21st Jan 2026 11:13
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: | J.P. Morgan Securities Plc |
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | Glencore plc |
(c) Name of the party to the offer with which exempt principal trader is connected: | Corporate Broker to Rio Tinto plc and Rio Tinto Limited |
(d) Date dealing undertaken: | 20 January 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, Rio Tinto plc and Limited |
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 |
Ordinary NPV | Purchase | 7,524,656 | 4.8207 GBP | 4.7301 GBP |
500 | 5.5170 EUR | 5.5170 EUR | ||
| Sale | 6,175,000 | 4.8200 GBP | 4.7301 GBP | |
500 | 5.5170 EUR | 5.5170 EUR |
(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 |
Ordinary NPV | Equity Swap | Decrease Long | 329 | 4.7501 GBP |
20,339 | 4.7602 GBP | |||
734 | 4.7989 GBP | |||
2,265 | 4.8048 GBP | |||
1,525 | 4.8053 GBP | |||
1,165,028 | 4.8200 GBP | |||
1,248 | 4.8207 GBP | |||
10,473 | 106.2122 ZAR | |||
21,658 | 106.2699 ZAR | |||
230 | 106.2887 ZAR | |||
8,223 | 106.2933 ZAR | |||
1,495 | 106.3205 ZAR | |||
930 | 106.3675 ZAR | |||
5,287 | 106.4628 ZAR | |||
Decrease Short | 22,141 | 4.7880 GBP | ||
35,153 | 4.7929 GBP | |||
13,491 | 4.7941 GBP | |||
54,235 | 4.7965 GBP | |||
10,540 | 4.7984 GBP | |||
109,354 | 4.7988 GBP | |||
114,809 | 4.7998 GBP | |||
581 | 4.8000 GBP | |||
272 | 4.8028 GBP | |||
12,673 | 4.8030 GBP | |||
25,287 | 4.8049 GBP | |||
1,158 | 4.8050 GBP | |||
319 | 4.8058 GBP | |||
116,800 | 4.8061 GBP | |||
396 | 4.8142 GBP | |||
16,458 | 4.8156 GBP | |||
27,639 | 4.8161 GBP | |||
633 | 4.8195 GBP | |||
11,955 | 4.8196 GBP | |||
3,842 | 4.8198 GBP | |||
33,974 | 4.8200 GBP | |||
7,607 | 105.7175 ZAR | |||
10,473 | 106.2122 ZAR | |||
230 | 106.2887 ZAR | |||
8,223 | 106.2933 ZAR | |||
993 | 106.3000 ZAR | |||
238 | 106.3400 ZAR | |||
930 | 106.3675 ZAR | |||
264 | 106.3800 ZAR | |||
5,287 | 106.4415 ZAR | |||
Increase Long | 2,701 | 4.7832 GBP | ||
18,436 | 4.7876 GBP | |||
15,053 | 4.7988 GBP | |||
8,413 | 4.7992 GBP | |||
113,968 | 4.8126 GBP | |||
144,137 | 4.8172 GBP | |||
26,071 | 4.8193 GBP | |||
291,529 | 4.8197 GBP | |||
853,136 | 4.8200 GBP | |||
7,836 | 106.1069 ZAR | |||
5,278 | 106.1286 ZAR | |||
50,584 | 106.1739 ZAR | |||
21,884 | 106.2726 ZAR | |||
59,054 | 106.2862 ZAR | |||
51 | 106.3282 ZAR | |||
Increase Short | 1,199 | 4.7475 GBP | ||
200,661 | 4.7549 GBP | |||
934 | 4.7845 GBP | |||
25,050 | 4.7887 GBP | |||
277,829 | 4.7963 GBP | |||
1 | 4.8005 GBP | |||
17,885 | 4.8022 GBP | |||
13,500 | 4.8063 GBP | |||
29,537 | 4.8084 GBP | |||
1,069 | 4.8097 GBP | |||
7,726 | 4.8148 GBP | |||
32,605 | 4.8160 GBP | |||
9,179 | 105.8627 ZAR | |||
992 | 106.0348 ZAR | |||
7,836 | 106.1069 ZAR | |||
5,278 | 106.1286 ZAR | |||
13,009 | 106.2472 ZAR | |||
21,772 | 106.2841 ZAR | |||
59,087 | 106.3000 ZAR | |||
5,632 | 106.3011 ZAR | |||
4,017 | 106.3224 ZAR | |||
3,590 | 106.3225 ZAR | |||
18 | 106.3800 ZAR | |||
Opening a long position | 1,469 | 105.5491 ZAR | ||
209 | 105.7100 ZAR | |||
7,607 | 106.3224 ZAR | |||
19,980 | 106.3276 ZAR | |||
Opening a short position | 1,016 | 4.8039 GBP | ||
355,454 | 4.8200 GBP | |||
7,607 | 105.7175 ZAR | |||
11,242 | 106.0954 ZAR | |||
1,326 | 106.2899 ZAR | |||
9,316 | 106.4863 ZAR |
(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 |
(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
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| Date of disclosure: | 21 January 2026 |
| Contact name: | Hetvi Shah |
| Telephone number: | 44 2034 936359 |
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:
Glencore