24th Mar 2026 09:23
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: | 23 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 | 1,056,826 | 3.5880 GBP | 3.3580 GBP |
25p ordinary | SALES | 1,859,521 | 3.5880 GBP | 3.3540 GBP |
25p ordinary | SALES | 20,372 | 4.7117 USD | 4.4782 USD |
25p ordinary | PURCHASES | 17,258 | 4.7161 USD | 4.6715 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 | 41,146 | 3.3901 GBP |
25p ordinary | CFD | increasing a long position | 99,366 | 3.3901 GBP |
25p ordinary | CFD | increasing a long position | 1,415 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 1,870 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 924 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 599 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 337 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 454 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 901 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 449 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 1,152 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 824 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 3,284 | 3.3975 GBP |
25p ordinary | CFD | increasing a long position | 486 | 3.3995 GBP |
25p ordinary | CFD | increasing a long position | 1,163 | 3.4180 GBP |
25p ordinary | CFD | increasing a long position | 1,505 | 3.4180 GBP |
25p ordinary | CFD | increasing a long position | 15,310 | 3.4214 GBP |
25p ordinary | CFD | increasing a long position | 4,183 | 3.4220 GBP |
25p ordinary | CFD | increasing a long position | 6,054 | 3.4222 GBP |
25p ordinary | CFD | increasing a long position | 5,940,057 | 3.4420 GBP |
25p ordinary | CFD | increasing a long position | 202 | 3.4700 GBP |
25p ordinary | CFD | increasing a long position | 19,834 | 3.4846 GBP |
25p ordinary | CFD | increasing a long position | 168 | 3.4900 GBP |
25p ordinary | CFD | increasing a long position | 265 | 3.4900 GBP |
25p ordinary | CFD | increasing a long position | 13,778 | 3.4900 GBP |
25p ordinary | CFD | increasing a long position | 29,098 | 3.4912 GBP |
25p ordinary | CFD | increasing a long position | 4,320 | 3.4951 GBP |
25p ordinary | CFD | increasing a long position | 1,178 | 3.4951 GBP |
25p ordinary | CFD | increasing a long position | 833 | 3.4951 GBP |
25p ordinary | CFD | increasing a long position | 287 | 3.4951 GBP |
25p ordinary | CFD | increasing a long position | 6,209 | 3.5051 GBP |
25p ordinary | CFD | increasing a long position | 20,846 | 3.5127 GBP |
25p ordinary | CFD | increasing a long position | 2,821 | 3.5162 GBP |
25p ordinary | CFD | increasing a long position | 67,975 | 3.5162 GBP |
25p ordinary | CFD | increasing a long position | 5,119 | 3.5162 GBP |
25p ordinary | CFD | increasing a long position | 3,926 | 3.5199 GBP |
25p ordinary | CFD | increasing a long position | 37 | 3.5200 GBP |
25p ordinary | CFD | increasing a long position | 7,937 | 3.5271 GBP |
25p ordinary | CFD | increasing a long position | 6,425 | 3.5348 GBP |
25p ordinary | CFD | increasing a long position | 113 | 3.5475 GBP |
25p ordinary | CFD | increasing a long position | 58,032 | 3.5498 GBP |
25p ordinary | CFD | increasing a long position | 94 | 3.5501 GBP |
25p ordinary | CFD | increasing a long position | 3,661 | 3.5550 GBP |
25p ordinary | CFD | increasing a short position | 3,000 | 3.3670 GBP |
25p ordinary | CFD | increasing a short position | 400 | 3.3682 GBP |
25p ordinary | CFD | increasing a short position | 77 | 3.3870 GBP |
25p ordinary | CFD | increasing a short position | 338 | 3.3948 GBP |
25p ordinary | CFD | increasing a short position | 4,681 | 3.4001 GBP |
25p ordinary | CFD | increasing a short position | 723 | 3.4182 GBP |
25p ordinary | CFD | increasing a short position | 2,065 | 3.4353 GBP |
25p ordinary | CFD | increasing a short position | 2,742 | 3.4380 GBP |
25p ordinary | CFD | increasing a short position | 46,588 | 3.4454 GBP |
25p ordinary | CFD | increasing a short position | 3,400 | 3.4840 GBP |
25p ordinary | CFD | increasing a short position | 2,819 | 3.4900 GBP |
25p ordinary | CFD | increasing a short position | 4,252 | 3.4900 GBP |
25p ordinary | CFD | increasing a short position | 7,949 | 3.4900 GBP |
25p ordinary | CFD | increasing a short position | 1,233 | 3.4927 GBP |
25p ordinary | CFD | increasing a short position | 3,692 | 3.4927 GBP |
25p ordinary | CFD | increasing a short position | 2,929 | 3.4927 GBP |
25p ordinary | CFD | increasing a short position | 3,077 | 3.4981 GBP |
25p ordinary | CFD | increasing a short position | 17,618 | 3.4988 GBP |
25p ordinary | CFD | increasing a short position | 26,767 | 3.4988 GBP |
