17th Feb 2026 13:25
AMENDMENT(2(a), 2(b))
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: | 13 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 | 3,778,567 | 4.0440 GBP | 3.9629 GBP |
25p ordinary | PURCHASES | 2,384,346 | 4.0540 GBP | 3.9520 GBP |
25p ordinary | PURCHASES | 985 | 5.4253 USD | 5.4253 USD |
25p ordinary | SALES | 9 | 5.4888 USD | 5.4581 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 | 22,539 | 3.9647 GBP |
25p ordinary | CFD | increasing a long position | 6,742 | 3.9647 GBP |
25p ordinary | CFD | increasing a long position | 19,476 | 3.9647 GBP |
25p ordinary | CFD | increasing a long position | 132,398 | 3.9647 GBP |
25p ordinary | CFD | increasing a long position | 676 | 3.9691 GBP |
25p ordinary | CFD | increasing a long position | 24,625 | 3.9693 GBP |
25p ordinary | CFD | increasing a long position | 100,177 | 3.9817 GBP |
25p ordinary | CFD | increasing a long position | 1,601 | 3.9846 GBP |
25p ordinary | CFD | increasing a long position | 1,831 | 3.9893 GBP |
25p ordinary | CFD | increasing a long position | 6,937 | 3.9893 GBP |
25p ordinary | CFD | increasing a long position | 11,247 | 3.9893 GBP |
25p ordinary | CFD | increasing a long position | 41,832 | 3.9893 GBP |
25p ordinary | CFD | increasing a long position | 6,195 | 3.9893 GBP |
25p ordinary | CFD | increasing a long position | 148,358 | 3.9908 GBP |
25p ordinary | CFD | increasing a long position | 5,730 | 3.9956 GBP |
25p ordinary | CFD | increasing a long position | 27,558 | 3.9974 GBP |
25p ordinary | CFD | increasing a long position | 74,179 | 4.0068 GBP |
25p ordinary | CFD | increasing a long position | 37,089 | 4.0078 GBP |
25p ordinary | CFD | increasing a long position | 28,010 | 4.0085 GBP |
25p ordinary | CFD | increasing a long position | 37,089 | 4.0088 GBP |
25p ordinary | CFD | increasing a long position | 466,618 | 4.0092 GBP |
25p ordinary | CFD | increasing a long position | 23,539 | 4.0101 GBP |
25p ordinary | CFD | increasing a long position | 26,518 | 4.0114 GBP |
25p ordinary | CFD | increasing a long position | 7,130 | 4.0114 GBP |
25p ordinary | CFD | increasing a long position | 3,927 | 4.0114 GBP |
25p ordinary | CFD | increasing a long position | 4,396 | 4.0114 GBP |
25p ordinary | CFD | increasing a long position | 1,161 | 4.0114 GBP |
25p ordinary | CFD | increasing a long position | 1,520 | 4.0125 GBP |
25p ordinary | CFD | increasing a long position | 9,175 | 4.0125 GBP |
25p ordinary | CFD | increasing a long position | 2,467 | 4.0125 GBP |
25p ordinary | CFD | increasing a long position | 1,359 | 4.0125 GBP |
25p ordinary | CFD | increasing a long position | 402 | 4.0125 GBP |
25p ordinary | CFD | increasing a long position | 125 | 4.0204 GBP |
25p ordinary | CFD | increasing a long position | 9,204 | 4.0273 GBP |
25p ordinary | CFD | increasing a long position | 4,843 | 4.0314 GBP |
25p ordinary | CFD | increasing a long position | 2,718 | 4.0314 GBP |
25p ordinary | CFD | increasing a long position | 400,000 | 4.0315 GBP |
25p ordinary | CFD | increasing a long position | 105,294 | 4.0373 GBP |
25p ordinary | CFD | increasing a long position | 12,791 | 4.0379 GBP |
25p ordinary | CFD | increasing a long position | 706 | 4.0462 GBP |
25p ordinary | CFD | increasing a short position | 985 | 3.9780 GBP |
25p ordinary | CFD | increasing a short position | 1,400 | 3.9832 GBP |
25p ordinary | CFD | increasing a short position | 174,215 | 3.9988 GBP |
25p ordinary | CFD | increasing a short position | 317 | 4.0040 GBP |
25p ordinary | CFD | increasing a short position | 207 | 4.0040 GBP |
25p ordinary | CFD | increasing a short position | 100 | 4.0103 GBP |
25p ordinary | CFD | increasing a short position | 5,656 | 4.0118 GBP |
25p ordinary | CFD | increasing a short position | 51,679 | 4.0121 GBP |
25p ordinary | CFD | increasing a short position | 1,272 | 4.0147 GBP |
