19th Feb 2026 10:24
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: | 18 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 | 923,777 | 12.1694 GBP | 12.0949 GBP |
| Sale | 904,286 | 12.1631 GBP | 12.0950 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 | 1 | 12.1105 GBP |
13,733 | 12.1139 GBP | |||
15,122 | 12.1230 GBP | |||
999 | 12.1284 GBP | |||
342 | 12.1312 GBP | |||
Decrease Short | 4,160 | 12.0999 GBP | ||
27,639 | 12.1050 GBP | |||
1,145 | 12.1088 GBP | |||
36,620 | 12.1090 GBP | |||
3,084 | 12.1093 GBP | |||
96,647 | 12.1096 GBP | |||
151 | 12.1100 GBP | |||
3,018 | 12.1102 GBP | |||
22,775 | 12.1135 GBP | |||
40,270 | 12.1151 GBP | |||
10,651 | 12.1156 GBP | |||
11,171 | 12.1180 GBP | |||
5,011 | 12.1182 GBP | |||
37 | 12.1200 GBP | |||
9,544 | 12.1278 GBP | |||
24 | 12.1290 GBP | |||
19,358 | 12.1300 GBP | |||
2,573 | 12.1347 GBP | |||
11 | 12.1388 GBP | |||
6,598 | 12.1408 GBP | |||
6,585 | 12.1473 GBP | |||
6,373 | 12.1496 GBP | |||
2 | 12.1498 GBP | |||
2,000 | 12.1585 GBP | |||
Increase Long | 800 | 12.1095 GBP | ||
300 | 12.1367 GBP | |||
Increase Short | 373 | 12.0949 GBP | ||
3,143 | 12.0998 GBP | |||
25,000 | 12.1061 GBP | |||
2,500 | 12.1068 GBP | |||
200 | 12.1085 GBP | |||
3,709 | 12.1100 GBP | |||
14,951 | 12.1102 GBP | |||
1,868 | 12.1104 GBP | |||
10,616 | 12.1108 GBP | |||
25,048 | 12.1110 GBP | |||
212 | 12.1175 GBP | |||
4,366 | 12.1182 GBP | |||
15,000 | 12.1185 GBP | |||
933 | 12.1204 GBP | |||
18,750 | 12.1205 GBP | |||
645 | 12.1225 GBP | |||
813 | 12.1237 GBP | |||
349 | 12.1252 GBP | |||
2,350 | 12.1253 GBP | |||
1,851 | 12.1300 GBP | |||
20,566 | 12.1301 GBP | |||
300 | 12.1333 GBP | |||
3,046 | 12.1440 GBP | |||
2 | 12.1502 GBP | |||
35,000 | 12.1575 GBP | |||
110 | 12.1604 GBP | |||
112,800 | 12.1686 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: | 19 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