239 | 12.4390 GBP | |||
7,990 | 12.4600 GBP | |||
Opening a short position | 7,455 | 12.4027 GBP | ||
4,519 | 12.4056 GBP | |||
1,212 | 12.4116 GBP | |||
12,762 | 12.4175 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: | 27 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