5th Feb 2026 11:35
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: | 04 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 | 6,266,633 | 12.7076 GBP | 12.4000 GBP |
| Sale | 6,132,933 | 12.6937 GBP | 12.3975 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 | 799 | 12.4006 GBP |
5,988 | 12.4092 GBP | |||
1,863 | 12.4451 GBP | |||
5,051 | 12.4886 GBP | |||
38 | 12.4906 GBP | |||
183 | 12.5846 GBP | |||
34,325 | 12.6191 GBP | |||
Decrease Short | 1,433 | 12.3988 GBP | ||
3,402 | 12.4000 GBP | |||
2,825 | 12.4189 GBP | |||
3,677 | 12.4191 GBP | |||
307 | 12.4393 GBP | |||
133 | 12.4485 GBP | |||
4,232 | 12.4498 GBP | |||
117 | 12.4500 GBP | |||
38,615 | 12.4527 GBP | |||
26,600 | 12.4529 GBP | |||
16,623 | 12.4544 GBP | |||
211 | 12.4588 GBP | |||
3,839 | 12.4621 GBP | |||
262,910 | 12.4652 GBP | |||
15,709 | 12.4777 GBP | |||
17,209 | 12.4815 GBP | |||
900 | 12.4915 GBP | |||
639 | 12.4979 GBP | |||
685 | 12.4980 GBP | |||
294 | 12.4981 GBP | |||
18,646 | 12.5161 GBP | |||
130 | 12.5164 GBP | |||
255,503 | 12.5612 GBP | |||
40,290 | 12.5640 GBP | |||
396 | 12.5664 GBP | |||
6,948 | 12.5681 GBP | |||
5,100 | 12.5691 GBP | |||
2,364 | 12.5735 GBP | |||
696 | 12.5747 GBP | |||
1,851 | 12.5792 GBP | |||
72,682 | 12.5836 GBP | |||
2,594 | 12.5837 GBP | |||
134,139 | 12.5862 GBP | |||
94,007 | 12.5866 GBP | |||
6,109 | 12.5878 GBP | |||
33,091 | 12.5912 GBP | |||
124 | 12.5948 GBP | |||
539 | 12.5959 GBP | |||
1,638 | 12.5986 GBP | |||
12,540 | 12.6010 GBP | |||
925,000 | 12.6039 GBP | |||
13,745 | 12.6072 GBP | |||
40,427 | 12.6085 GBP | |||
197 | 12.6100 GBP | |||
8,314 | 12.6200 GBP | |||
83,449 | 12.6251 GBP | |||
3,636 | 12.6330 GBP | |||
44,000 | 12.6374 GBP | |||
25,054 | 12.6381 GBP | |||
3,445 | 12.6400 GBP | |||
86,847 | 12.6412 GBP | |||
1,479 | 12.6500 GBP | |||
380,000 | 12.6937 GBP | |||
Increase Long | 3,331 | 12.3975 GBP | ||
1,873 | 12.4751 GBP | |||
1,970 | 12.4770 GBP | |||
2,800 | 12.6025 GBP | |||
Increase Short | 50,000 | 12.4009 GBP | ||
120,000 | 12.4012 GBP | |||
13,807 | 12.4126 GBP | |||
43,697 | 12.4207 GBP | |||
236,712 | 12.4411 GBP | |||
83,214 | 12.4533 GBP | |||
50,000 | 12.4679 GBP | |||
827 | 12.4695 GBP | |||
9,147 | 12.4753 GBP | |||
500,000 | 12.4762 GBP | |||
14,000 | 12.4825 GBP | |||
14,424 | 12.4838 GBP | |||
100,000 | 12.4848 GBP | |||
10,534 | 12.4895 GBP | |||
22,014 | 12.4925 GBP | |||
237,831 | 12.5009 GBP | |||
50,000 | 12.5063 GBP | |||
3,168 | 12.5188 GBP | |||
10,248 | 12.5215 GBP | |||
2,444 | 12.5309 GBP | |||
17,335 | 12.5924 GBP | |||
124 | 12.5953 GBP | |||
630,627 | 12.5978 GBP | |||
3,512 | 12.5981 GBP | |||
8,135 | 12.6011 GBP | |||
11,501 | 12.6018 GBP | |||
2,510 | 12.6025 GBP | |||
68,184 | 12.6063 GBP | |||
627 | 12.6093 GBP | |||
32,552 | 12.6100 GBP | |||
73,866 | 12.6163 GBP | |||
105 | 12.6210 GBP | |||
28,840 | 12.6216 GBP | |||
136 | 12.6300 GBP | |||
86,847 | 12.6589 GBP | |||
50,000 | 12.7076 GBP | |||
Opening a long position | 2,465 | 12.4747 GBP | ||
12,586 | 12.5794 GBP | |||
15,288 | 12.5817 GBP | |||
57,863 | 12.5959 GBP | |||
13,545 | 12.5967 GBP | |||
22,768 | 12.5990 GBP | |||
Opening a short position | 60,617 | 12.4000 GBP | ||
27,471 | 12.5579 GBP | |||
12,709 | 12.5997 GBP | |||
24,989 | 12.6164 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: | 05 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