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17 Feb 2026 11:55
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: | UBS Investment Bank, London |
(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 |
(c) Name of the party to the offer with which exempt principal trader is connected: | British Land Company plc |
(d) Date dealing undertaken: | 16 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
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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 | Buy
| 504060 | 4.10893 GBP | 4.02000 GBP |
25p ordinary | Sell
| 501358 | 4.10893 GBP | 3.98828 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
| Long | 23 | 4.064 GBP |
25p ordinary | CFD
| Long | 2969 | 4.094 GBP |
25p ordinary | CFD
| Long | 20598 | 4.079629 GBP |
25p ordinary | CFD
| Long | 39 | 4.03698139 GBP |
25p ordinary | CFD
| Long | 7 | 4.049676 GBP |
25p ordinary | CFD
| Long | 3934 | 4.02720441217082 GBP |
25p ordinary | CFD
| Long | 8304 | 4.06108808 GBP |
25p ordinary | CFD
| Long | 2606 | 3.9882854082216 GBP |
25p ordinary | CFD
| Long | 1213 | 4.05485879480627 GBP |
25p ordinary | CFD
| Long | 6 | 4.04833333333333 GBP |
25p ordinary | CFD
| Long | 60380 | 4.04787099489566 GBP |
25p ordinary | CFD
| Long | 7185 | 4.038 GBP |
25p ordinary | CFD
| Long | 7 | 4.04857142857143 GBP |
25p ordinary | CFD
| Long | 34 | 4.10017647058824 GBP |
25p ordinary | CFD
| Long | 19 | 4.06389473684211 GBP |
25p ordinary | CFD
| Long | 2085 | 4.06238153768825 GBP |
25p ordinary | CFD
| Long | 85 | 4.04904222 GBP |
25p ordinary | CFD
| Long | 67 | 4.070989 GBP |
25p ordinary | CFD
| Long | 19387 | 4.05 GBP |
25p ordinary | CFD
| Long | 5330 | 4.05669606020638 GBP |
25p ordinary | CFD
| Long | 1953 | 4.09582386072709 GBP |
25p ordinary | CFD
| Long | 580 | 4.05669306655172 GBP |
25p ordinary | CFD
| Long | 153 | 4.10188841333333 GBP |
25p ordinary | CFD
| Long | 5922 | 4.04720727424519 GBP |
25p ordinary | CFD
| Long | 4161 | 4.0497197 GBP |
25p ordinary | CFD
| Long | 16001 | 4.049798 GBP |
25p ordinary | CFD
| Long | 3845 | 4.05383771214044 GBP |
25p ordinary | CFD
| Long | 44722 | 4.05599143620187 GBP |
25p ordinary | CFD
| Short | 31943 | 4.06309043 GBP |
25p ordinary | CFD
| Short | 8 | 4.08195409 GBP |
25p ordinary | CFD
| Short | 3578 | 4.0598927306 GBP |
25p ordinary | CFD
| Short | 34 | 4.10017647058824 GBP |
25p ordinary | CFD
| Short | 980 | 4.054 GBP |
25p ordinary | CFD
| Short | 17 | 4.05705372 GBP |
25p ordinary | CFD
| Short | 4503 | 4.0595118782545 GBP |
25p ordinary | CFD
| Short | 94795 | 4.05253476177541 GBP |
25p ordinary | CFD
| Short | 4712 | 4.05543378786503 GBP |
25p ordinary | CFD
| Short | 1848 | 4.047468 GBP |
25p ordinary | CFD
| Short | 15380 | 4.050202 GBP |
25p ordinary | CFD
| Short | 886 | 4.05 GBP |
25p ordinary | CFD
| Short | 3774 | 4.05685114112348 GBP |
25p ordinary | CFD
| Short | 6319 | 4.06386445640133 GBP |
25p ordinary | CFD
| Short | 3808 | 4.07165262 GBP |
25p ordinary | CFD
| Short | 25704 | 4.05893904 GBP |
25p ordinary | CFD
| Short | 15232 | 4.0482582 GBP |
25p ordinary | CFD
| Short | 745 | 4.06606332154362 GBP |
25p ordinary | CFD
| Short | 13 | 4.04769230769231 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 |
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(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) |
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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
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(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: | Richard Howard |
| Telephone number: | +44 (0)207 568 9128 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk
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.
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