13th Mar 2026 08:03
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: | Morgan Stanley & Co. International plc |
(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, The |
(c) Name of the party to the offer with which exempt principal trader is connected: | British Land Company plc, The |
(d) Date dealing undertaken: | 12 March 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 - Life Science REIT plc |
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 | PURCHASES | 1,466,184 | 3.7101 GBP | 3.6280 GBP |
25p ordinary | SALES | 1,773,707 | 3.7103 GBP | 3.6280 GBP |
25p ordinary | PURCHASES | 10 | 4.9229 USD | 4.9158 USD |
(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 | increasing a long position | 50 | 3.6540 GBP |
25p ordinary | CFD | increasing a long position | 555 | 3.6602 GBP |
25p ordinary | CFD | increasing a long position | 42,652 | 3.6615 GBP |
25p ordinary | CFD | increasing a long position | 10,112 | 3.6615 GBP |
25p ordinary | CFD | increasing a long position | 435 | 3.6648 GBP |
25p ordinary | CFD | increasing a long position | 22 | 3.6656 GBP |
25p ordinary | CFD | increasing a long position | 5,430 | 3.6664 GBP |
25p ordinary | CFD | increasing a long position | 229 | 3.6738 GBP |
25p ordinary | CFD | increasing a long position | 19,060 | 3.6752 GBP |
25p ordinary | CFD | increasing a long position | 380 | 3.6767 GBP |
25p ordinary | CFD | increasing a long position | 1,738 | 3.6775 GBP |
25p ordinary | CFD | increasing a long position | 22,411 | 3.6828 GBP |
25p ordinary | CFD | increasing a long position | 25,221 | 3.6912 GBP |
25p ordinary | CFD | increasing a long position | 2,700 | 3.6955 GBP |
25p ordinary | CFD | increasing a long position | 101,779 | 3.7095 GBP |
25p ordinary | CFD | increasing a long position | 241 | 3.7098 GBP |
25p ordinary | CFD | increasing a long position | 8,817 | 3.7098 GBP |
25p ordinary | CFD | increasing a long position | 1,651 | 3.7100 GBP |
25p ordinary | CFD | increasing a long position | 1,983 | 3.7100 GBP |
25p ordinary | CFD | increasing a long position | 48,855 | 3.7100 GBP |
25p ordinary | CFD | increasing a long position | 173 | 3.7100 GBP |
25p ordinary | CFD | increasing a short position | 43 | 3.6640 GBP |
25p ordinary | CFD | increasing a short position | 20 | 3.6660 GBP |
25p ordinary | CFD | increasing a short position | 26 | 3.6660 GBP |
25p ordinary | CFD | increasing a short position | 550 | 3.6680 GBP |
25p ordinary | CFD | increasing a short position | 67,504 | 3.6682 GBP |
25p ordinary | CFD | increasing a short position | 1,584 | 3.6700 GBP |
25p ordinary | CFD | increasing a short position | 4,008 | 3.6717 GBP |
25p ordinary | CFD | increasing a short position | 879 | 3.6734 GBP |
25p ordinary | CFD | increasing a short position | 1,723 | 3.6735 GBP |
25p ordinary | CFD | increasing a short position | 3,506 | 3.6753 GBP |
25p ordinary | CFD | increasing a short position | 14,700 | 3.6812 GBP |
25p ordinary | CFD | increasing a short position | 2,400 | 3.6812 GBP |
25p ordinary | CFD | increasing a short position | 2,057 | 3.6842 GBP |
25p ordinary | CFD | increasing a short position | 4,264 | 3.6844 GBP |
25p ordinary | CFD | increasing a short position | 10 | 3.6868 GBP |
25p ordinary | CFD | increasing a short position | 11,068 | 3.6892 GBP |
25p ordinary | CFD | increasing a short position | 23,200 | 3.6892 GBP |
25p ordinary | CFD | increasing a short position | 305 | 3.6936 GBP |
25p ordinary | CFD | increasing a short position | 154 | 3.7100 GBP |
25p ordinary | CFD | increasing a short position | 13,746,336 | 3.7100 GBP |
25p ordinary | CFD | increasing a short position | 87 | 3.7100 GBP |
25p ordinary | CFD | increasing a short position | 62,622,200 | 3.7100 GBP |
25p ordinary | CFD | increasing a short position | 41,432 | 3.7100 GBP |
