25th Feb 2026 14:34
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: | 23 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 | PURCHASES | 889,161 | 4.2318 GBP | 4.1698 GBP |
25p ordinary | SALES | 1,243,607 | 4.2364 GBP | 4.1692 GBP |
25p ordinary | SALES | 16 | 5.6893 USD | 5.6893 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 | 6,748 | 4.1692 GBP |
25p ordinary | CFD | increasing a long position | 3,609 | 4.1697 GBP |
25p ordinary | CFD | increasing a long position | 1,077 | 4.1697 GBP |
25p ordinary | CFD | increasing a long position | 24,556 | 4.1697 GBP |
25p ordinary | CFD | increasing a long position | 6,637 | 4.1697 GBP |
25p ordinary | CFD | increasing a long position | 4,023 | 4.1697 GBP |
25p ordinary | CFD | increasing a long position | 1,481 | 4.1700 GBP |
25p ordinary | CFD | increasing a long position | 21 | 4.1700 GBP |
25p ordinary | CFD | increasing a long position | 2,665 | 4.1725 GBP |
25p ordinary | CFD | increasing a long position | 15,921 | 4.1741 GBP |
25p ordinary | CFD | increasing a long position | 698 | 4.1741 GBP |
25p ordinary | CFD | increasing a long position | 2,340 | 4.1741 GBP |
25p ordinary | CFD | increasing a long position | 4,303 | 4.1741 GBP |
25p ordinary | CFD | increasing a long position | 2,609 | 4.1741 GBP |
25p ordinary | CFD | increasing a long position | 5,369 | 4.1805 GBP |
25p ordinary | CFD | increasing a long position | 1,930 | 4.1861 GBP |
25p ordinary | CFD | increasing a long position | 323 | 4.1900 GBP |
25p ordinary | CFD | increasing a long position | 3,569 | 4.1903 GBP |
25p ordinary | CFD | increasing a long position | 138 | 4.1956 GBP |
25p ordinary | CFD | increasing a long position | 1,314 | 4.1962 GBP |
25p ordinary | CFD | increasing a long position | 6,532 | 4.1979 GBP |
25p ordinary | CFD | increasing a long position | 1,333 | 4.2013 GBP |
25p ordinary | CFD | increasing a long position | 752 | 4.2019 GBP |
25p ordinary | CFD | increasing a long position | 4,996 | 4.2029 GBP |
25p ordinary | CFD | increasing a long position | 30,990 | 4.2070 GBP |
25p ordinary | CFD | increasing a long position | 370 | 4.2116 GBP |
25p ordinary | CFD | increasing a long position | 228 | 4.2127 GBP |
25p ordinary | CFD | increasing a long position | 1,619 | 4.2132 GBP |
25p ordinary | CFD | increasing a long position | 3,471 | 4.2152 GBP |
25p ordinary | CFD | increasing a long position | 1,753 | 4.2153 GBP |
25p ordinary | CFD | increasing a long position | 1,648 | 4.2187 GBP |
25p ordinary | CFD | increasing a long position | 750 | 4.2200 GBP |
25p ordinary | CFD | increasing a long position | 17,349 | 4.2202 GBP |
25p ordinary | CFD | increasing a long position | 9,829 | 4.2238 GBP |
25p ordinary | CFD | increasing a short position | 308 | 4.1700 GBP |
25p ordinary | CFD | increasing a short position | 6,932 | 4.1700 GBP |
25p ordinary | CFD | increasing a short position | 416 | 4.1700 GBP |
25p ordinary | CFD | increasing a short position | 513 | 4.1700 GBP |
25p ordinary | CFD | increasing a short position | 237 | 4.1700 GBP |
25p ordinary | CFD | increasing a short position | 4 | 4.1700 GBP |
25p ordinary | CFD | increasing a short position | 200 | 4.1923 GBP |
25p ordinary | CFD | increasing a short position | 66,454 | 4.2067 GBP |
25p ordinary | CFD | reducing a long position | 611 | 4.1700 GBP |
25p ordinary | CFD | reducing a long position | 20,413 | 4.1700 GBP |
25p ordinary | CFD | reducing a long position | 3,948 | 4.1700 GBP |
25p ordinary | CFD | reducing a long position | 1,283 | 4.1700 GBP |
25p ordinary | CFD | reducing a long position | 2,303 | 4.1700 GBP |
25p ordinary | CFD | reducing a long position | 2,408 | 4.1700 GBP |
25p ordinary | CFD | reducing a long position | 15,850 | 4.1701 GBP |
25p ordinary | CFD | reducing a long position | 17,712 | 4.1732 GBP |
25p ordinary | CFD | reducing a long position | 1,404 | 4.1862 GBP |
25p ordinary | CFD | reducing a long position | 30,575 | 4.1868 GBP |
25p ordinary | CFD | reducing a long position | 27,929 | 4.1913 GBP |
25p ordinary | CFD | reducing a long position | 392 | 4.1919 GBP |
25p ordinary | CFD | reducing a long position | 9,584 | 4.1924 GBP |
25p ordinary | CFD | reducing a long position | 34,822 | 4.1955 GBP |
25p ordinary | CFD | reducing a long position | 260 | 4.1985 GBP |
25p ordinary | CFD | reducing a long position | 16,501 | 4.2018 GBP |
25p ordinary | CFD | reducing a long position | 7,616 | 4.2036 GBP |
25p ordinary | CFD | reducing a long position | 5,011 | 4.2067 GBP |
25p ordinary | CFD | reducing a long position | 20,748 | 4.2077 GBP |
25p ordinary | CFD | reducing a long position | 56,294 | 4.2093 GBP |
25p ordinary | CFD | reducing a long position | 34 | 4.2280 GBP |
25p ordinary | CFD | reducing a short position | 3,166 | 4.1732 GBP |
25p ordinary | CFD | reducing a short position | 563 | 4.1753 GBP |
25p ordinary | CFD | reducing a short position | 737 | 4.1753 GBP |
25p ordinary | CFD | reducing a short position | 244 | 4.1753 GBP |
25p ordinary | CFD | reducing a short position | 25,637 | 4.1772 GBP |
25p ordinary | CFD | reducing a short position | 104,332 | 4.1807 GBP |
25p ordinary | CFD | reducing a short position | 3,700 | 4.2053 GBP |
25p ordinary | CFD | reducing a short position | 54,803 | 4.2088 GBP |
25p ordinary | CFD | reducing a short position | 16 | 4.2113 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: | 25 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