23rd Jan 2026 11:57
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: | 22 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 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 | 2,279,204 | 11.4650 GBP | 10.5507 GBP |
5p ordinary | Sales | 4,441,387 | 11.4650 GBP | 10.4900 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 | 3,750 | 10.5485 GBP |
5p ordinary | CFD | Reducing a short position | 10,000 | 10.5485 GBP |
5p ordinary | CFD | Reducing a short position | 61,279 | 10.6948 GBP |
5p ordinary | CFD | Reducing a short position | 2,228 | 10.6957 GBP |
5p ordinary | CFD | Reducing a short position | 3,750 | 10.7312 GBP |
5p ordinary | CFD | Reducing a short position | 10,000 | 10.7312 GBP |
5p ordinary | CFD | Increasing a short position | 15,545 | 10.7382 GBP |
5p ordinary | CFD | Reducing a short position | 2,227 | 10.7747 GBP |
5p ordinary | CFD | Reducing a short position | 33,674 | 10.7963 GBP |
5p ordinary | CFD | Reducing a short position | 1,519 | 10.8324 GBP |
5p ordinary | CFD | Reducing a short position | 1,875 | 10.8428 GBP |
5p ordinary | CFD | Reducing a short position | 5,000 | 10.8428 GBP |
5p ordinary | CFD | Increasing a short position | 13,191 | 10.8453 GBP |
5p ordinary | CFD | Reducing a short position | 13,653 | 10.9700 GBP |
5p ordinary | CFD | Reducing a short position | 180,338 | 10.9743 GBP |
5p ordinary | CFD | Reducing a short position | 199,662 | 10.9743 GBP |
5p ordinary | CFD | Reducing a short position | 2,227 | 10.9882 GBP |
5p ordinary | CFD | Reducing a short position | 2,228 | 10.9978 GBP |
5p ordinary | CFD | Opening a short position | 125,000 | 11.0156 GBP |
5p ordinary | CFD | Increasing a short position | 8,268 | 11.0225 GBP |
5p ordinary | CFD | Increasing a short position | 50,000 | 11.0432 GBP |
5p ordinary | CFD | Increasing a short position | 5,064 | 11.0667 GBP |
5p ordinary | CFD | Increasing a short position | 10,018 | 11.0692 GBP |
5p ordinary | CFD | Reducing a short position | 1,875 | 11.0893 GBP |
5p ordinary | CFD | Reducing a short position | 5,000 | 11.0893 GBP |
5p ordinary | CFD | Reducing a short position | 1,875 | 11.1021 GBP |
5p ordinary | CFD | Reducing a short position | 5,000 | 11.1021 GBP |
5p ordinary | CFD | Opening a long position | 73,986 | 11.1306 GBP |
5p ordinary | CFD | Increasing a short position | 937 | 11.1322 GBP |
5p ordinary | CFD | Increasing a short position | 2,500 | 11.1322 GBP |
5p ordinary | CFD | Increasing a short position | 937 | 11.1422 GBP |
5p ordinary | CFD | Increasing a short position | 2,500 | 11.1422 GBP |
5p ordinary | CFD | Increasing a short position | 1,490 | 11.1521 GBP |
5p ordinary | CFD | Increasing a short position | 1,060 | 11.1522 GBP |
5p ordinary | CFD | Reducing a short position | 10,241 | 11.1567 GBP |
5p ordinary | CFD | Increasing a long position | 10 | 11.1578 GBP |
5p ordinary | CFD | Increasing a long position | 480 | 11.1578 GBP |
5p ordinary | CFD | Increasing a long position | 2,938 | 11.1578 GBP |
5p ordinary | CFD | Increasing a long position | 16,742 | 11.1578 GBP |
5p ordinary | CFD | Reducing a short position | 112 | 11.1591 GBP |
5p ordinary | CFD | Reducing a short position | 359 | 11.1591 GBP |
5p ordinary | CFD | Opening a long position | 97 | 11.1591 GBP |
5p ordinary | CFD | Reducing a short position | 11,114 | 11.1598 GBP |
5p ordinary | CFD | Opening a short position | 115 | 11.1603 GBP |
5p ordinary | CFD | Reducing a short position | 403 | 11.1609 GBP |
