20th Jan 2026 11:20
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 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 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 | 5,975,866 | 11.9248 GBP | 8.1800 GBP |
| Sale | 2,519,291 | 11.9717 GBP | 8.1850 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 short position
| 937 7,553 6,079 1,026 5,599 2,080 10,632 3,139 553 3,109 363 26,181 48 206,622 36,646 12,776 3,293 3,535 105 3,985 208,261 54,015 32,403 1,665 1 38,863 138,518 89,680 234,579 45,069 11,861 402 241,158 70 32,276 151,717 32,359 119,916 96,277 5 32,133 10,000 131,229 4,837 71 15,730 227,868 5,359 64 392,095 17,760 55,795 64 280 14,276 28,737 302,420 25,857
272 3 7,875 3 103 17,270 1,090 4,463 1,832 14,472 15,228 441 35,492 24,561 399 828 7,328 7,314 15,183 27,394 557 120,184 204 3,009 1,802 15,303 2,250 35,595 105,185 124 8,957 12,566 2,973 27,124 75,177 2,646 1,644 5,531 10,261 65,832 33,481
9,067 18,548 45,478 1,483 12,960 591 34,773 1,106 341 255,922 553 1,127 9,411 12,965 10,252 829 6,100 33,196 4,596 2,778 830 824 4,864 3,944 248,320 553 1,287 553 553
957 136 86 3 9,049 477 700 23,910 2,397 3 241 544 6,471 502 5,729 14,126 20,724 9,528 44,584 2,500 4,339 329 7,130 50,000 2,500 18,000 265,258 3,333 247,319 5,000 2,000 15,187 76,986 249,200 10,943 7,000 3,138 801 20,114 9,430 45,823 57,832 21,967 40,020 41,284 21,587 16,942
42,615 14,000 86,000 100,000 100,000 42,615 | 8.1970 GBP 8.2192 GBP 8.2250 GBP 9.7211 GBP 9.9725 GBP 11.1737 GBP 11.3664 GBP 11.3745 GBP 11.3823 GBP 11.3863 GBP 11.3944 GBP 11.4018 GBP 11.4107 GBP 11.4112 GBP 11.4168 GBP 11.4292 GBP 11.4342 GBP 11.4370 GBP 11.4380 GBP 11.4796 GBP 11.4824 GBP 11.4897 GBP 11.4917 GBP 11.4923 GBP 11.4961 GBP 11.5065 GBP 11.5235 GBP 11.5245 GBP 11.5270 GBP 11.5332 GBP 11.5346 GBP 11.5420 GBP 11.5436 GBP 11.5464 GBP 11.5509 GBP 11.5626 GBP 11.5667 GBP 11.5761 GBP 11.5805 GBP 11.5812 GBP 11.5817 GBP 11.6281 GBP 11.6441 GBP 11.6482 GBP 11.6637 GBP 11.6816 GBP 11.6921 GBP 11.6945 GBP 11.6997 GBP 11.7000 GBP 11.7002 GBP 11.7007 GBP 11.7012 GBP 11.7015 GBP 11.7018 GBP 11.7402 GBP 11.7735 GBP 11.7740 GBP
8.1968 GBP 8.2148 GBP 8.2163 GBP 8.2448 GBP 9.1555 GBP 10.0213 GBP 10.7355 GBP 10.8824 GBP 11.1088 GBP 11.2025 GBP 11.3435 GBP 11.3697 GBP 11.4056 GBP 11.4180 GBP 11.4188 GBP 11.4340 GBP 11.4445 GBP 11.4491 GBP 11.4515 GBP 11.4697 GBP 11.4776 GBP 11.4867 GBP 11.4998 GBP 11.5098 GBP 11.5335 GBP 11.5384 GBP 11.5407 GBP 11.5443 GBP 11.5496 GBP 11.5505 GBP 11.5629 GBP 11.5661 GBP 11.5697 GBP 11.5701 GBP 11.5756 GBP 11.6025 GBP 11.6128 GBP 11.6875 GBP 11.6992 GBP 11.7000 GBP 11.8446 GBP
8.1988 GBP 8.2115 GBP 8.2138 GBP 10.6448 GBP 10.7116 GBP 10.8094 GBP 11.3937 GBP 11.4339 GBP 11.5290 GBP 11.5382 GBP 11.5439 GBP 11.5513 GBP 11.5704 GBP 11.6019 GBP 11.6022 GBP 11.6188 GBP 11.6546 GBP 11.6581 GBP 11.6977 GBP 11.6982 GBP 11.6985 GBP 11.6991 GBP 11.6993 GBP 11.6995 GBP 11.7000 GBP 11.7035 GBP 11.7086 GBP 11.9097 GBP 11.9717 GBP
8.2035 GBP 8.2104 GBP 8.2116 GBP 8.2152 GBP 8.2235 GBP 8.2255 GBP 8.2405 GBP 8.2414 GBP 8.2423 GBP 8.2452 GBP 8.2550 GBP 8.3370 GBP 8.6773 GBP 8.8850 GBP 9.5806 GBP 10.1050 GBP 10.8077 GBP 11.1303 GBP 11.2811 GBP 11.3734 GBP 11.4117 GBP 11.4170 GBP 11.4460 GBP 11.4614 GBP 11.4634 GBP 11.4689 GBP 11.4692 GBP 11.4732 GBP 11.4761 GBP 11.5003 GBP 11.5035 GBP 11.5036 GBP 11.5127 GBP 11.5172 GBP 11.5173 GBP 11.5307 GBP 11.5354 GBP 11.5506 GBP 11.5523 GBP 11.5648 GBP 11.5827 GBP 11.5850 GBP 11.5864 GBP 11.5890 GBP 11.5918 GBP 11.6851 GBP 11.7000 GBP
11.4057 GBP 11.4828 GBP 11.4844 GBP 11.4907 GBP 11.5058 GBP 11.5158 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
|
(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: | 20 January 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