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Last checked at 
19 Dec 2025 11:00
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 | Unite Group plc, The |
(c) Name of the party to the offer with which exempt principal trader is connected: | Corporate Broker to Unite Group plc, The |
(d) Date dealing undertaken: | 18 December 2025 |
(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, Empiric Student Property plc |
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 | Purchase | 745,908 | 5.5050 GBP | 5.4005 GBP |
| Sale | 687,464 | 5.5050 GBP | 5.4050 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 | Equity Swap | Decrease Long | 32,120 | 5.4050 GBP |
1,203 | 5.4239 GBP | |||
3,382 | 5.4356 GBP | |||
5,061 | 5.4397 GBP | |||
655 | 5.4460 GBP | |||
7,723 | 5.4721 GBP | |||
710 | 5.4753 GBP | |||
Decrease Short | 276 | 5.4395 GBP | ||
305 | 5.4448 GBP | |||
32,627 | 5.4682 GBP | |||
1,033 | 5.4712 GBP | |||
55,050 | 5.4750 GBP | |||
22,676 | 5.4785 GBP | |||
671 | 5.4925 GBP | |||
Increase Long | 32,120 | 5.4050 GBP | ||
95 | 5.4100 GBP | |||
13,221 | 5.4528 GBP | |||
15,323 | 5.4571 GBP | |||
1,200 | 5.4608 GBP | |||
11,800 | 5.4609 GBP | |||
1,223 | 5.4639 GBP | |||
112 | 5.4743 GBP | |||
139 | 5.4748 GBP | |||
Increase Short | 1,659 | 5.4005 GBP | ||
1,000 | 5.4398 GBP | |||
981 | 5.4402 GBP | |||
20,462 | 5.4441 GBP | |||
1,883 | 5.4560 GBP | |||
54,194 | 5.4750 GBP | |||
14,996 | 5.4754 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
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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
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| Date of disclosure: | 19 December 2025 |
| 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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