12th Feb 2026 10:55
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: | 11 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 | 1,612,759 | 12.3600 GBP | 12.2069 GBP |
| Sale | 775,973 | 12.3500 GBP | 12.1400 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 | 102 | 12.2456 GBP |
1,646 | 12.2625 GBP | |||
174 | 12.2700 GBP | |||
3,418 | 12.2701 GBP | |||
486 | 12.2706 GBP | |||
13,726 | 12.2820 GBP | |||
Decrease Short | 6,000 | 12.2073 GBP | ||
23 | 12.2100 GBP | |||
327 | 12.2146 GBP | |||
18,754 | 12.2188 GBP | |||
11 | 12.2298 GBP | |||
281 | 12.2314 GBP | |||
4,019 | 12.2443 GBP | |||
3,497 | 12.2506 GBP | |||
23,910 | 12.2511 GBP | |||
2,176 | 12.2532 GBP | |||
3,419 | 12.2618 GBP | |||
23,686 | 12.2621 GBP | |||
2,612 | 12.2633 GBP | |||
1,579 | 12.2650 GBP | |||
1,646 | 12.2698 GBP | |||
1,908 | 12.2700 GBP | |||
2,577 | 12.2717 GBP | |||
2,221 | 12.2730 GBP | |||
1,867 | 12.2739 GBP | |||
47,700 | 12.2747 GBP | |||
129 | 12.2773 GBP | |||
892 | 12.3000 GBP | |||
7,200 | 12.3030 GBP | |||
24 | 12.3122 GBP | |||
379 | 12.3159 GBP | |||
11 | 12.3300 GBP | |||
Increase Long | 24 | 12.2438 GBP | ||
13,519 | 12.2665 GBP | |||
1,600 | 12.2669 GBP | |||
12,633 | 12.2683 GBP | |||
291 | 12.2700 GBP | |||
737 | 12.2841 GBP | |||
Increase Short | 59,727 | 12.2069 GBP | ||
5,000 | 12.2080 GBP | |||
108,374 | 12.2085 GBP | |||
867 | 12.2146 GBP | |||
100,800 | 12.2198 GBP | |||
189,666 | 12.2255 GBP | |||
11 | 12.2302 GBP | |||
14,663 | 12.2400 GBP | |||
34,712 | 12.2406 GBP | |||
3,011 | 12.2500 GBP | |||
60,000 | 12.2590 GBP | |||
625 | 12.2600 GBP | |||
16,697 | 12.2632 GBP | |||
8,815 | 12.2639 GBP | |||
43,056 | 12.2652 GBP | |||
14,222 | 12.2675 GBP | |||
18,388 | 12.2700 GBP | |||
416 | 12.2702 GBP | |||
3,438 | 12.2705 GBP | |||
5,568 | 12.2709 GBP | |||
1,331 | 12.2712 GBP | |||
13,742 | 12.2733 GBP | |||
25,078 | 12.2753 GBP | |||
244 | 12.2762 GBP | |||
116,571 | 12.2804 GBP | |||
50,000 | 12.3006 GBP | |||
Opening a long position | 835 | 12.2206 GBP | ||
1,556 | 12.2394 GBP | |||
2,067 | 12.2396 GBP | |||
8,942 | 12.2655 GBP | |||
8,240 | 12.2693 GBP | |||
37,095 | 12.2700 GBP | |||
12,371 | 12.2790 GBP | |||
294 | 12.2846 GBP | |||
Opening a short position | 502 | 12.2276 GBP | ||
1,188 | 12.2301 GBP | |||
37,500 | 12.2393 GBP | |||
1,757 | 12.2587 GBP | |||
1 | 12.2601 GBP | |||
14,877 | 12.2606 GBP | |||
14,877 | 12.2608 GBP | |||
67,495 | 12.2700 GBP | |||
458 | 12.3304 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: | 12 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