13th Feb 2026 07:12
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 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 | 5,611,873 | 4.1660 GBP | 3.9880 GBP |
25p ordinary | PURCHASES | 4,009,811 | 4.1664 GBP | 3.9784 GBP |
25p ordinary | SALES | 3 | 5.5401 USD | 5.5401 USD |
25p ordinary | PURCHASES | 2,771 | 5.5530 USD | 5.5530 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 | 1,014 | 3.9944 GBP |
25p ordinary | CFD | increasing a long position | 101,090 | 4.0178 GBP |
25p ordinary | CFD | increasing a long position | 8,031 | 4.0229 GBP |
25p ordinary | CFD | increasing a long position | 23,402 | 4.0229 GBP |
25p ordinary | CFD | increasing a long position | 172,216 | 4.0229 GBP |
25p ordinary | CFD | increasing a long position | 26,890 | 4.0229 GBP |
25p ordinary | CFD | increasing a long position | 568 | 4.0230 GBP |
25p ordinary | CFD | increasing a long position | 46,696 | 4.0241 GBP |
25p ordinary | CFD | increasing a long position | 53,643 | 4.0241 GBP |
25p ordinary | CFD | increasing a long position | 16,029 | 4.0241 GBP |
25p ordinary | CFD | increasing a long position | 315,263 | 4.0241 GBP |
25p ordinary | CFD | increasing a long position | 26,511 | 4.0246 GBP |
25p ordinary | CFD | increasing a long position | 728 | 4.0300 GBP |
25p ordinary | CFD | increasing a long position | 18,578 | 4.0439 GBP |
25p ordinary | CFD | increasing a long position | 2,702 | 4.0439 GBP |
25p ordinary | CFD | increasing a long position | 4,754 | 4.0439 GBP |
25p ordinary | CFD | increasing a long position | 2,714 | 4.0439 GBP |
25p ordinary | CFD | increasing a long position | 788 | 4.0439 GBP |
25p ordinary | CFD | increasing a long position | 927 | 4.0494 GBP |
25p ordinary | CFD | increasing a long position | 74,909 | 4.0501 GBP |
25p ordinary | CFD | increasing a long position | 9 | 4.0516 GBP |
25p ordinary | CFD | increasing a long position | 110,750 | 4.0516 GBP |
25p ordinary | CFD | increasing a long position | 104,400 | 4.0518 GBP |
25p ordinary | CFD | increasing a long position | 3,084 | 4.0538 GBP |
25p ordinary | CFD | increasing a long position | 329 | 4.0558 GBP |
25p ordinary | CFD | increasing a long position | 2,552 | 4.0573 GBP |
25p ordinary | CFD | increasing a long position | 17,537 | 4.0573 GBP |
25p ordinary | CFD | increasing a long position | 4,490 | 4.0573 GBP |
25p ordinary | CFD | increasing a long position | 2,567 | 4.0573 GBP |
25p ordinary | CFD | increasing a long position | 745 | 4.0573 GBP |
25p ordinary | CFD | increasing a long position | 1,440 | 4.0575 GBP |
25p ordinary | CFD | increasing a long position | 241,476 | 4.0580 GBP |
25p ordinary | CFD | increasing a long position | 3,981 | 4.0583 GBP |
25p ordinary | CFD | increasing a long position | 24,609 | 4.0587 GBP |
25p ordinary | CFD | increasing a long position | 2,314 | 4.0592 GBP |
25p ordinary | CFD | increasing a long position | 3,708 | 4.0599 GBP |
25p ordinary | CFD | increasing a long position | 293,198 | 4.0599 GBP |
25p ordinary | CFD | increasing a long position | 202 | 4.0600 GBP |
25p ordinary | CFD | increasing a long position | 1 | 4.0600 GBP |
25p ordinary | CFD | increasing a long position | 218 | 4.0600 GBP |
25p ordinary | CFD | increasing a long position | 23 | 4.0613 GBP |
25p ordinary | CFD | increasing a long position | 15 | 4.0613 GBP |
25p ordinary | CFD | increasing a long position | 13 | 4.0615 GBP |
25p ordinary | CFD | increasing a long position | 71 | 4.0615 GBP |
25p ordinary | CFD | increasing a long position | 87 | 4.0616 GBP |
25p ordinary | CFD | increasing a long position | 120 | 4.0616 GBP |
25p ordinary | CFD | increasing a long position | 44 | 4.0616 GBP |
25p ordinary | CFD | increasing a long position | 30 | 4.0617 GBP |
25p ordinary | CFD | increasing a long position | 17 | 4.0618 GBP |
25p ordinary | CFD | increasing a long position | 34 | 4.0618 GBP |
25p ordinary | CFD | increasing a long position | 34 | 4.0618 GBP |
25p ordinary | CFD | increasing a long position | 5,671 | 4.0628 GBP |