5p ordinary | CFD | Opening a short position | 181 | 11.1617 GBP |
5p ordinary | CFD | Reducing a long position | 29 | 11.1617 GBP |
5p ordinary | CFD | Reducing a long position | 268 | 11.1617 GBP |
5p ordinary | CFD | Increasing a short position | 29 | 11.1623 GBP |
5p ordinary | CFD | Increasing a short position | 521 | 11.1671 GBP |
5p ordinary | CFD | Increasing a short position | 5,625 | 11.1677 GBP |
5p ordinary | CFD | Increasing a short position | 15,000 | 11.1677 GBP |
5p ordinary | CFD | Opening a long position | 19,854 | 11.1683 GBP |
5p ordinary | CFD | Opening a long position | 2,818 | 11.1683 GBP |
5p ordinary | CFD | Increasing a short position | 1,875 | 11.1687 GBP |
5p ordinary | CFD | Increasing a short position | 5,000 | 11.1687 GBP |
5p ordinary | CFD | Reducing a short position | 49,477 | 11.1726 GBP |
5p ordinary | CFD | Increasing a short position | 8,347 | 11.1780 GBP |
5p ordinary | CFD | Increasing a long position | 1,174 | 11.1806 GBP |
5p ordinary | CFD | Increasing a short position | 937 | 11.1972 GBP |
5p ordinary | CFD | Increasing a short position | 2,500 | 11.1972 GBP |
5p ordinary | CFD | Increasing a short position | 20,859 | 11.1973 GBP |
5p ordinary | CFD | Reducing a short position | 34,048 | 11.2088 GBP |
5p ordinary | CFD | Reducing a short position | 121,468 | 11.2095 GBP |
5p ordinary | CFD | Reducing a short position | 147 | 11.2104 GBP |
5p ordinary | CFD | Reducing a short position | 7,831 | 11.2104 GBP |
5p ordinary | CFD | Reducing a short position | 319 | 11.2104 GBP |
5p ordinary | CFD | Reducing a short position | 72 | 11.2104 GBP |
5p ordinary | CFD | Reducing a short position | 212 | 11.2104 GBP |
5p ordinary | CFD | Reducing a short position | 292 | 11.2104 GBP |
5p ordinary | CFD | Reducing a short position | 92,271 | 11.2113 GBP |
5p ordinary | CFD | Reducing a long position | 15 | 11.2148 GBP |
5p ordinary | CFD | Reducing a long position | 1,007 | 11.2192 GBP |
5p ordinary | CFD | Increasing a short position | 3,471 | 11.2199 GBP |
5p ordinary | CFD | Reducing a short position | 1,153 | 11.2229 GBP |
5p ordinary | CFD | Increasing a short position | 34,450 | 11.2309 GBP |
5p ordinary | CFD | Reducing a short position | 13,559 | 11.2328 GBP |
5p ordinary | CFD | Reducing a short position | 1,844 | 11.2347 GBP |
5p ordinary | CFD | Opening a short position | 50,000 | 11.2391 GBP |
5p ordinary | CFD | Reducing a short position | 150,000 | 11.2421 GBP |
5p ordinary | CFD | Reducing a short position | 5,365 | 11.2429 GBP |
5p ordinary | CFD | Reducing a short position | 38,786 | 11.2478 GBP |
5p ordinary | CFD | Reducing a short position | 4,378 | 11.2499 GBP |
5p ordinary | CFD | Increasing a short position | 2,643 | 11.2499 GBP |
5p ordinary | CFD | Reducing a short position | 50,000 | 11.2521 GBP |
5p ordinary | CFD | Reducing a short position | 76,218 | 11.2553 GBP |
5p ordinary | CFD | Reducing a short position | 20,833 | 11.2564 GBP |
5p ordinary | CFD | Reducing a short position | 72 | 11.2589 GBP |
5p ordinary | CFD | Reducing a short position | 35 | 11.2589 GBP |
5p ordinary | CFD | Reducing a short position | 4 | 11.2589 GBP |
5p ordinary | CFD | Reducing a short position | 857 | 11.2648 GBP |