25p ordinary | CFD | increasing a short position | 2,343 | 4.0157 GBP |
25p ordinary | CFD | increasing a short position | 2,495 | 4.0188 GBP |
25p ordinary | CFD | increasing a short position | 594 | 4.0208 GBP |
25p ordinary | CFD | increasing a short position | 67,019 | 4.0285 GBP |
25p ordinary | CFD | increasing a short position | 44,091 | 4.0317 GBP |
25p ordinary | CFD | increasing a short position | 1,610 | 4.0350 GBP |
25p ordinary | CFD | increasing a short position | 1,527 | 4.0377 GBP |
25p ordinary | CFD | increasing a short position | 660 | 4.0377 GBP |
25p ordinary | CFD | increasing a short position | 1,996 | 4.0377 GBP |
25p ordinary | CFD | increasing a short position | 869 | 4.0380 GBP |
25p ordinary | CFD | increasing a short position | 1,080 | 4.0380 GBP |
25p ordinary | CFD | increasing a short position | 1,833 | 4.0380 GBP |
25p ordinary | CFD | increasing a short position | 2,938 | 4.0388 GBP |
25p ordinary | CFD | increasing a short position | 241 | 4.0417 GBP |
25p ordinary | CFD | reducing a long position | 693 | 3.9620 GBP |
25p ordinary | CFD | reducing a long position | 808 | 3.9748 GBP |
25p ordinary | CFD | reducing a long position | 7,609 | 3.9804 GBP |
25p ordinary | CFD | reducing a long position | 4,645 | 3.9823 GBP |
25p ordinary | CFD | reducing a long position | 11,682 | 3.9986 GBP |
25p ordinary | CFD | reducing a long position | 56,699 | 3.9991 GBP |
25p ordinary | CFD | reducing a long position | 494 | 4.0000 GBP |
25p ordinary | CFD | reducing a long position | 4,630 | 4.0008 GBP |
25p ordinary | CFD | reducing a long position | 2,161 | 4.0032 GBP |
25p ordinary | CFD | reducing a long position | 220 | 4.0044 GBP |
25p ordinary | CFD | reducing a long position | 68,714 | 4.0069 GBP |
25p ordinary | CFD | reducing a long position | 98,213 | 4.0078 GBP |
25p ordinary | CFD | reducing a long position | 79,686 | 4.0101 GBP |
25p ordinary | CFD | reducing a long position | 163,266 | 4.0139 GBP |
25p ordinary | CFD | reducing a long position | 22,913 | 4.0160 GBP |
25p ordinary | CFD | reducing a long position | 14,817 | 4.0288 GBP |
25p ordinary | CFD | reducing a long position | 2,390 | 4.0288 GBP |
25p ordinary | CFD | reducing a long position | 24,834 | 4.0288 GBP |
25p ordinary | CFD | reducing a long position | 6 | 4.0340 GBP |
25p ordinary | CFD | reducing a long position | 2 | 4.0380 GBP |
25p ordinary | CFD | reducing a long position | 19 | 4.0380 GBP |
25p ordinary | CFD | reducing a long position | 94 | 4.0380 GBP |
25p ordinary | CFD | reducing a long position | 26,765 | 4.0380 GBP |
25p ordinary | CFD | reducing a long position | 9,180 | 4.0381 GBP |
25p ordinary | CFD | reducing a short position | 63,836 | 3.9974 GBP |
25p ordinary | CFD | reducing a short position | 317 | 4.0020 GBP |
25p ordinary | CFD | reducing a short position | 207 | 4.0020 GBP |
25p ordinary | CFD | reducing a short position | 7,665 | 4.0027 GBP |
25p ordinary | CFD | reducing a short position | 1,159 | 4.0096 GBP |
25p ordinary | CFD | reducing a short position | 7,658 | 4.0138 GBP |
25p ordinary | CFD | reducing a short position | 54 | 4.0192 GBP |
25p ordinary | CFD | reducing a short position | 9 | 4.0220 GBP |
25p ordinary | CFD | reducing a short position | 257 | 4.0257 GBP |
25p ordinary | CFD | reducing a short position | 505 | 4.0257 GBP |
25p ordinary | CFD | reducing a short position | 1,847 | 4.0276 GBP |
25p ordinary | CFD | reducing a short position | 7,548 | 4.0288 GBP |
25p ordinary | CFD | reducing a short position | 43 | 4.0334 GBP |
25p ordinary | CFD | reducing a short position | 1,531 | 4.0357 GBP |
25p ordinary | CFD | reducing a short position | 1,370 | 4.0360 GBP |
25p ordinary | CFD | reducing a short position | 110,418 | 4.0380 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: | 17 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