25p ordinary | CFD | reducing a long position | 2,496 | 3.6520 GBP |
25p ordinary | CFD | reducing a long position | 3,902 | 3.6670 GBP |
25p ordinary | CFD | reducing a long position | 102 | 3.6708 GBP |
25p ordinary | CFD | reducing a long position | 64,083 | 3.6727 GBP |
25p ordinary | CFD | reducing a long position | 2,416 | 3.6767 GBP |
25p ordinary | CFD | reducing a long position | 2,779 | 3.6785 GBP |
25p ordinary | CFD | reducing a long position | 711 | 3.6800 GBP |
25p ordinary | CFD | reducing a long position | 1,524 | 3.6801 GBP |
25p ordinary | CFD | reducing a long position | 27,095 | 3.6825 GBP |
25p ordinary | CFD | reducing a long position | 163 | 3.6840 GBP |
25p ordinary | CFD | reducing a long position | 306 | 3.6847 GBP |
25p ordinary | CFD | reducing a long position | 1,241 | 3.6847 GBP |
25p ordinary | CFD | reducing a long position | 4,822 | 3.6847 GBP |
25p ordinary | CFD | reducing a long position | 1,250 | 3.6847 GBP |
25p ordinary | CFD | reducing a long position | 166,876 | 3.6909 GBP |
25p ordinary | CFD | reducing a long position | 7,613 | 3.6913 GBP |
25p ordinary | CFD | reducing a long position | 5,643 | 3.6947 GBP |
25p ordinary | CFD | reducing a long position | 13,732 | 3.6995 GBP |
25p ordinary | CFD | reducing a long position | 19,589 | 3.7068 GBP |
25p ordinary | CFD | reducing a long position | 6,148 | 3.7078 GBP |
25p ordinary | CFD | reducing a long position | 3,553 | 3.7086 GBP |
25p ordinary | CFD | reducing a long position | 5 | 3.7100 GBP |
25p ordinary | CFD | reducing a long position | 726 | 3.7100 GBP |
25p ordinary | CFD | reducing a long position | 7,496 | 3.7101 GBP |
25p ordinary | CFD | reducing a short position | 313 | 3.6280 GBP |
25p ordinary | CFD | reducing a short position | 14,352 | 3.6670 GBP |
25p ordinary | CFD | reducing a short position | 40,879 | 3.6725 GBP |
25p ordinary | CFD | reducing a short position | 15,543 | 3.6730 GBP |
25p ordinary | CFD | reducing a short position | 576 | 3.6757 GBP |
25p ordinary | CFD | reducing a short position | 380 | 3.6757 GBP |
25p ordinary | CFD | reducing a short position | 19,447 | 3.6829 GBP |
25p ordinary | CFD | reducing a short position | 127 | 3.6840 GBP |
25p ordinary | CFD | reducing a short position | 21,325 | 3.6931 GBP |
25p ordinary | CFD | reducing a short position | 86,020 | 3.6957 GBP |
25p ordinary | CFD | reducing a short position | 19,952 | 3.6979 GBP |
25p ordinary | CFD | reducing a short position | 8 | 3.7048 GBP |
25p ordinary | CFD | reducing a short position | 1,530 | 3.7058 GBP |
25p ordinary | CFD | reducing a short position | 4,581 | 3.7058 GBP |
25p ordinary | CFD | reducing a short position | 3,635 | 3.7058 GBP |
25p ordinary | CFD | reducing a short position | 41,432 | 3.7100 GBP |
25p ordinary | CFD | reducing a short position | 87 | 3.7100 GBP |
25p ordinary | CFD | reducing a short position | 23,589 | 3.7100 GBP |
25p ordinary | CFD | reducing a short position | 8,457 | 3.7100 GBP |
25p ordinary | CFD | reducing a short position | 13,746,336 | 3.7100 GBP |
25p ordinary | CFD | reducing a short position | 62,622,200 | 3.7100 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 |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
(ii) Exercise
Class of relevant security | Product description e.g. call option | Exercising/ exercised against | Number of securities | Exercise price per unit |
N/A | N/A | N/A | N/A | N/A |
(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) |
N/A | N/A | N/A | N/A |
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
|
(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: | 13 March 2026 |
| Contact name: | Claire Gordon |
| Telephone number: | +44 141 245-8893 |
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:
British Land