25th Feb 2026 10:25
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: | 24 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 | 1,138,321 | 12.2806 GBP | 12.1873 GBP |
| Sale | 948,541 | 12.2800 GBP | 12.1900 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 | 100 | 12.2200 GBP |
72,117 | 12.2435 GBP | |||
11,136 | 12.2438 GBP | |||
1,873 | 12.2512 GBP | |||
2,411 | 12.2572 GBP | |||
415 | 12.2806 GBP | |||
Decrease Short | 15,185 | 12.1991 GBP | ||
17,158 | 12.2069 GBP | |||
911 | 12.2100 GBP | |||
1,694 | 12.2136 GBP | |||
701 | 12.2176 GBP | |||
6,190 | 12.2182 GBP | |||
2,730 | 12.2267 GBP | |||
11,230 | 12.2300 GBP | |||
22,526 | 12.2308 GBP | |||
34,430 | 12.2399 GBP | |||
864 | 12.2474 GBP | |||
13,250 | 12.2480 GBP | |||
4,636 | 12.2490 GBP | |||
2 | 12.2525 GBP | |||
2,046 | 12.2537 GBP | |||
142 | 12.2540 GBP | |||
34 | 12.2580 GBP | |||
74 | 12.2600 GBP | |||
906 | 12.2718 GBP | |||
6,936 | 12.2746 GBP | |||
2,060 | 12.2763 GBP | |||
691 | 12.2788 GBP | |||
2,933 | 12.2800 GBP | |||
Increase Long | 4,300 | 12.2020 GBP | ||
18,300 | 12.2296 GBP | |||
13 | 12.2385 GBP | |||
26,251 | 12.2750 GBP | |||
Increase Short | 1,899 | 12.1873 GBP | ||
4,217 | 12.2216 GBP | |||
13,523 | 12.2236 GBP | |||
3,883 | 12.2348 GBP | |||
40 | 12.2400 GBP | |||
2,930 | 12.2448 GBP | |||
34 | 12.2585 GBP | |||
46,600 | 12.2612 GBP | |||
236,451 | 12.2800 GBP | |||
280 | 12.2802 GBP | |||
Opening a long position | 12,444 | 12.2264 GBP | ||
1,626 | 12.2394 GBP | |||
2,354 | 12.2539 GBP | |||
Opening a short position | 348 | 12.2104 GBP | ||
8,919 | 12.2153 GBP | |||
7,157 | 12.2800 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: | 25 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