5th Feb 2026 08:16
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: | 04 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 - 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 | SALES | 1,967,833 | 4.3140 GBP | 4.2000 GBP |
25p ordinary | PURCHASES | 2,892,394 | 4.3180 GBP | 4.1920 GBP |
25p ordinary | SALES | 21,576 | 5.7992 USD | 5.7992 USD |
25p ordinary | PURCHASES | 21,577 | 5.8393 USD | 5.7992 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 | 180 | 4.2343 GBP |
25p ordinary | CFD | increasing a long position | 2,223 | 4.2422 GBP |
25p ordinary | CFD | increasing a long position | 961 | 4.2422 GBP |
25p ordinary | CFD | increasing a long position | 2,907 | 4.2422 GBP |
25p ordinary | CFD | increasing a long position | 17,960 | 4.2435 GBP |
25p ordinary | CFD | increasing a long position | 899 | 4.2439 GBP |
25p ordinary | CFD | increasing a long position | 1,024 | 4.2440 GBP |
25p ordinary | CFD | increasing a long position | 129,164 | 4.2484 GBP |
25p ordinary | CFD | increasing a long position | 13,051 | 4.2510 GBP |
25p ordinary | CFD | increasing a long position | 34,235 | 4.2524 GBP |
25p ordinary | CFD | increasing a long position | 19,051 | 4.2552 GBP |
25p ordinary | CFD | increasing a long position | 7,860 | 4.2598 GBP |
25p ordinary | CFD | increasing a long position | 1,699 | 4.2605 GBP |
25p ordinary | CFD | increasing a long position | 1,105 | 4.2605 GBP |
25p ordinary | CFD | increasing a long position | 1,190 | 4.2605 GBP |
25p ordinary | CFD | increasing a long position | 1,054 | 4.2605 GBP |
25p ordinary | CFD | increasing a long position | 167 | 4.2656 GBP |
25p ordinary | CFD | increasing a long position | 1,958 | 4.2657 GBP |
25p ordinary | CFD | increasing a long position | 1,149 | 4.2657 GBP |
25p ordinary | CFD | increasing a long position | 409 | 4.2657 GBP |
25p ordinary | CFD | increasing a long position | 3,095 | 4.2657 GBP |
25p ordinary | CFD | increasing a long position | 5,590 | 4.2657 GBP |
25p ordinary | CFD | increasing a long position | 229 | 4.2659 GBP |
25p ordinary | CFD | increasing a long position | 149 | 4.2659 GBP |
25p ordinary | CFD | increasing a long position | 1,934 | 4.2674 GBP |
25p ordinary | CFD | increasing a long position | 35,000 | 4.2674 GBP |
25p ordinary | CFD | increasing a long position | 943 | 4.2674 GBP |
25p ordinary | CFD | increasing a long position | 1,088 | 4.2674 GBP |
25p ordinary | CFD | increasing a long position | 1,249 | 4.2674 GBP |
25p ordinary | CFD | increasing a long position | 3,723 | 4.2674 GBP |
25p ordinary | CFD | increasing a long position | 6,044 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 1,088 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 1,934 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 943 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 2,883 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 10,217 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 1,249 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 2,555 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 1,450 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 3,723 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 2,914 | 4.2760 GBP |
25p ordinary | CFD | increasing a long position | 16,555 | 4.2772 GBP |
25p ordinary | CFD | increasing a long position | 193 | 4.2776 GBP |
25p ordinary | CFD | increasing a long position | 327 | 4.2776 GBP |
25p ordinary | CFD | increasing a long position | 93 | 4.2776 GBP |
25p ordinary | CFD | increasing a long position | 46 | 4.2776 GBP |
25p ordinary | CFD | increasing a long position | 119 | 4.2776 GBP |
25p ordinary | CFD | increasing a long position | 30 | 4.2777 GBP |
25p ordinary | CFD | increasing a long position | 82 | 4.2777 GBP |
25p ordinary | CFD | increasing a long position | 35 | 4.2777 GBP |
25p ordinary | CFD | increasing a long position | 40 | 4.2778 GBP |
25p ordinary | CFD | increasing a long position | 1,119 | 4.2779 GBP |
25p ordinary | CFD | increasing a long position | 2,917 | 4.2834 GBP |
25p ordinary | CFD | increasing a long position | 1,896 | 4.2834 GBP |
25p ordinary | CFD | increasing a long position | 5,860 | 4.2834 GBP |
25p ordinary | CFD | increasing a long position | 7,487 | 4.2834 GBP |
25p ordinary | CFD | increasing a long position | 2,188 | 4.2834 GBP |
25p ordinary | CFD | increasing a long position | 3,889 | 4.2834 GBP |
25p ordinary | CFD | increasing a long position | 12,154 | 4.2834 GBP |
25p ordinary | CFD | increasing a long position | 20,548 | 4.2834 GBP |
25p ordinary | CFD | increasing a long position | 76 | 4.2874 GBP |
25p ordinary | CFD | increasing a long position | 484 | 4.2874 GBP |
25p ordinary | CFD | increasing a long position | 234 | 4.2874 GBP |
25p ordinary | CFD | increasing a long position | 3,383 | 4.2928 GBP |
25p ordinary | CFD | increasing a long position | 1,343 | 4.2939 GBP |
