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20 Jan 2026 11:56
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 | Glencore plc |
(c) Name of the party to the offer with which exempt principal trader is connected: | Rio Tinto plc |
(d) Date dealing undertaken: | 19 January 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 |
Ordinary NPV | Buy
| 6081501 | 4.82650 GBP | 3.95325 GBP |
Ordinary NPV | Sell
| 6404880 | 4.82650 GBP | 4.75000 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 |
Ordinary NPV | CFD
| Long | 517 | 105.9735 ZAR |
Ordinary NPV | CFD
| Long | 33295 | 4.811 GBP |
Ordinary NPV | CFD
| Long | 189801 | 4.8105 GBP |
Ordinary NPV | CFD
| Long | 15222 | 4.7935 GBP |
Ordinary NPV | CFD
| Long | 342817 | 4.80693957 GBP |
Ordinary NPV | CFD
| Long | 114838 | 4.814182 GBP |
Ordinary NPV | CFD
| Long | 5382 | 4.800942 GBP |
Ordinary NPV | CFD
| Long | 4693 | 4.808826 GBP |
Ordinary NPV | CFD
| Long | 2823 | 4.815177 GBP |
Ordinary NPV | CFD
| Long | 1285 | 4.808696 GBP |
Ordinary NPV | CFD
| Long | 663 | 4.808234 GBP |
Ordinary NPV | CFD
| Long | 19 | 4.817967 GBP |
Ordinary NPV | CFD
| Long | 12 | 4.812831 GBP |
Ordinary NPV | CFD
| Long | 3193 | 4.8159021651425 GBP |
Ordinary NPV | CFD
| Long | 7487 | 105.86526513 ZAR |
Ordinary NPV | CFD
| Long | 13538 | 106.0326 ZAR |
Ordinary NPV | CFD
| Long | 8401 | 105.98 ZAR |
Ordinary NPV | CFD
| Long | 61792 | 105.78252638 ZAR |
Ordinary NPV | CFD
| Long | 79266 | 105.9436 ZAR |
Ordinary NPV | CFD
| Long | 11593 | 105.88252911 ZAR |
Ordinary NPV | CFD
| Long | 508 | 105.8179 ZAR |
Ordinary NPV | CFD
| Long | 14549 | 106.07 ZAR |
Ordinary NPV | CFD
| Long | 8617 | 106.003044 ZAR |
Ordinary NPV | CFD
| Long | 790 | 105.979401 ZAR |
Ordinary NPV | CFD
| Long | 7288 | 4.80935252 GBP |
Ordinary NPV | CFD
| Long | 38 | 4.81033163 GBP |
Ordinary NPV | CFD
| Long | 12917 | 4.81820264 GBP |
Ordinary NPV | CFD
| Long | 116294 | 105.90671058 ZAR |
Ordinary NPV | CFD
| Long | 34845 | 4.805763 GBP |
Ordinary NPV | CFD
| Long | 38840 | 4.804522 GBP |
Ordinary NPV | CFD
| Long | 8576 | 4.79739845 GBP |
Ordinary NPV | CFD
| Long | 6761 | 4.812787 GBP |
Ordinary NPV | CFD
| Long | 944 | 4.79893008 GBP |
Ordinary NPV | CFD
| Long | 250200 | 4.80802941649481 GBP |
Ordinary NPV | CFD
| Short | 823710 | 4.8105 GBP |
Ordinary NPV | CFD
| Short | 963 | 4.79568017 GBP |
Ordinary NPV | CFD
| Short | 508 | 105.8179 ZAR |
Ordinary NPV | CFD
| Short | 11593 | 105.88252911 ZAR |
Ordinary NPV | CFD
| Short | 232705 | 6.45757697 USD |
Ordinary NPV | CFD
| Short | 5218 | 4.812752 GBP |
Ordinary NPV | CFD
| Short | 29654 | 4.81450632 GBP |
Ordinary NPV | CFD
| Short | 277 | 4.810156 GBP |
Ordinary NPV | CFD
| Short | 790 | 105.9794 ZAR |
Ordinary NPV | CFD
| Short | 8617 | 106.003 ZAR |
Ordinary NPV | CFD
| Short | 517 | 105.9735 ZAR |
Ordinary NPV | CFD
| Short | 116294 | 105.90671058 ZAR |
Ordinary NPV | CFD
| Short | 7487 | 105.86526513 ZAR |
Ordinary NPV | CFD
| Short | 14549 | 106.07 ZAR |
Ordinary NPV | CFD
| Short | 13538 | 106.032579 ZAR |
Ordinary NPV | CFD
| Short | 8401 | 105.98 ZAR |
Ordinary NPV | CFD
| Short | 61792 | 105.78252638 ZAR |
Ordinary NPV | CFD
| Short | 12755 | 4.7695 GBP |
Ordinary NPV | CFD
| Short | 2481 | 4.812336 GBP |
Ordinary NPV | CFD
| Short | 9527 | 4.810922 GBP |
Ordinary NPV | CFD
| Short | 5323 | 4.8121 GBP |
Ordinary NPV | CFD
| Short | 1700 | 4.819954 GBP |
Ordinary NPV | CFD
| Short | 79266 | 105.9436 ZAR |
(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: | 20 January 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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