13th Feb 2026 10:42
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: | 12 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 | 824,616 | 12.4500 GBP | 12.2850 GBP |
| Sale | 448,730 | 12.4500 GBP | 12.2753 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 | 112 | 12.3456 GBP |
30 | 12.3675 GBP | |||
18 | 12.3678 GBP | |||
1 | 12.3706 GBP | |||
9,937 | 12.3817 GBP | |||
400 | 12.3850 GBP | |||
2,904 | 12.3878 GBP | |||
39 | 12.4161 GBP | |||
Decrease Short | 333 | 12.2753 GBP | ||
79 | 12.3193 GBP | |||
242 | 12.3247 GBP | |||
35,624 | 12.3446 GBP | |||
4,700 | 12.3491 GBP | |||
17,663 | 12.3529 GBP | |||
5,483 | 12.3538 GBP | |||
873 | 12.3600 GBP | |||
4,200 | 12.3679 GBP | |||
83 | 12.3681 GBP | |||
521 | 12.3695 GBP | |||
22,715 | 12.3696 GBP | |||
12,903 | 12.3700 GBP | |||
23,810 | 12.3740 GBP | |||
488 | 12.3800 GBP | |||
3,113 | 12.3832 GBP | |||
6,187 | 12.3864 GBP | |||
5,928 | 12.3923 GBP | |||
770 | 12.3927 GBP | |||
105 | 12.3997 GBP | |||
1,536 | 12.4052 GBP | |||
1,292 | 12.4175 GBP | |||
58,887 | 12.4207 GBP | |||
5,530 | 12.4293 GBP | |||
29,065 | 12.4471 GBP | |||
Increase Long | 4,883 | 12.3641 GBP | ||
795 | 12.3694 GBP | |||
19,988 | 12.3696 GBP | |||
Increase Short | 50,000 | 12.2909 GBP | ||
4,572 | 12.3024 GBP | |||
49,946 | 12.3348 GBP | |||
1,376 | 12.3496 GBP | |||
58,889 | 12.3587 GBP | |||
1 | 12.3600 GBP | |||
7,937 | 12.3700 GBP | |||
36,209 | 12.3702 GBP | |||
600 | 12.3703 GBP | |||
8,843 | 12.3704 GBP | |||
7,790 | 12.3707 GBP | |||
526 | 12.3712 GBP | |||
2 | 12.3713 GBP | |||
7,652 | 12.3800 GBP | |||
16,922 | 12.3834 GBP | |||
365 | 12.4005 GBP | |||
1,876 | 12.4032 GBP | |||
25 | 12.4220 GBP | |||
931 | 12.4244 GBP | |||
Opening a long position | 7,033 | 12.3257 GBP | ||
12,652 | 12.3390 GBP | |||
1,637 | 12.3509 GBP | |||
21,559 | 12.3700 GBP | |||
1,534 | 12.3928 GBP | |||
7,066 | 12.4034 GBP | |||
1,980 | 12.4085 GBP | |||
Opening a short position | 431 | 12.3404 GBP | ||
2,387 | 12.3450 GBP | |||
409,912 | 12.3700 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: | 13 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