13th Feb 2026 10:44
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 | Schroders plc |
(c) Name of the party to the offer with which exempt principal trader is connected: | Financial Adviser and Corporate Broker to Schroders plc |
(d) Date dealing undertaken: | 12 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" | N/A |
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 |
20p ordinary | Purchase | 12,950,804 | 5.9500 GBP | 5.8600 GBP |
| Sale | 8,549,306 | 5.9500 GBP | 5.8650 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 |
20p ordinary | Equity Swap | Decrease Long | 362,375 | 5.8693 GBP |
262 | 5.8728 GBP | |||
27,735 | 5.8753 GBP | |||
95,203 | 5.8754 GBP | |||
1,721 | 5.8756 GBP | |||
30,015 | 5.8762 GBP | |||
50,261 | 5.8766 GBP | |||
8,012 | 5.8772 GBP | |||
5,987 | 5.8778 GBP | |||
2,709 | 5.8788 GBP | |||
635,664 | 5.8790 GBP | |||
328 | 5.8796 GBP | |||
34,859 | 5.8797 GBP | |||
303,900 | 5.8801 GBP | |||
48,668 | 5.8816 GBP | |||
11,800 | 5.8823 GBP | |||
173,623 | 5.8840 GBP | |||
378 | 5.8856 GBP | |||
142,791 | 5.8860 GBP | |||
929 | 5.8870 GBP | |||
291,339 | 5.8905 GBP | |||
1,691 | 5.8996 GBP | |||
356,979 | 5.9035 GBP | |||
440,000 | 5.9097 GBP | |||
821,055 | 5.9111 GBP | |||
199,326 | 5.9140 GBP | |||
239,953 | 5.9148 GBP | |||
4,961 | 5.9200 GBP | |||
240,732 | 5.9463 GBP | |||
Decrease Short | 9,241 | 5.8675 GBP | ||
12,878 | 5.8746 GBP | |||
73,355 | 5.8749 GBP | |||
5,547 | 5.8750 GBP | |||
53,412 | 5.8754 GBP | |||
28,681 | 5.8776 GBP | |||
71,966 | 5.8787 GBP | |||
15,800 | 5.8804 GBP | |||
726,324 | 5.8812 GBP | |||
416,394 | 5.8813 GBP | |||
5,013 | 5.8825 GBP | |||
17,772 | 5.8827 GBP | |||
3,978 | 5.8830 GBP | |||
5,394 | 5.8832 GBP | |||
156,881 | 5.8833 GBP | |||
59 | 5.8849 GBP | |||
2,980 | 5.8865 GBP | |||
20,880 | 5.8892 GBP | |||
34,874 | 5.8913 GBP | |||
338 | 5.8999 GBP | |||
40,754 | 5.9007 GBP | |||
1,755,100 | 5.9024 GBP | |||
89,184 | 5.9270 GBP | |||
Increase Long | 260,993 | 5.8736 GBP | ||
1,232 | 5.8743 GBP | |||
78,271 | 5.8785 GBP | |||
4,284 | 5.8788 GBP | |||
26,169 | 5.8791 GBP | |||
932 | 5.8794 GBP | |||
24,173 | 5.8809 GBP | |||
17,559 | 5.8810 GBP | |||
14,216 | 5.8837 GBP | |||
2,660 | 5.8846 GBP | |||
5,428 | 5.8872 GBP | |||
34 | 5.9100 GBP | |||
400 | 5.9122 GBP | |||
254 | 5.9251 GBP | |||
Increase Short | 9,241 | 5.8675 GBP | ||
5,028 | 5.8735 GBP | |||
7,119 | 5.8749 GBP | |||
60,328 | 5.8751 GBP | |||
392 | 5.8754 GBP | |||
5,687 | 5.8756 GBP | |||
92,474 | 5.8760 GBP | |||
9,014 | 5.8762 GBP | |||
35,815 | 5.8769 GBP | |||
3 | 5.8782 GBP | |||
17,500 | 5.8785 GBP | |||
50,000 | 5.8788 GBP | |||
79,478 | 5.8792 GBP | |||
2,151 | 5.8796 GBP | |||
96,829 | 5.8801 GBP | |||
902 | 5.8806 GBP | |||
12,267 | 5.8816 GBP | |||
1,300,000 | 5.8829 GBP | |||
3,027 | 5.8884 GBP | |||
37,999 | 5.8910 GBP | |||
1,743 | 5.8918 GBP | |||
1,468 | 5.8924 GBP | |||
87,728 | 5.8945 GBP | |||
22,267 | 5.8966 GBP | |||
16,643 | 5.8984 GBP | |||
19,965 | 5.9026 GBP | |||
2,251 | 5.9033 GBP | |||
2,185 | 5.9044 GBP | |||
5,535 | 5.9075 GBP | |||
Opening a long position | 47,989 | 5.8832 GBP | ||
62,690 | 5.8872 GBP | |||
1,026 | 5.8882 GBP | |||
11,676 | 5.8995 GBP | |||
5,865 | 5.9305 GBP | |||
Opening a short position | 44,982 | 5.8633 GBP | ||
2,579 | 5.8691 GBP | |||
124,707 | 5.8741 GBP | |||
48,794 | 5.8750 GBP | |||
515 | 5.8751 GBP | |||
3,743 | 5.8752 GBP | |||
74,130 | 5.8854 GBP | |||
13,352 | 5.8865 GBP | |||
500,000 | 5.8881 GBP | |||
470,000 | 5.8944 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 |
(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) |
|
|
|
|
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: | 13 February 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:
Schroders