29th Jan 2026 11:26
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: | 28 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 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 | 961,041 | 11.4300 GBP | 11.2993 GBP |
| Sale | 1,988,079 | 11.4300 GBP | 11.2639 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 | 515 | 11.3155 GBP |
1,276 | 11.3305 GBP | |||
36,733 | 11.3369 GBP | |||
1,395 | 11.3468 GBP | |||
5,475 | 11.3500 GBP | |||
600 | 11.3800 GBP | |||
3,580 | 11.3851 GBP | |||
Decrease Short | 4,700 | 11.3184 GBP | ||
1,389 | 11.3277 GBP | |||
66,885 | 11.3283 GBP | |||
29,124 | 11.3300 GBP | |||
9,918 | 11.3312 GBP | |||
7,903 | 11.3327 GBP | |||
4,010 | 11.3330 GBP | |||
28,167 | 11.3338 GBP | |||
10,033 | 11.3391 GBP | |||
675,700 | 11.3400 GBP | |||
36,975 | 11.3414 GBP | |||
1,189 | 11.3434 GBP | |||
22,163 | 11.3459 GBP | |||
2,084 | 11.3475 GBP | |||
10,084 | 11.3514 GBP | |||
7,276 | 11.3548 GBP | |||
74,274 | 11.3554 GBP | |||
268,288 | 11.3616 GBP | |||
5,548 | 11.3634 GBP | |||
1,913 | 11.3655 GBP | |||
3,349 | 11.3664 GBP | |||
78,201 | 11.3703 GBP | |||
14,582 | 11.3877 GBP | |||
160 | 11.3888 GBP | |||
19,510 | 11.3947 GBP | |||
1,835 | 11.3971 GBP | |||
3,517 | 11.4029 GBP | |||
5,934 | 11.4124 GBP | |||
1,911 | 11.4198 GBP | |||
307 | 11.4231 GBP | |||
1,800 | 11.4292 GBP | |||
Increase Long | 139 | 11.3640 GBP | ||
824 | 11.3641 GBP | |||
Increase Short | 93,251 | 11.3268 GBP | ||
14,452 | 11.3300 GBP | |||
42,191 | 11.3303 GBP | |||
5 | 11.3311 GBP | |||
4,314 | 11.3376 GBP | |||
970 | 11.3399 GBP | |||
4,380 | 11.3497 GBP | |||
1,224 | 11.3498 GBP | |||
1,416 | 11.3544 GBP | |||
30,690 | 11.3555 GBP | |||
20,282 | 11.3568 GBP | |||
24,605 | 11.3647 GBP | |||
1 | 11.3711 GBP | |||
5,092 | 11.3876 GBP | |||
1,808 | 11.3937 GBP | |||
4,848 | 11.3939 GBP | |||
2,019 | 11.3963 GBP | |||
731 | 11.3980 GBP | |||
3,187 | 11.4017 GBP | |||
1,843 | 11.4202 GBP | |||
68 | 11.4208 GBP | |||
42 | 11.4400 GBP | |||
18,600 | 15.6424 GBP | |||
Opening a long position | 3,529 | 11.3294 GBP | ||
6,841 | 11.3300 GBP | |||
4,477 | 11.3385 GBP | |||
5,554 | 11.3628 GBP | |||
262 | 11.3753 GBP | |||
1,022 | 11.3911 GBP | |||
771 | 11.3941 GBP | |||
Opening a short position | 7,959 | 11.3506 GBP | ||
11,388 | 11.3587 GBP | |||
1,209 | 11.3603 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: | 29 January 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