20th Feb 2026 09:29
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: | (GS) GOLDMAN SACHS INTERNATIONAL |
(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 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 the 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 | Purchases | 1,671,461 | 12.3814 GBP | 12.1800 GBP |
5p ordinary | Sales | 1,113,419 | 12.3850 GBP | 12.1988 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 | Reducing a short position | 115 | 12.1973 GBP |
5p ordinary | CFD | Reducing a short position | 1,241 | 12.1973 GBP |
5p ordinary | CFD | Reducing a short position | 1,875 | 12.1981 GBP |
5p ordinary | CFD | Reducing a short position | 5,000 | 12.1981 GBP |
5p ordinary | CFD | Reducing a short position | 115 | 12.1982 GBP |
5p ordinary | CFD | Reducing a short position | 19,135 | 12.1988 GBP |
5p ordinary | CFD | Reducing a short position | 13,927 | 12.1998 GBP |
5p ordinary | CFD | Opening a long position | 180,455 | 12.2000 GBP |
5p ordinary | CFD | Increasing a short position | 141 | 12.2012 GBP |
5p ordinary | CFD | Reducing a long position | 500 | 12.2024 GBP |
5p ordinary | CFD | Reducing a long position | 2,114 | 12.2024 GBP |
5p ordinary | CFD | Reducing a long position | 298 | 12.2024 GBP |
5p ordinary | CFD | Reducing a long position | 12 | 12.2024 GBP |
5p ordinary | CFD | Opening a short position | 161,039 | 12.2061 GBP |
5p ordinary | CFD | Increasing a short position | 5,032 | 12.2092 GBP |
5p ordinary | CFD | Increasing a short position | 19,638 | 12.2104 GBP |
5p ordinary | CFD | Reducing a short position | 21 | 12.2181 GBP |
5p ordinary | CFD | Reducing a short position | 115 | 12.2186 GBP |
5p ordinary | CFD | Increasing a short position | 9,775 | 12.2195 GBP |
5p ordinary | CFD | Reducing a short position | 121,180 | 12.2214 GBP |
5p ordinary | CFD | Increasing a short position | 4,888 | 12.2221 GBP |
5p ordinary | CFD | Reducing a short position | 313 | 12.2304 GBP |
5p ordinary | CFD | Increasing a short position | 1,597 | 12.2313 GBP |
5p ordinary | CFD | Opening a short position | 182 | 12.2322 GBP |
5p ordinary | CFD | Opening a short position | 1,110 | 12.2322 GBP |
5p ordinary | CFD | Opening a short position | 2,344 | 12.2322 GBP |
5p ordinary | CFD | Increasing a short position | 5,111 | 12.2322 GBP |
5p ordinary | CFD | Increasing a short position | 1,098 | 12.2322 GBP |
5p ordinary | CFD | Opening a short position | 1,584 | 12.2322 GBP |
5p ordinary | CFD | Reducing a short position | 949 | 12.2400 GBP |
5p ordinary | CFD | Reducing a long position | 813 | 12.2416 GBP |
5p ordinary | CFD | Reducing a short position | 2,812 | 12.2432 GBP |
5p ordinary | CFD | Reducing a short position | 7,500 | 12.2432 GBP |
5p ordinary | CFD | Increasing a short position | 585 | 12.2474 GBP |
5p ordinary | CFD | Increasing a short position | 413 | 12.2474 GBP |
5p ordinary | CFD | Increasing a short position | 1,825 | 12.2474 GBP |
5p ordinary | CFD | Increasing a short position | 412 | 12.2474 GBP |
5p ordinary | CFD | Reducing a short position | 24 | 12.2488 GBP |
5p ordinary | CFD | Reducing a short position | 29,382 | 12.2553 GBP |
5p ordinary | CFD | Reducing a short position | 3,764 | 12.2585 GBP |
5p ordinary | CFD | Reducing a short position | 12,412 | 12.2739 GBP |
5p ordinary | CFD | Reducing a short position | 6,562 | 12.2787 GBP |
5p ordinary | CFD | Reducing a short position | 17,500 | 12.2787 GBP |
5p ordinary | CFD | Increasing a short position | 7,715 | 12.2832 GBP |
5p ordinary | CFD | Increasing a short position | 10,880 | 12.2833 GBP |
5p ordinary | CFD | Increasing a short position | 34,160 | 12.2893 GBP |
5p ordinary | CFD | Reducing a short position | 24 | 12.2898 GBP |
5p ordinary | CFD | Reducing a short position | 300,000 | 12.2938 GBP |
5p ordinary | CFD | Reducing a short position | 5,000 | 12.3084 GBP |
5p ordinary | CFD | Reducing a short position | 60,000 | 12.3114 GBP |
5p ordinary | CFD | Opening a short position | 22,100 | 12.3145 GBP |
5p ordinary | CFD | Opening a short position | 42,900 | 12.3145 GBP |
5p ordinary | CFD | Reducing a short position | 2,193 | 12.3149 GBP |
5p ordinary | CFD | Reducing a long position | 180,455 | 12.3309 GBP |
5p ordinary | CFD | Reducing a long position | 14,455 | 12.3425 GBP |
5p ordinary | CFD | Reducing a short position | 79 | 12.3767 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) |
|
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 February 2026 |
| Contact name: | Papa Lette and Andrzej Szyszka |
| Telephone number: | +33(1) 4212 1459 / +48(22) 317 4817 |
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 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