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21 Jan 2026 11:53
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: | 20 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
| 4149060 | 4.86000 GBP | 4.74571 GBP |
Ordinary NPV | Sell
| 5552212 | 4.91000 GBP | 4.74571 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 | 84500 | 4.79805006 GBP |
Ordinary NPV | CFD
| Long | 729 | 106.1419 ZAR |
Ordinary NPV | CFD
| Long | 426 | 4.785 GBP |
Ordinary NPV | CFD
| Long | 3945 | 4.81120012 GBP |
Ordinary NPV | CFD
| Long | 99533 | 106.16770267 ZAR |
Ordinary NPV | CFD
| Long | 18644 | 4.790749 GBP |
Ordinary NPV | CFD
| Long | 5236 | 4.79644993911383 GBP |
Ordinary NPV | CFD
| Long | 487 | 106.6367 ZAR |
Ordinary NPV | CFD
| Long | 196 | 4.8055 GBP |
Ordinary NPV | CFD
| Long | 791 | 4.80476 GBP |
Ordinary NPV | CFD
| Long | 9051 | 106.1947155 ZAR |
Ordinary NPV | CFD
| Long | 3000 | 4.7795 GBP |
Ordinary NPV | CFD
| Long | 51801 | 4.79729839535955 GBP |
Ordinary NPV | CFD
| Long | 8375 | 106.1053994 ZAR |
Ordinary NPV | CFD
| Long | 204 | 4.793 GBP |
Ordinary NPV | CFD
| Long | 1388 | 4.81170017 GBP |
Ordinary NPV | CFD
| Long | 267987 | 4.79502252 GBP |
Ordinary NPV | CFD
| Long | 79530 | 4.791773 GBP |
Ordinary NPV | CFD
| Long | 125998 | 106.3327 ZAR |
Ordinary NPV | CFD
| Long | 539 | 106.4082 ZAR |
Ordinary NPV | CFD
| Long | 326071 | 4.80393 GBP |
Ordinary NPV | CFD
| Long | 5000000 | 4.7885 GBP |
Ordinary NPV | CFD
| Long | 15622 | 4.80553834 GBP |
Ordinary NPV | CFD
| Long | 353 | 4.79807365 GBP |
Ordinary NPV | CFD
| Long | 48809 | 4.81381739 GBP |
Ordinary NPV | CFD
| Long | 26651 | 4.81987 GBP |
Ordinary NPV | CFD
| Long | 1816 | 106.39177863 ZAR |
Ordinary NPV | CFD
| Long | 38400 | 4.7974 GBP |
Ordinary NPV | CFD
| Long | 321179 | 4.8095 GBP |
Ordinary NPV | CFD
| Long | 17230 | 4.79805049 GBP |
Ordinary NPV | CFD
| Long | 264 | 4.82 GBP |
Ordinary NPV | CFD
| Long | 3387 | 4.81927664599941 GBP |
Ordinary NPV | CFD
| Long | 87197 | 106.10080519 ZAR |
Ordinary NPV | CFD
| Long | 137660 | 4.80106392561383 GBP |
Ordinary NPV | CFD
| Long | 2281 | 4.8196144 GBP |
Ordinary NPV | CFD
| Short | 68451 | 4.82 GBP |
Ordinary NPV | CFD
| Short | 5000000 | 4.7885 GBP |
Ordinary NPV | CFD
| Short | 77500 | 4.8160051985 GBP |
Ordinary NPV | CFD
| Short | 226914 | 6.46519885 USD |
Ordinary NPV | CFD
| Short | 48 | 4.813864 GBP |
Ordinary NPV | CFD
| Short | 729 | 106.1419 ZAR |
Ordinary NPV | CFD
| Short | 12320 | 4.784083 GBP |
Ordinary NPV | CFD
| Short | 110441 | 4.78903504 GBP |
Ordinary NPV | CFD
| Short | 487 | 106.6367 ZAR |
Ordinary NPV | CFD
| Short | 87197 | 106.10080519 ZAR |
Ordinary NPV | CFD
| Short | 11388 | 4.8057 GBP |
Ordinary NPV | CFD
| Short | 74025 | 106.333485 ZAR |
Ordinary NPV | CFD
| Short | 539 | 106.4082 ZAR |
Ordinary NPV | CFD
| Short | 4583 | 4.814437 GBP |
Ordinary NPV | CFD
| Short | 51973 | 106.331529 ZAR |
Ordinary NPV | CFD
| Short | 274 | 4.805328 GBP |
Ordinary NPV | CFD
| Short | 31000 | 4.80179968 GBP |
Ordinary NPV | CFD
| Short | 1141 | 4.80572305 GBP |
Ordinary NPV | CFD
| Short | 1598 | 4.801352 GBP |
Ordinary NPV | CFD
| Short | 3575 | 4.79883 GBP |
Ordinary NPV | CFD
| Short | 9051 | 106.1947155 ZAR |
Ordinary NPV | CFD
| Short | 8375 | 106.1053994 ZAR |
Ordinary NPV | CFD
| Short | 401 | 4.82072319201995 GBP |
Ordinary NPV | CFD
| Short | 43100 | 4.78620487238979 GBP |
Ordinary NPV | CFD
| Short | 99533 | 106.16770267 ZAR |
Ordinary NPV | CFD
| Short | 1816 | 106.39177863 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: | 21 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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