16th 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: | 13 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
| 1359195 | 4.05000 GBP | 3.95600 GBP |
25p ordinary | Sell
| 743497 | 4.05000 GBP | 3.96493 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 | 4952 | 4.03769715004039 GBP |
25p ordinary | CFD
| Long | 52557 | 4.03139372490819 GBP |
25p ordinary | CFD
| Long | 3893 | 4.038 GBP |
25p ordinary | CFD
| Long | 39641 | 4.037798 GBP |
25p ordinary | CFD
| Long | 488 | 4.003791 GBP |
25p ordinary | CFD
| Long | 93239 | 4.02445744 GBP |
25p ordinary | CFD
| Long | 22448 | 4.03285334622238 GBP |
25p ordinary | CFD
| Long | 1307 | 4.00728232593726 GBP |
25p ordinary | CFD
| Long | 8821 | 4.0362154 GBP |
25p ordinary | CFD
| Long | 3995 | 4.01249736889612 GBP |
25p ordinary | CFD
| Long | 11 | 4.048 GBP |
25p ordinary | CFD
| Long | 18 | 3.99844444444444 GBP |
25p ordinary | CFD
| Long | 1 | 4.012 GBP |
25p ordinary | CFD
| Long | 20 | 4.006 GBP |
25p ordinary | CFD
| Long | 9742 | 4.03769714996921 GBP |
25p ordinary | CFD
| Long | 445 | 4.0 GBP |
25p ordinary | CFD
| Long | 26528 | 3.989508 GBP |
25p ordinary | CFD
| Long | 72740 | 4.03800011 GBP |
25p ordinary | CFD
| Long | 362 | 3.98 GBP |
25p ordinary | CFD
| Short | 4232 | 4.02592527178639 GBP |
25p ordinary | CFD
| Short | 18298 | 3.97650016 GBP |
25p ordinary | CFD
| Short | 22391 | 4.00255909 GBP |
25p ordinary | CFD
| Short | 1229 | 4.032766 GBP |
25p ordinary | CFD
| Short | 33451 | 4.00887402 GBP |
25p ordinary | CFD
| Short | 21759 | 3.98048182112046 GBP |
25p ordinary | CFD
| Short | 9596 | 3.98093622370154 GBP |
25p ordinary | CFD
| Short | 7215 | 3.96634039887179 GBP |
25p ordinary | CFD
| Short | 5856 | 3.9777056 GBP |
25p ordinary | CFD
| Short | 9 | 3.99844444444444 GBP |
25p ordinary | CFD
| Short | 8961 | 4.01544464889186 GBP |
25p ordinary | CFD
| Short | 31 | 4.03767741935484 GBP |
25p ordinary | CFD
| Short | 47258 | 4.038 GBP |
25p ordinary | CFD
| Short | 11975 | 4.03903683 GBP |
25p ordinary | CFD
| Short | 29469 | 4.02260250167227 GBP |
25p ordinary | CFD
| Short | 14 | 4.008 GBP |
25p ordinary | CFD
| Short | 5 | 3.982 GBP |
25p ordinary | CFD
| Short | 4 | 3.99824957 GBP |
25p ordinary | CFD
| Short | 8325 | 4.0259252218018 GBP |
25p ordinary | CFD
| Short | 255691 | 4.01255327 GBP |
25p ordinary | CFD
| Short | 226307 | 4.01255328 GBP |
25p ordinary | CFD
| Short | 4 | 4.019 GBP |
25p ordinary | CFD
| Short | 1479 | 4.01034012712644 GBP |
25p ordinary | CFD
| Short | 48110 | 4.01973885538163 GBP |
25p ordinary | CFD
| Short | 8759 | 4.01586299822925 GBP |
25p ordinary | CFD
| Short | 8 | 4.033 GBP |
25p ordinary | CFD
| Short | 15376 | 4.0210378542 GBP |
25p ordinary | CFD
| Short | 882 | 4.0125548 GBP |
25p ordinary | CFD
| Short | 129901 | 4.027074 GBP |
25p ordinary | CFD
| Short | 43429 | 4.01255334 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: | 16 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