20th Jan 2026 11:56
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: | UBS Investment Bank, London |
(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 this offer? If it is a cash offer or possible cash offer, state "N/A" | NA
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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 | Buy
| 2499813 | 11.82027 GBP | 8.18500 GBP |
5p ordinary | Sell
| 1924886 | 11.75882 GBP | 8.18500 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
| Long | 15000 | 11.49448133 GBP |
5p ordinary | CFD
| Long | 81773 | 11.7 GBP |
5p ordinary | CFD
| Long | 50718 | 11.39 GBP |
5p ordinary | CFD
| Long | 82031 | 11.5652515110759 GBP |
5p ordinary | CFD
| Long | 32229 | 9.96657413 GBP |
5p ordinary | CFD
| Long | 46 | 8.23239130434783 GBP |
5p ordinary | CFD
| Long | 43733 | 11.6687 GBP |
5p ordinary | CFD
| Long | 6560 | 11.676 GBP |
5p ordinary | CFD
| Long | 130 | 11.6998 GBP |
5p ordinary | CFD
| Long | 478 | 11.4098 GBP |
5p ordinary | CFD
| Long | 389 | 11.4237 GBP |
5p ordinary | CFD
| Long | 26473 | 11.403777 GBP |
5p ordinary | CFD
| Long | 15943 | 11.49982872 GBP |
5p ordinary | CFD
| Long | 15261 | 11.716308 GBP |
5p ordinary | CFD
| Long | 36198 | 11.459577 GBP |
5p ordinary | CFD
| Long | 32607 | 11.54279204 GBP |
5p ordinary | CFD
| Long | 7251 | 11.643552 GBP |
5p ordinary | CFD
| Long | 2485 | 9.31239466 GBP |
5p ordinary | CFD
| Long | 1379 | 10.80773024 GBP |
5p ordinary | CFD
| Long | 1787 | 11.65100713 GBP |
5p ordinary | CFD
| Long | 43016 | 11.5652491012637 GBP |
5p ordinary | CFD
| Long | 2500 | 11.504 GBP |
5p ordinary | CFD
| Long | 12329 | 11.66784875 GBP |
5p ordinary | CFD
| Long | 5909 | 11.66158402 GBP |
5p ordinary | CFD
| Long | 34943 | 11.682663 GBP |
5p ordinary | CFD
| Long | 1670 | 9.89973054 GBP |
5p ordinary | CFD
| Short | 22315 | 11.7008774999776 GBP |
5p ordinary | CFD
| Short | 350000 | 11.55669229 GBP |
5p ordinary | CFD
| Short | 36243 | 11.4614698 GBP |
5p ordinary | CFD
| Short | 791 | 11.4233 GBP |
5p ordinary | CFD
| Short | 122480 | 11.561216956241 GBP |
5p ordinary | CFD
| Short | 42553 | 11.7008775000117 GBP |
5p ordinary | CFD
| Short | 32510 | 11.7 GBP |
5p ordinary | CFD
| Short | 46508 | 10.82718565 GBP |
5p ordinary | CFD
| Short | 976 | 10.961362 GBP |
5p ordinary | CFD
| Short | 225008 | 11.8202684 GBP |
5p ordinary | CFD
| Short | 3971 | 8.191318 GBP |
5p ordinary | CFD
| Short | 416 | 8.21012 GBP |
5p ordinary | CFD
| Short | 129288 | 11.5346 GBP |
5p ordinary | CFD
| Short | 64226 | 11.5612161861888 GBP |
5p ordinary | CFD
| Short | 14827 | 11.4894193 GBP |
5p ordinary | CFD
| Short | 33252 | 11.56412667 GBP |
5p ordinary | CFD
| Short | 20000 | 11.44136 GBP |
5p ordinary | CFD
| Short | 2500 | 11.32 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 |
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(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: | 20 January 2026 |
| Contact name: | Richard Howard |
| Telephone number: | +44 (0)207 568 9128 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at [email protected]
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