25p ordinary | CFD | increasing a long position | 3,223 | 4.0628 GBP |
25p ordinary | CFD | increasing a long position | 22,157 | 4.0628 GBP |
25p ordinary | CFD | increasing a long position | 3,238 | 4.0628 GBP |
25p ordinary | CFD | increasing a long position | 939 | 4.0628 GBP |
25p ordinary | CFD | increasing a long position | 1,026 | 4.0631 GBP |
25p ordinary | CFD | increasing a long position | 1,030 | 4.0631 GBP |
25p ordinary | CFD | increasing a long position | 299 | 4.0631 GBP |
25p ordinary | CFD | increasing a long position | 1,805 | 4.0631 GBP |
25p ordinary | CFD | increasing a long position | 7,054 | 4.0631 GBP |
25p ordinary | CFD | increasing a long position | 335,913 | 4.0633 GBP |
25p ordinary | CFD | increasing a long position | 158 | 4.0640 GBP |
25p ordinary | CFD | increasing a long position | 206 | 4.0640 GBP |
25p ordinary | CFD | increasing a long position | 8,290 | 4.0649 GBP |
25p ordinary | CFD | increasing a long position | 2,725 | 4.0681 GBP |
25p ordinary | CFD | increasing a long position | 528 | 4.0681 GBP |
25p ordinary | CFD | increasing a long position | 1,294 | 4.0681 GBP |
25p ordinary | CFD | increasing a long position | 2,466 | 4.0681 GBP |
25p ordinary | CFD | increasing a long position | 4,499 | 4.0681 GBP |
25p ordinary | CFD | increasing a long position | 585 | 4.0681 GBP |
25p ordinary | CFD | increasing a long position | 108,015 | 4.0702 GBP |
25p ordinary | CFD | increasing a long position | 371 | 4.0860 GBP |
25p ordinary | CFD | increasing a long position | 967 | 4.0964 GBP |
25p ordinary | CFD | increasing a long position | 32 | 4.1040 GBP |
25p ordinary | CFD | increasing a short position | 8,334 | 4.0217 GBP |
25p ordinary | CFD | increasing a short position | 5,889 | 4.0228 GBP |
25p ordinary | CFD | increasing a short position | 6,708 | 4.0246 GBP |
25p ordinary | CFD | increasing a short position | 28,116 | 4.0293 GBP |
25p ordinary | CFD | increasing a short position | 189 | 4.0390 GBP |
25p ordinary | CFD | increasing a short position | 10,999 | 4.0392 GBP |
25p ordinary | CFD | increasing a short position | 7,170 | 4.0392 GBP |
25p ordinary | CFD | increasing a short position | 4,648 | 4.0395 GBP |
25p ordinary | CFD | increasing a short position | 9,789 | 4.0403 GBP |
25p ordinary | CFD | increasing a short position | 153,830 | 4.0436 GBP |
25p ordinary | CFD | increasing a short position | 31,913 | 4.0490 GBP |
25p ordinary | CFD | increasing a short position | 190,954 | 4.0490 GBP |
25p ordinary | CFD | increasing a short position | 56,128 | 4.0490 GBP |
25p ordinary | CFD | increasing a short position | 21,274 | 4.0490 GBP |
25p ordinary | CFD | increasing a short position | 84,194 | 4.0490 GBP |
25p ordinary | CFD | increasing a short position | 59,822 | 4.0495 GBP |
25p ordinary | CFD | increasing a short position | 189 | 4.0510 GBP |
25p ordinary | CFD | increasing a short position | 12,156 | 4.0583 GBP |
25p ordinary | CFD | increasing a short position | 3,064 | 4.0598 GBP |
25p ordinary | CFD | increasing a short position | 49,137 | 4.0600 GBP |
25p ordinary | CFD | increasing a short position | 1,852 | 4.0600 GBP |
25p ordinary | CFD | increasing a short position | 1,687 | 4.0621 GBP |
25p ordinary | CFD | increasing a short position | 4,369 | 4.0622 GBP |
25p ordinary | CFD | increasing a short position | 1,159 | 4.0630 GBP |
25p ordinary | CFD | increasing a short position | 81,229 | 4.0637 GBP |
25p ordinary | CFD | increasing a short position | 16,372 | 4.0637 GBP |
25p ordinary | CFD | increasing a short position | 525,958 | 4.0644 GBP |
25p ordinary | CFD | increasing a short position | 55,822 | 4.0648 GBP |
25p ordinary | CFD | increasing a short position | 1,298 | 4.0657 GBP |
25p ordinary | CFD | increasing a short position | 1,697 | 4.0657 GBP |
25p ordinary | CFD | increasing a short position | 561 | 4.0657 GBP |
25p ordinary | CFD | increasing a short position | 53,962 | 4.0691 GBP |
