24th Feb 2026 13:55
AMENDMENT(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: | 19 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 | 874,687 | 4.1460 GBP | 4.1089 GBP |
25p ordinary | PURCHASES | 1,313,092 | 4.1500 GBP | 4.1098 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 |
25p ordinary | CFD | increasing a long position | 2,248 | 4.1100 GBP |
25p ordinary | CFD | increasing a long position | 240 | 4.1124 GBP |
25p ordinary | CFD | increasing a long position | 1,049 | 4.1125 GBP |
25p ordinary | CFD | increasing a long position | 465 | 4.1180 GBP |
25p ordinary | CFD | increasing a long position | 665 | 4.1200 GBP |
25p ordinary | CFD | increasing a long position | 1,384 | 4.1205 GBP |
25p ordinary | CFD | increasing a long position | 5,462 | 4.1232 GBP |
25p ordinary | CFD | increasing a long position | 75,040 | 4.1247 GBP |
25p ordinary | CFD | increasing a long position | 40 | 4.1260 GBP |
25p ordinary | CFD | increasing a long position | 2,170 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 4,411 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 6,444 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 2,508 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 5,044 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 10,453 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 3,346 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 1,885 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 12,741 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 4,990 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 75,039 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 17,646 | 4.1275 GBP |
25p ordinary | CFD | increasing a long position | 12 | 4.1300 GBP |
25p ordinary | CFD | increasing a long position | 323 | 4.1300 GBP |
25p ordinary | CFD | increasing a long position | 4,362 | 4.1300 GBP |
25p ordinary | CFD | increasing a long position | 11,912 | 4.1312 GBP |
25p ordinary | CFD | increasing a long position | 12,333 | 4.1322 GBP |
25p ordinary | CFD | increasing a long position | 27,909 | 4.1329 GBP |
25p ordinary | CFD | increasing a long position | 7,505 | 4.1329 GBP |
25p ordinary | CFD | increasing a long position | 4,135 | 4.1329 GBP |
25p ordinary | CFD | increasing a long position | 1,223 | 4.1329 GBP |
25p ordinary | CFD | increasing a long position | 4,633 | 4.1329 GBP |
25p ordinary | CFD | increasing a long position | 1,958 | 4.1330 GBP |
25p ordinary | CFD | increasing a long position | 763 | 4.1331 GBP |
25p ordinary | CFD | increasing a long position | 817 | 4.1338 GBP |
25p ordinary | CFD | increasing a long position | 1,061 | 4.1338 GBP |
25p ordinary | CFD | increasing a long position | 20,110 | 4.1340 GBP |
25p ordinary | CFD | increasing a long position | 311 | 4.1356 GBP |
25p ordinary | CFD | increasing a long position | 1,014 | 4.1356 GBP |
25p ordinary | CFD | increasing a long position | 6,634 | 4.1442 GBP |
25p ordinary | CFD | increasing a short position | 140 | 4.1180 GBP |
25p ordinary | CFD | increasing a short position | 200 | 4.1181 GBP |
25p ordinary | CFD | increasing a short position | 471 | 4.1214 GBP |
25p ordinary | CFD | increasing a short position | 51,707 | 4.1298 GBP |
25p ordinary | CFD | increasing a short position | 6,656 | 4.1300 GBP |
25p ordinary | CFD | increasing a short position | 383 | 4.1300 GBP |
25p ordinary | CFD | increasing a short position | 28 | 4.1300 GBP |
25p ordinary | CFD | increasing a short position | 35,192 | 4.1300 GBP |