5p ordinary | CFD | Reducing a short position | 94 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 43 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 119 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 295 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 1,553 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 784 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 631 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 1,484 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 1,188 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 554 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 6,988 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 369 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 137 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 294 | 11.2687 GBP |
5p ordinary | CFD | Reducing a short position | 728,007 | 11.2695 GBP |
5p ordinary | CFD | Reducing a short position | 496,993 | 11.2695 GBP |
5p ordinary | CFD | Increasing a short position | 58,954 | 11.2708 GBP |
5p ordinary | CFD | Increasing a short position | 2,621 | 11.2711 GBP |
5p ordinary | CFD | Increasing a short position | 1,976 | 11.2711 GBP |
5p ordinary | CFD | Increasing a short position | 593 | 11.2711 GBP |
5p ordinary | CFD | Increasing a short position | 61,107 | 11.2714 GBP |
5p ordinary | CFD | Reducing a short position | 7,336 | 11.2723 GBP |
5p ordinary | CFD | Opening a short position | 2,439 | 11.2833 GBP |
5p ordinary | CFD | Reducing a short position | 2,228 | 11.2883 GBP |
5p ordinary | CFD | Reducing a long position | 20 | 11.2951 GBP |
5p ordinary | CFD | Increasing a short position | 606 | 11.3008 GBP |
5p ordinary | CFD | Increasing a short position | 11,587 | 11.3048 GBP |
5p ordinary | CFD | Increasing a short position | 4,866 | 11.3057 GBP |
5p ordinary | CFD | Increasing a short position | 31,103 | 11.3088 GBP |
5p ordinary | CFD | Increasing a short position | 316 | 11.3108 GBP |
5p ordinary | CFD | Increasing a short position | 937 | 11.3114 GBP |
5p ordinary | CFD | Increasing a short position | 2,500 | 11.3114 GBP |
5p ordinary | CFD | Reducing a short position | 1,191 | 11.3125 GBP |
5p ordinary | CFD | Increasing a short position | 65,841 | 11.3135 GBP |
5p ordinary | CFD | Increasing a short position | 1,764 | 11.3159 GBP |
5p ordinary | CFD | Reducing a short position | 86,450 | 11.3160 GBP |
5p ordinary | CFD | Reducing a short position | 8,550 | 11.3160 GBP |
5p ordinary | CFD | Opening a short position | 6,614 | 11.3259 GBP |
5p ordinary | CFD | Increasing a short position | 4,879 | 11.3261 GBP |
5p ordinary | CFD | Reducing a short position | 12,875 | 11.3287 GBP |
5p ordinary | CFD | Increasing a short position | 6,099 | 11.3291 GBP |
5p ordinary | CFD | Reducing a short position | 25,650 | 11.3359 GBP |
5p ordinary | CFD | Reducing a short position | 259,350 | 11.3359 GBP |
5p ordinary | CFD | Increasing a short position | 131,217 | 11.3479 GBP |
5p ordinary | CFD | Increasing a short position | 5,000 | 11.3702 GBP |
5p ordinary | CFD | Increasing a short position | 938 | 11.3823 GBP |
5p ordinary | CFD | Increasing a short position | 2,500 | 11.3823 GBP |
5p ordinary | CFD | Increasing a short position | 443 | 11.3823 GBP |
5p ordinary | CFD | Increasing a short position | 4,778 | 11.3939 GBP |
5p ordinary | CFD | Increasing a short position | 20,356 | 11.3999 GBP |
5p ordinary | CFD | Opening a short position | 22,766 | 11.4226 GBP |
5p ordinary | CFD | Reducing a short position | 2,228 | 11.4330 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: | 23 January 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