RE: 16 RNS this week so far !5 Dec 2025 12:01
A Form 8.5 is a regulatory disclosure document under the UK Takeover Code, used by Exempt Principal Traders (EPTs) to publicly declare their initial ("opening") positions and subsequent dealings in the shares of a company involved in a takeover bid (an "offeror" or "offeree"). It's a critical part of transparency, requiring disclosure of ownership stakes, short positions, and any purchases/sales when someone holds 1% or more of a company's shares during an offer period.
Key Aspects of Form 8.5:
Who Files It: Exempt Principal Traders (like certain brokers or market makers) who aren't recognized intermediaries but hold significant stakes (1% or more) in companies involved in a takeover.
When It's Filed: After the offer period begins and after the identity of the offeror is known, to reveal their opening stakes and any trades that follow.
What It Discloses: Details on:
Interests and short positions in the relevant securities.
Purchases and sales of securities, including prices and quantities.
Agreements, options, or derivative positions related to the securities.
Purpose: To ensure market transparency and prevent insider dealing during takeover bids, as required by the Takeover Panel.
Variations: There are different versions, like Form 8.5 (EPT/NON-RI) for traders without recognized intermediary status and (EPT/RI) for those with, but the function is the same under Rule 8 of the Code.
In essence, it's a snapshot of a major market player's holdings and activities in a takeover situation, published for all to see.