26th Feb 2026 10:08
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: | 25 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 | 762,656 | 12.4406 GBP | 12.2834 GBP |
| Sale | 842,934 | 12.4400 GBP | 12.2800 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 | 8,744 | 12.3821 GBP |
1,839 | 12.4122 GBP | |||
172 | 12.4406 GBP | |||
Decrease Short | 1,800 | 12.3450 GBP | ||
19 | 12.3498 GBP | |||
9,075 | 12.3571 GBP | |||
2,670 | 12.3592 GBP | |||
2,774 | 12.3604 GBP | |||
6,896 | 12.3662 GBP | |||
4,485 | 12.3680 GBP | |||
747 | 12.3704 GBP | |||
1 | 12.3748 GBP | |||
861 | 12.3750 GBP | |||
2,660 | 12.3757 GBP | |||
32,000 | 12.3794 GBP | |||
60,000 | 12.3894 GBP | |||
32,430 | 12.4049 GBP | |||
7,769 | 12.4092 GBP | |||
882 | 12.4233 GBP | |||
3,413 | 12.4275 GBP | |||
39,506 | 12.4391 GBP | |||
16,929 | 12.4400 GBP | |||
Increase Long | 21,900 | 12.3517 GBP | ||
3,500 | 12.3691 GBP | |||
12 | 12.3992 GBP | |||
14,084 | 12.4281 GBP | |||
Increase Short | 1 | 12.2945 GBP | ||
1,672 | 12.3255 GBP | |||
866 | 12.3320 GBP | |||
269 | 12.3400 GBP | |||
1,767 | 12.3458 GBP | |||
2 | 12.3550 GBP | |||
3,964 | 12.3573 GBP | |||
22,138 | 12.3645 GBP | |||
38 | 12.3700 GBP | |||
710 | 12.3709 GBP | |||
10,000 | 12.3718 GBP | |||
10,000 | 12.3719 GBP | |||
3,451 | 12.3872 GBP | |||
4 | 12.3975 GBP | |||
170 | 12.4033 GBP | |||
39,459 | 12.4266 GBP | |||
9,086 | 12.4400 GBP | |||
557 | 12.4402 GBP | |||
5,648 | 12.4403 GBP | |||
1,090 | 12.4412 GBP | |||
Opening a long position | 5,157 | 12.3608 GBP | ||
3,812 | 12.3757 GBP | |||
8,381 | 12.4279 GBP | |||
1,821 | 12.4400 GBP | |||
Opening a short position | 2,577 | 12.3596 GBP | ||
960 | 12.3601 GBP | |||
2 | 12.3604 GBP | |||
48,418 | 12.3884 GBP | |||
3,812 | 12.4001 GBP | |||
11,820 | 12.4400 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: | 26 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