25p ordinary | CFD | increasing a long position | 2,753 | 4.2974 GBP |
25p ordinary | CFD | increasing a long position | 223,869 | 4.2990 GBP |
25p ordinary | CFD | increasing a long position | 300,000 | 4.3050 GBP |
25p ordinary | CFD | increasing a short position | 12,119 | 4.2277 GBP |
25p ordinary | CFD | increasing a short position | 91,847 | 4.2351 GBP |
25p ordinary | CFD | increasing a short position | 11,164 | 4.2440 GBP |
25p ordinary | CFD | increasing a short position | 6,477 | 4.2440 GBP |
25p ordinary | CFD | increasing a short position | 179 | 4.2440 GBP |
25p ordinary | CFD | increasing a short position | 5,669 | 4.2440 GBP |
25p ordinary | CFD | increasing a short position | 48,688 | 4.2440 GBP |
25p ordinary | CFD | increasing a short position | 101,820 | 4.2461 GBP |
25p ordinary | CFD | increasing a short position | 41,537 | 4.2536 GBP |
25p ordinary | CFD | increasing a short position | 156,561 | 4.2551 GBP |
25p ordinary | CFD | increasing a short position | 5,913 | 4.2589 GBP |
25p ordinary | CFD | increasing a short position | 159 | 4.2600 GBP |
25p ordinary | CFD | increasing a short position | 445 | 4.2646 GBP |
25p ordinary | CFD | increasing a short position | 8,620 | 4.2664 GBP |
25p ordinary | CFD | increasing a short position | 44,666 | 4.2697 GBP |
25p ordinary | CFD | increasing a short position | 6,977 | 4.2759 GBP |
25p ordinary | CFD | increasing a short position | 3,396 | 4.2847 GBP |
25p ordinary | CFD | increasing a short position | 7,585 | 4.2917 GBP |
25p ordinary | CFD | reducing a long position | 229 | 4.2000 GBP |
25p ordinary | CFD | reducing a long position | 149 | 4.2000 GBP |
25p ordinary | CFD | reducing a long position | 73 | 4.2005 GBP |
25p ordinary | CFD | reducing a long position | 15,875 | 4.2180 GBP |
25p ordinary | CFD | reducing a long position | 6,794 | 4.2189 GBP |
25p ordinary | CFD | reducing a long position | 15,920 | 4.2429 GBP |
25p ordinary | CFD | reducing a long position | 3 | 4.2440 GBP |
25p ordinary | CFD | reducing a long position | 314 | 4.2440 GBP |
25p ordinary | CFD | reducing a long position | 27,997 | 4.2440 GBP |
25p ordinary | CFD | reducing a long position | 5,417 | 4.2441 GBP |
25p ordinary | CFD | reducing a long position | 85 | 4.2443 GBP |
25p ordinary | CFD | reducing a long position | 65 | 4.2443 GBP |
25p ordinary | CFD | reducing a long position | 28 | 4.2443 GBP |
25p ordinary | CFD | reducing a long position | 191 | 4.2445 GBP |
25p ordinary | CFD | reducing a long position | 15,212 | 4.2494 GBP |
25p ordinary | CFD | reducing a long position | 10,093 | 4.2529 GBP |
25p ordinary | CFD | reducing a long position | 15,091 | 4.2536 GBP |
25p ordinary | CFD | reducing a long position | 22,618 | 4.2555 GBP |
25p ordinary | CFD | reducing a long position | 2,476 | 4.2560 GBP |
25p ordinary | CFD | reducing a long position | 19,608 | 4.2565 GBP |
25p ordinary | CFD | reducing a long position | 14,667 | 4.2595 GBP |
25p ordinary | CFD | reducing a long position | 8,634 | 4.2595 GBP |
25p ordinary | CFD | reducing a long position | 1,413 | 4.2595 GBP |
25p ordinary | CFD | reducing a long position | 945 | 4.2604 GBP |
25p ordinary | CFD | reducing a long position | 9,901 | 4.2641 GBP |
25p ordinary | CFD | reducing a long position | 7,068 | 4.2655 GBP |
25p ordinary | CFD | reducing a long position | 35,613 | 4.2697 GBP |
25p ordinary | CFD | reducing a long position | 445 | 4.2750 GBP |
25p ordinary | CFD | reducing a long position | 1 | 4.2780 GBP |
25p ordinary | CFD | reducing a long position | 1,184 | 4.2784 GBP |
25p ordinary | CFD | reducing a long position | 225,399 | 4.2821 GBP |
25p ordinary | CFD | reducing a long position | 211 | 4.2905 GBP |
25p ordinary | CFD | reducing a long position | 22 | 4.2922 GBP |
25p ordinary | CFD | reducing a long position | 99 | 4.2925 GBP |
25p ordinary | CFD | reducing a short position | 1,954 | 4.2330 GBP |
25p ordinary | CFD | reducing a short position | 1,000 | 4.2440 GBP |
25p ordinary | CFD | reducing a short position | 594 | 4.2440 GBP |
25p ordinary | CFD | reducing a short position | 43,161 | 4.2440 GBP |
25p ordinary | CFD | reducing a short position | 98,347 | 4.2440 GBP |
25p ordinary | CFD | reducing a short position | 4,023 | 4.2440 GBP |
25p ordinary | CFD | reducing a short position | 42,796 | 4.2440 GBP |
25p ordinary | CFD | reducing a short position | 5 | 4.2440 GBP |
25p ordinary | CFD | reducing a short position | 2,454 | 4.2509 GBP |
25p ordinary | CFD | reducing a short position | 6,095 | 4.2512 GBP |
25p ordinary | CFD | reducing a short position | 15,952 | 4.2618 GBP |
25p ordinary | CFD | reducing a short position | 41,537 | 4.2772 GBP |
25p ordinary | CFD | reducing a short position | 16,413 | 4.2823 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: | 05 February 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