20th Feb 2026 11:55
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: | UBS Investment Bank, London |
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | British Land Company plc |
(c) Name of the party to the offer with which exempt principal trader is connected: | British Land Company plc |
(d) Date dealing undertaken: | 19 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" | YES
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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 |
25p ordinary | Buy
| 376129 | 4.14571 GBP | 4.11667 GBP |
25p ordinary | Sell
| 796069 | 4.14800 GBP | 4.11333 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 |
25p ordinary | CFD
| Long | 337 | 4.14799952061652 GBP |
25p ordinary | CFD
| Long | 457457 | 4.13 GBP |
25p ordinary | CFD
| Long | 8846 | 4.133012 GBP |
25p ordinary | CFD
| Long | 161 | 4.1351299006 GBP |
25p ordinary | CFD
| Long | 8570 | 4.13415843 GBP |
25p ordinary | CFD
| Long | 664 | 4.129081 GBP |
25p ordinary | CFD
| Long | 3953 | 4.13346542216038 GBP |
25p ordinary | CFD
| Long | 661 | 4.14799952165809 GBP |
25p ordinary | CFD
| Long | 6 | 4.112 GBP |
25p ordinary | CFD
| Long | 3 | 4.115 GBP |
25p ordinary | CFD
| Long | 3762 | 4.1370451887294 GBP |
25p ordinary | CFD
| Long | 13296 | 4.13862560295051 GBP |
25p ordinary | CFD
| Long | 58406 | 4.12997226312365 GBP |
25p ordinary | CFD
| Long | 2278 | 4.13399736611062 GBP |
25p ordinary | CFD
| Long | 545 | 4.1356367 GBP |
25p ordinary | CFD
| Long | 602 | 4.130946 GBP |
25p ordinary | CFD
| Long | 1972 | 4.13375955 GBP |
25p ordinary | CFD
| Short | 2 | 4.124 GBP |
25p ordinary | CFD
| Short | 4603 | 4.12772539648056 GBP |
25p ordinary | CFD
| Short | 1433 | 4.13 GBP |
25p ordinary | CFD
| Short | 14859 | 4.130207 GBP |
25p ordinary | CFD
| Short | 275 | 4.144218 GBP |
25p ordinary | CFD
| Short | 2434 | 4.13375226 GBP |
25p ordinary | CFD
| Short | 1497 | 4.13698231603206 GBP |
25p ordinary | CFD
| Short | 28513 | 4.13000028057377 GBP |
25p ordinary | CFD
| Short | 5829 | 4.12993222 GBP |
25p ordinary | CFD
| Short | 332 | 4.1319221539759 GBP |
25p ordinary | CFD
| Short | 882 | 4.13630343478458 GBP |
25p ordinary | CFD
| Short | 62 | 4.12903225790323 GBP |
25p ordinary | CFD
| Short | 893 | 4.12934594087346 GBP |
25p ordinary | CFD
| Short | 3 | 4.115 GBP |
25p ordinary | CFD
| Short | 15221 | 4.13239564058866 GBP |
25p ordinary | CFD
| Short | 20727 | 4.13083362563709 GBP |
25p ordinary | CFD
| Short | 196 | 4.13146939102041 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 |
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(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 |
| Date of disclosure: | 20 February 2026 |
| Contact name: | Richard Howard |
| Telephone number: | +44 (0)207 568 9128 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at [email protected]
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:
British Land