25p ordinary | CFD | increasing a short position | 2,201 | 3.5140 GBP |
25p ordinary | CFD | increasing a short position | 138 | 3.5184 GBP |
25p ordinary | CFD | increasing a short position | 6,008 | 3.5220 GBP |
25p ordinary | CFD | increasing a short position | 384 | 3.5260 GBP |
25p ordinary | CFD | increasing a short position | 899 | 3.5269 GBP |
25p ordinary | CFD | increasing a short position | 491 | 3.5650 GBP |
25p ordinary | CFD | increasing a short position | 637 | 3.5720 GBP |
25p ordinary | CFD | increasing a short position | 1,061 | 3.5879 GBP |
25p ordinary | CFD | reducing a long position | 269 | 3.3870 GBP |
25p ordinary | CFD | reducing a long position | 1,177 | 3.3948 GBP |
25p ordinary | CFD | reducing a long position | 10,405 | 3.4049 GBP |
25p ordinary | CFD | reducing a long position | 8,683 | 3.4049 GBP |
25p ordinary | CFD | reducing a long position | 27,105 | 3.4049 GBP |
25p ordinary | CFD | reducing a long position | 140,118 | 3.4049 GBP |
25p ordinary | CFD | reducing a long position | 2,522 | 3.4182 GBP |
25p ordinary | CFD | reducing a long position | 5,940,057 | 3.4420 GBP |
25p ordinary | CFD | reducing a long position | 4,299 | 3.4460 GBP |
25p ordinary | CFD | reducing a long position | 206 | 3.4676 GBP |
25p ordinary | CFD | reducing a long position | 29,385 | 3.4767 GBP |
25p ordinary | CFD | reducing a long position | 9,524 | 3.4855 GBP |
25p ordinary | CFD | reducing a long position | 18,610 | 3.4900 GBP |
25p ordinary | CFD | reducing a long position | 64,842 | 3.4900 GBP |
25p ordinary | CFD | reducing a long position | 4 | 3.4900 GBP |
25p ordinary | CFD | reducing a long position | 6,561 | 3.4900 GBP |
25p ordinary | CFD | reducing a long position | 28,271 | 3.4900 GBP |
25p ordinary | CFD | reducing a long position | 5,076 | 3.4901 GBP |
25p ordinary | CFD | reducing a long position | 45,266 | 3.4923 GBP |
25p ordinary | CFD | reducing a long position | 150,229 | 3.4926 GBP |
25p ordinary | CFD | reducing a long position | 34,724 | 3.5220 GBP |
25p ordinary | CFD | reducing a long position | 104,793 | 3.5314 GBP |
25p ordinary | CFD | reducing a long position | 13,785 | 3.5365 GBP |
25p ordinary | CFD | reducing a long position | 124,022 | 3.5476 GBP |
25p ordinary | CFD | reducing a short position | 183 | 3.3740 GBP |
25p ordinary | CFD | reducing a short position | 1,383 | 3.3740 GBP |
25p ordinary | CFD | reducing a short position | 61 | 3.3740 GBP |
25p ordinary | CFD | reducing a short position | 582 | 3.3764 GBP |
25p ordinary | CFD | reducing a short position | 382 | 3.3764 GBP |
25p ordinary | CFD | reducing a short position | 48 | 3.3960 GBP |
25p ordinary | CFD | reducing a short position | 1,098 | 3.3960 GBP |
25p ordinary | CFD | reducing a short position | 145 | 3.3960 GBP |
25p ordinary | CFD | reducing a short position | 163 | 3.4420 GBP |
25p ordinary | CFD | reducing a short position | 247 | 3.4420 GBP |
25p ordinary | CFD | reducing a short position | 71,823 | 3.4846 GBP |
25p ordinary | CFD | reducing a short position | 1,647 | 3.4850 GBP |
25p ordinary | CFD | reducing a short position | 30,444 | 3.4900 GBP |
25p ordinary | CFD | reducing a short position | 7 | 3.4900 GBP |
25p ordinary | CFD | reducing a short position | 1,036 | 3.4900 GBP |
25p ordinary | CFD | reducing a short position | 317 | 3.4900 GBP |
25p ordinary | CFD | reducing a short position | 44,407 | 3.4942 GBP |
25p ordinary | CFD | reducing a short position | 7,300 | 3.4999 GBP |
25p ordinary | CFD | reducing a short position | 289,424 | 3.5042 GBP |
25p ordinary | CFD | reducing a short position | 16,086 | 3.5070 GBP |
25p ordinary | CFD | reducing a short position | 9,062 | 3.5127 GBP |
25p ordinary | CFD | reducing a short position | 23,136 | 3.5138 GBP |
25p ordinary | CFD | reducing a short position | 285 | 3.5180 GBP |
25p ordinary | CFD | reducing a short position | 37 | 3.5180 GBP |
25p ordinary | CFD | reducing a short position | 12 | 3.5186 GBP |
25p ordinary | CFD | reducing a short position | 1,304 | 3.5205 GBP |
25p ordinary | CFD | reducing a short position | 11,423 | 3.5246 GBP |
25p ordinary | CFD | reducing a short position | 11 | 3.5315 GBP |
25p ordinary | CFD | reducing a short position | 591 | 3.5320 GBP |
25p ordinary | CFD | reducing a short position | 1,501 | 3.5328 GBP |
25p ordinary | CFD | reducing a short position | 80,270 | 3.5411 GBP |
25p ordinary | CFD | reducing a short position | 6 | 3.5820 GBP |
25p ordinary | CFD | reducing a short position | 119 | 3.5820 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: | 24 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