3rd Feb 2026 11:21
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: | 02 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 | 1,139,591 | 11.7600 GBP | 11.4300 GBP |
| Sale | 1,056,501 | 11.7194 GBP | 11.4000 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 | 219 | 11.5860 GBP |
1,237 | 11.6147 GBP | |||
28,533 | 11.6805 GBP | |||
1 | 11.7200 GBP | |||
Decrease Short | 3,600 | 11.5027 GBP | ||
47,435 | 11.5203 GBP | |||
641 | 11.5382 GBP | |||
2,689 | 11.5504 GBP | |||
40 | 11.5777 GBP | |||
192 | 11.5800 GBP | |||
6,078 | 11.5862 GBP | |||
5,277 | 11.6019 GBP | |||
3,759 | 11.6128 GBP | |||
1,155 | 11.6170 GBP | |||
54 | 11.6199 GBP | |||
943 | 11.6200 GBP | |||
806 | 11.6297 GBP | |||
34,312 | 11.6329 GBP | |||
2,282 | 11.6347 GBP | |||
192 | 11.6400 GBP | |||
1,038 | 11.6413 GBP | |||
25,152 | 11.6438 GBP | |||
4,258 | 11.6469 GBP | |||
9,181 | 11.6486 GBP | |||
1,865 | 11.6523 GBP | |||
9,097 | 11.6572 GBP | |||
4,400 | 11.6592 GBP | |||
184 | 11.6634 GBP | |||
198 | 11.6640 GBP | |||
129 | 11.6645 GBP | |||
8,856 | 11.6711 GBP | |||
15 | 11.6724 GBP | |||
1,155 | 11.6788 GBP | |||
3,169 | 11.6800 GBP | |||
888 | 11.6899 GBP | |||
11,445 | 11.6995 GBP | |||
603 | 11.7182 GBP | |||
7,831 | 11.7491 GBP | |||
Increase Long | 18 | 11.4839 GBP | ||
2,099 | 11.6507 GBP | |||
7,081 | 11.6684 GBP | |||
936 | 11.6791 GBP | |||
400 | 11.7050 GBP | |||
Increase Short | 13,573 | 11.5325 GBP | ||
6,686 | 11.5785 GBP | |||
639 | 11.5953 GBP | |||
2,373 | 11.6162 GBP | |||
6,975 | 11.6206 GBP | |||
1,634 | 11.6240 GBP | |||
1,089 | 11.6333 GBP | |||
1,888 | 11.6570 GBP | |||
26,320 | 11.6603 GBP | |||
25,311 | 11.6647 GBP | |||
4,686 | 11.6746 GBP | |||
29,177 | 11.6768 GBP | |||
8,342 | 11.6776 GBP | |||
5,799 | 11.6798 GBP | |||
94,805 | 11.6800 GBP | |||
814 | 11.6830 GBP | |||
34,791 | 11.6864 GBP | |||
191 | 11.6912 GBP | |||
Opening a long position | 18,083 | 11.4013 GBP | ||
11,930 | 11.5134 GBP | |||
33,508 | 11.6526 GBP | |||
10,816 | 11.6800 GBP | |||
1,779 | 11.7000 GBP | |||
Opening a short position | 6,467 | 11.4827 GBP | ||
9,267 | 11.5619 GBP | |||
1,818 | 11.6504 GBP | |||
1,081 | 11.6506 GBP | |||
57,483 | 11.6800 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: | 03 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