25p ordinary | CFD | increasing a short position | 100 | 4.0703 GBP |
25p ordinary | CFD | increasing a short position | 915 | 4.0713 GBP |
25p ordinary | CFD | increasing a short position | 593 | 4.0740 GBP |
25p ordinary | CFD | increasing a short position | 2,771 | 4.0744 GBP |
25p ordinary | CFD | increasing a short position | 1,100 | 4.0803 GBP |
25p ordinary | CFD | increasing a short position | 118 | 4.1660 GBP |
25p ordinary | CFD | increasing a short position | 183 | 4.1661 GBP |
25p ordinary | CFD | reducing a long position | 568 | 4.0230 GBP |
25p ordinary | CFD | reducing a long position | 728 | 4.0300 GBP |
25p ordinary | CFD | reducing a long position | 10 | 4.0376 GBP |
25p ordinary | CFD | reducing a long position | 55 | 4.0376 GBP |
25p ordinary | CFD | reducing a long position | 3 | 4.0376 GBP |
25p ordinary | CFD | reducing a long position | 7 | 4.0376 GBP |
25p ordinary | CFD | reducing a long position | 23,478 | 4.0495 GBP |
25p ordinary | CFD | reducing a long position | 23,777 | 4.0553 GBP |
25p ordinary | CFD | reducing a long position | 508 | 4.0564 GBP |
25p ordinary | CFD | reducing a long position | 77,214 | 4.0564 GBP |
25p ordinary | CFD | reducing a long position | 30 | 4.0601 GBP |
25p ordinary | CFD | reducing a long position | 22,150 | 4.0621 GBP |
25p ordinary | CFD | reducing a long position | 12,955 | 4.0623 GBP |
25p ordinary | CFD | reducing a long position | 10,096 | 4.0630 GBP |
25p ordinary | CFD | reducing a long position | 9,158 | 4.0633 GBP |
25p ordinary | CFD | reducing a long position | 5,263 | 4.0642 GBP |
25p ordinary | CFD | reducing a long position | 5,413 | 4.0648 GBP |
25p ordinary | CFD | reducing a long position | 66,972 | 4.0657 GBP |
25p ordinary | CFD | reducing a long position | 87,399 | 4.0692 GBP |
25p ordinary | CFD | reducing a long position | 24 | 4.0704 GBP |
25p ordinary | CFD | reducing a long position | 32 | 4.1040 GBP |
25p ordinary | CFD | reducing a long position | 145 | 4.1664 GBP |
25p ordinary | CFD | reducing a short position | 1,753 | 3.9999 GBP |
25p ordinary | CFD | reducing a short position | 34,494 | 3.9999 GBP |
25p ordinary | CFD | reducing a short position | 5,109 | 3.9999 GBP |
25p ordinary | CFD | reducing a short position | 5,869 | 3.9999 GBP |
25p ordinary | CFD | reducing a short position | 11,273 | 4.0178 GBP |
25p ordinary | CFD | reducing a short position | 854 | 4.0229 GBP |
25p ordinary | CFD | reducing a short position | 2,847 | 4.0229 GBP |
25p ordinary | CFD | reducing a short position | 2,484 | 4.0229 GBP |
25p ordinary | CFD | reducing a short position | 2,563 | 4.0229 GBP |
25p ordinary | CFD | reducing a short position | 374,545 | 4.0420 GBP |
25p ordinary | CFD | reducing a short position | 14,975 | 4.0496 GBP |
25p ordinary | CFD | reducing a short position | 5,096 | 4.0537 GBP |
25p ordinary | CFD | reducing a short position | 265,877 | 4.0563 GBP |
25p ordinary | CFD | reducing a short position | 3,994 | 4.0600 GBP |
25p ordinary | CFD | reducing a short position | 2,233 | 4.0600 GBP |
25p ordinary | CFD | reducing a short position | 3,717 | 4.0600 GBP |
25p ordinary | CFD | reducing a short position | 9 | 4.0600 GBP |
25p ordinary | CFD | reducing a short position | 2,034 | 4.0600 GBP |
25p ordinary | CFD | reducing a short position | 4 | 4.0620 GBP |
25p ordinary | CFD | reducing a short position | 38,309 | 4.0622 GBP |
25p ordinary | CFD | reducing a short position | 37,039 | 4.0624 GBP |
25p ordinary | CFD | reducing a short position | 64,087 | 4.0633 GBP |
25p ordinary | CFD | reducing a short position | 5,081 | 4.0634 GBP |
25p ordinary | CFD | reducing a short position | 3 | 4.0640 GBP |
25p ordinary | CFD | reducing a short position | 47,665 | 4.0642 GBP |
25p ordinary | CFD | reducing a short position | 54,282 | 4.0646 GBP |
25p ordinary | CFD | reducing a short position | 1,852 | 4.0924 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 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