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Last checked at 
10 Apr 2026 10:51
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: | 09 April 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 | 3,920,561 | 5.8201 GBP | 5.7752 GBP |
| Sale | 2,132,283 | 5.8200 GBP | 5.7750 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 | 1,300 | 5.7805 GBP |
2,577 | 5.7806 GBP | |||
Decrease Short | 110 | 5.7785 GBP | ||
62,195 | 5.7794 GBP | |||
4,254 | 5.7797 GBP | |||
9,386 | 5.7799 GBP | |||
10,539 | 5.7800 GBP | |||
1,298 | 5.7826 GBP | |||
2,035 | 5.7898 GBP | |||
71,226 | 5.7900 GBP | |||
1,717 | 5.7907 GBP | |||
4,516 | 5.7925 GBP | |||
50,000 | 5.8160 GBP | |||
100,000 | 5.8196 GBP | |||
2,110 | 5.8199 GBP | |||
418,187 | 5.8200 GBP | |||
Increase Short | 953 | 5.7752 GBP | ||
91,500 | 5.7781 GBP | |||
1,237 | 5.7782 GBP | |||
737 | 5.7787 GBP | |||
154,257 | 5.7797 GBP | |||
1,049,306 | 5.7800 GBP | |||
23,329 | 5.7802 GBP | |||
13,130 | 5.7805 GBP | |||
150,000 | 5.7807 GBP | |||
13,900 | 5.7810 GBP | |||
58,488 | 5.7815 GBP | |||
3,828 | 5.7828 GBP | |||
58,145 | 5.7856 GBP | |||
1,624 | 5.7859 GBP | |||
6,489 | 5.7862 GBP | |||
42,296 | 5.7900 GBP | |||
28,737 | 5.7962 GBP | |||
724 | 5.8030 GBP | |||
36,604 | 5.8092 GBP | |||
9,702 | 5.8140 GBP | |||
9,392 | 5.8201 GBP | |||
509 | 5.8206 GBP | |||
Opening a short position | 8,562 | 5.8203 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) |
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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
|
(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: | 10 April 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.
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