25p ordinary | CFD | increasing a short position | 898 | 4.1300 GBP |
25p ordinary | CFD | increasing a short position | 476 | 4.1300 GBP |
25p ordinary | CFD | increasing a short position | 807 | 4.1300 GBP |
25p ordinary | CFD | increasing a short position | 16,851 | 4.1329 GBP |
25p ordinary | CFD | increasing a short position | 10,999 | 4.1329 GBP |
25p ordinary | CFD | increasing a short position | 90,227 | 4.1362 GBP |
25p ordinary | CFD | increasing a short position | 34,200 | 4.1362 GBP |
25p ordinary | CFD | increasing a short position | 51,300 | 4.1362 GBP |
25p ordinary | CFD | increasing a short position | 272,011 | 4.1362 GBP |
25p ordinary | CFD | increasing a short position | 135,340 | 4.1362 GBP |
25p ordinary | CFD | reducing a long position | 10,463 | 4.1225 GBP |
25p ordinary | CFD | reducing a long position | 5,922 | 4.1226 GBP |
25p ordinary | CFD | reducing a long position | 8,769 | 4.1230 GBP |
25p ordinary | CFD | reducing a long position | 1,268 | 4.1239 GBP |
25p ordinary | CFD | reducing a long position | 13,104 | 4.1260 GBP |
25p ordinary | CFD | reducing a long position | 303 | 4.1263 GBP |
25p ordinary | CFD | reducing a long position | 2,142 | 4.1281 GBP |
25p ordinary | CFD | reducing a long position | 22,274 | 4.1281 GBP |
25p ordinary | CFD | reducing a long position | 286 | 4.1284 GBP |
25p ordinary | CFD | reducing a long position | 28,158 | 4.1298 GBP |
25p ordinary | CFD | reducing a long position | 1,105 | 4.1298 GBP |
25p ordinary | CFD | reducing a long position | 2,397 | 4.1300 GBP |
25p ordinary | CFD | reducing a long position | 38,367 | 4.1300 GBP |
25p ordinary | CFD | reducing a long position | 3,877 | 4.1300 GBP |
25p ordinary | CFD | reducing a long position | 9,004 | 4.1311 GBP |
25p ordinary | CFD | reducing a long position | 105,120 | 4.1311 GBP |
25p ordinary | CFD | reducing a long position | 23,254 | 4.1318 GBP |
25p ordinary | CFD | reducing a long position | 11,233 | 4.1331 GBP |
25p ordinary | CFD | reducing a long position | 19,303 | 4.1333 GBP |
25p ordinary | CFD | reducing a long position | 6,284 | 4.1339 GBP |
25p ordinary | CFD | reducing a long position | 73 | 4.1341 GBP |
25p ordinary | CFD | reducing a long position | 22,781 | 4.1342 GBP |
25p ordinary | CFD | reducing a short position | 8,674 | 4.1234 GBP |
25p ordinary | CFD | reducing a short position | 5,422 | 4.1299 GBP |
25p ordinary | CFD | reducing a short position | 7,088 | 4.1299 GBP |
25p ordinary | CFD | reducing a short position | 2,343 | 4.1299 GBP |
25p ordinary | CFD | reducing a short position | 844 | 4.1300 GBP |
25p ordinary | CFD | reducing a short position | 40,748 | 4.1300 GBP |
25p ordinary | CFD | reducing a short position | 97,199 | 4.1302 GBP |
25p ordinary | CFD | reducing a short position | 10,530 | 4.1319 GBP |
25p ordinary | CFD | reducing a short position | 51,707 | 4.1322 GBP |
25p ordinary | CFD | reducing a short position | 20,936 | 4.1331 GBP |
25p ordinary | CFD | reducing a short position | 29,760 | 4.1343 GBP |
25p ordinary | CFD | reducing a short position | 888 | 4.1345 GBP |
25p ordinary | CFD | reducing a short position | 7,851 | 4.1399 GBP |
25p ordinary | CFD | reducing a short position | 9,700 | 4.1420 GBP |
25p ordinary | CFD | reducing a short position | 12 | 4.1440 GBP |
25p ordinary | CFD | reducing a short position | 140 | 4.1440 GBP |
25p ordinary | CFD | reducing a short position | 214 | 4.1440 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: | 24 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