11th Feb 2026 10:43
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: | 10 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 | 1,511,479 | 12.4400 GBP | 12.2900 GBP |
| Sale | 839,846 | 12.4400 GBP | 12.2800 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 | 212 | 12.2906 GBP |
27,280 | 12.2929 GBP | |||
6,977 | 12.3003 GBP | |||
21,992 | 12.3004 GBP | |||
Decrease Short | 107 | 12.2888 GBP | ||
1,412 | 12.2900 GBP | |||
9,521 | 12.2902 GBP | |||
5,832 | 12.2929 GBP | |||
882 | 12.2959 GBP | |||
16 | 12.2988 GBP | |||
2,498 | 12.3039 GBP | |||
5,447 | 12.3058 GBP | |||
2,186 | 12.3140 GBP | |||
942 | 12.3184 GBP | |||
1,193 | 12.3243 GBP | |||
10,714 | 12.3332 GBP | |||
63,950 | 12.3341 GBP | |||
706 | 12.3400 GBP | |||
3,158 | 12.3485 GBP | |||
12,761 | 12.3535 GBP | |||
11,635 | 12.3580 GBP | |||
15,000 | 12.3691 GBP | |||
22,263 | 12.3728 GBP | |||
67 | 12.3781 GBP | |||
30 | 12.3800 GBP | |||
11,958 | 12.3833 GBP | |||
2,419 | 12.3841 GBP | |||
6,000 | 12.3897 GBP | |||
390 | 12.3913 GBP | |||
5,067 | 12.3940 GBP | |||
9,440 | 12.3948 GBP | |||
419 | 12.3991 GBP | |||
54 | 12.4005 GBP | |||
419 | 12.4391 GBP | |||
Increase Long | 683 | 12.2875 GBP | ||
1,379 | 12.2955 GBP | |||
1,040 | 12.2972 GBP | |||
1,165 | 12.3337 GBP | |||
200 | 12.3700 GBP | |||
27 | 12.4111 GBP | |||
Increase Short | 84,962 | 12.2900 GBP | ||
251 | 12.2902 GBP | |||
35,160 | 12.2920 GBP | |||
15,382 | 12.2979 GBP | |||
3,265 | 12.3074 GBP | |||
366 | 12.3300 GBP | |||
10,000 | 12.3325 GBP | |||
12,894 | 12.3332 GBP | |||
5,000 | 12.3500 GBP | |||
1,178 | 12.3590 GBP | |||
17,237 | 12.3620 GBP | |||
38,000 | 12.3662 GBP | |||
234,317 | 12.3697 GBP | |||
24 | 12.3803 GBP | |||
801 | 12.3808 GBP | |||
58,485 | 12.3887 GBP | |||
1,980 | 12.3912 GBP | |||
926 | 12.3942 GBP | |||
9,733 | 12.3986 GBP | |||
26 | 12.4031 GBP | |||
253,000 | 12.4087 GBP | |||
Opening a long position | 19,945 | 12.2900 GBP | ||
767 | 12.3129 GBP | |||
13,435 | 12.3599 GBP | |||
93,944 | 12.3741 GBP | |||
31,034 | 12.3892 GBP | |||
17,597 | 12.3993 GBP | |||
Opening a short position | 151,281 | 12.2900 GBP | ||
337 | 12.3004 GBP | |||
10,683 | 12.3007 GBP | |||
986 | 12.4004 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: | 11 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