28th Jan 2026 11:20
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: | 27 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 Rio Tinto 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 | 4,128 | 110.0600 ZAR | 110.0600 ZAR |
5,495,459 | 5.0388 GBP | 4.9500 GBP | ||
| Sale | 4,128 | 110.0600 ZAR | 110.0600 ZAR | |
6,909,713 | 5.0380 GBP | 4.9490 GBP |
(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 | 3,606 | 4.9649 GBP |
3,622 | 4.9874 GBP | |||
13,273 | 4.9940 GBP | |||
3,175 | 5.0086 GBP | |||
14,411 | 5.0112 GBP | |||
50,430 | 5.0137 GBP | |||
114,175 | 5.0380 GBP | |||
1,071 | 5.0388 GBP | |||
7,692 | 109.6174 ZAR | |||
28,922 | 109.6382 ZAR | |||
63,812 | 109.8012 ZAR | |||
1,880 | 110.0315 ZAR | |||
501 | 110.0572 ZAR | |||
60,681 | 110.0743 ZAR | |||
932 | 110.2438 ZAR | |||
Decrease Short | 364,965 | 4.9519 GBP | ||
6,746 | 4.9585 GBP | |||
2,295 | 4.9721 GBP | |||
2,765 | 4.9790 GBP | |||
201,740 | 4.9809 GBP | |||
18,619 | 4.9834 GBP | |||
4,137 | 4.9954 GBP | |||
44,480 | 4.9964 GBP | |||
6,746 | 4.9987 GBP | |||
61,400 | 5.0063 GBP | |||
372,775 | 5.0075 GBP | |||
5,112 | 5.0085 GBP | |||
1 | 5.0095 GBP | |||
372,910 | 5.0105 GBP | |||
1 | 5.0115 GBP | |||
37,752 | 5.0193 GBP | |||
2,807 | 5.0222 GBP | |||
25,964 | 5.0226 GBP | |||
10,456 | 5.0251 GBP | |||
5,029 | 5.0254 GBP | |||
185,457 | 5.0355 GBP | |||
846 | 5.0377 GBP | |||
902 | 5.0378 GBP | |||
84,096 | 5.0380 GBP | |||
2 | 109.3700 ZAR | |||
7,692 | 109.6174 ZAR | |||
28,922 | 109.6382 ZAR | |||
1 | 110.0200 ZAR | |||
1,880 | 110.0315 ZAR | |||
61,179 | 110.0600 ZAR | |||
932 | 110.2438 ZAR | |||
Increase Long | 16,232 | 4.9715 GBP | ||
179,025 | 4.9739 GBP | |||
49,329 | 4.9763 GBP | |||
24,664 | 4.9897 GBP | |||
1,339 | 4.9915 GBP | |||
216,236 | 5.0379 GBP | |||
136,512 | 5.0380 GBP | |||
6,507 | 109.2689 ZAR | |||
133 | 109.3599 ZAR | |||
38,592 | 109.6129 ZAR | |||
17,629 | 109.7069 ZAR | |||
454 | 109.8792 ZAR | |||
25,220 | 110.5700 ZAR | |||
Increase Short | 284,301 | 4.9555 GBP | ||
2,030 | 4.9702 GBP | |||
17,541 | 4.9756 GBP | |||
10 | 4.9780 GBP | |||
79,726 | 4.9807 GBP | |||
9,786 | 4.9812 GBP | |||
3,200 | 4.9832 GBP | |||
48,082 | 4.9850 GBP | |||
880 | 5.0010 GBP | |||
22 | 5.0073 GBP | |||
78,281 | 5.0086 GBP | |||
5,920 | 5.0121 GBP | |||
400 | 5.0135 GBP | |||
81,046 | 5.0329 GBP | |||
84,541 | 5.0384 GBP | |||
118 | 6.8223 ZAR | |||
2,424 | 6.8233 ZAR | |||
2,178 | 6.8332 ZAR | |||
2,541 | 6.8520 ZAR | |||
3,630 | 6.8641 ZAR | |||
617 | 6.8770 ZAR | |||
930 | 6.8795 ZAR | |||
1,561 | 6.8892 ZAR | |||
3,630 | 6.9013 ZAR | |||
6,507 | 109.2689 ZAR | |||
1 | 109.3500 ZAR | |||
132 | 109.3600 ZAR | |||
454 | 109.8792 ZAR | |||
Opening a long position | 509 | 4.9690 GBP | ||
942 | 4.9915 GBP | |||
482 | 5.0105 GBP | |||
915 | 5.0140 GBP | |||
882 | 108.9240 ZAR | |||
7,020 | 109.0994 ZAR | |||
5,553 | 109.3558 ZAR | |||
1,387 | 109.4356 ZAR | |||
290 | 109.4810 ZAR | |||
7,920 | 109.5378 ZAR | |||
215 | 109.9499 ZAR | |||
40,545 | 110.0665 ZAR | |||
Opening a short position | 942 | 4.9915 GBP | ||
811 | 5.0105 GBP | |||
1,854 | 5.0109 GBP | |||
786 | 5.0111 GBP | |||
124 | 5.0125 GBP | |||
3,055 | 5.0129 GBP | |||
700 | 5.0132 GBP | |||
915 | 5.0140 GBP | |||
2,682 | 109.0013 ZAR | |||
4,381 | 109.0314 ZAR | |||
839 | 109.2226 ZAR | |||
5,355 | 109.4127 ZAR | |||
3,256 | 109.4516 ZAR | |||
7,544 | 109.5192 ZAR | |||
7,787 | 109.8650 ZAR | |||
1,863 | 110.1487 ZAR | |||
4,885 | 110.4115 ZAR | |||
25,220 | 110.5700 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: | 28 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