Form 8.3 - Currys plc

SIH Partners LLLP
22 February 2024
 

FORM 8.3

 

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

Rule 8.3 of the Takeover Code (the "Code")

 

1.         KEY INFORMATION

 

(a) Full name of discloser:

SIH Partners, LLLP (SIHP)

(b) Owner or controller of interests and short positions disclosed, if different from 1(a):

     The naming of nominee or vehicle companies is insufficient.  For a trust, the trustee(s), settlor and beneficiaries must be named.

Susquehanna International Securities Limited (SISLTD)

Note - SISLTD is a subsidiary of SIHP.

(c) Name of offeror/offeree in relation to whose relevant securities this form relates:

     Use a separate form for each offeror/offeree

Currys plc

(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:


(e) Date position held/dealing undertaken:

     For an opening position disclosure, state the latest practicable date prior to the disclosure

21 February 2024

(f)  In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?

     If it is a cash offer or possible cash offer, state "N/A"

N/A

 

2.         POSITIONS OF THE PERSON MAKING THE DISCLOSURE

 

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

 

(a)        Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

 

Class of relevant security:

 

0.1p Ordinary

 

 

Interests

Short positions

 

Number

%

Number

%

(1) Relevant securities owned and/or controlled:

 

 

         17,802,614

1.57%

(2) Cash-settled derivatives:

 

 

 

 

 

(3) Stock-settled derivatives (including options) and agreements to purchase/sell:

49,728,000

4.38%

35,714,000

3.15%

 

     TOTAL:

49,728,000

4.38%

53,516,614

4.72%

 

All interests and all short positions should be disclosed.

 

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

 

(b)        Rights to subscribe for new securities (including directors' and other employee options)

 

Class of relevant security in relation to which subscription right exists:

 

Details, including nature of the rights concerned and relevant percentages:

 

 

 

3.         DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

 

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(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

Purchase/sale

 

Number of securities

Price per unit

(GBP)

0.1p Ordinary

Purchase

        2,004

0.6685

0.1p Ordinary

Purchase

        1,471

0.6695

0.1p Ordinary

Purchase

        4,170

0.67

0.1p Ordinary

Purchase

        1,717

0.671

0.1p Ordinary

Purchase

        1,806

0.6715

0.1p Ordinary

Purchase

        7,501

0.672

0.1p Ordinary

Purchase

        1,806

0.6725

0.1p Ordinary

Purchase

        1,671

0.673

0.1p Ordinary

Purchase

        2,004

0.6765

0.1p Ordinary

Purchase

        1,751

0.6785

0.1p Ordinary

Purchase

        1,751

0.6795

0.1p Ordinary

Purchase

        1,670

0.68

0.1p Ordinary

Purchase

     58,268

0.681

0.1p Ordinary

Purchase

        8,885

0.6815

0.1p Ordinary

Purchase

        2,540

0.682

0.1p Ordinary

Purchase

   271,453

0.6855

0.1p Ordinary

Sale

   285,000

0.672

0.1p Ordinary

Sale

     94,326

0.681

0.1p Ordinary

Sale

     16,116

0.6815

0.1p Ordinary

Sale

        3,810

0.682

0.1p Ordinary

Sale

   542,906

0.6855

 

 

(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






 

 

(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

0.1p Ordinary

Call Option

Purchase

1000

68

American

March 2024

0.0225

0.1p Ordinary

Call Option

Purchase

3000

68

American

April 2024

0.045

0.1p Ordinary

Call Option

Purchase

11000

72

American

April 2024

0.025

0.1p Ordinary

Put Option

Sale

10000

60

American

April 2024

0.0125

0.1p Ordinary

Put Option

Purchase

10000

70

American

April 2024

0.0475

 

 

(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)

 

 

 

 

 

 

 

4.         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 person 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 person 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

 

 

 

(c)        Attachments

 

Is a Supplemental Form 8 (Open Positions) attached?

YES

 

 

Date of disclosure:

22 February 2024

Contact name:

Michael Early

Telephone number*:

+3535-1-215-0851

 

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 disclosure requirements on +44 (0)20 7638 0129.

 

*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit.

 

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.



SUPPLEMENTAL FORM 8 (OPEN POSITIONS)

 

DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL ETC.

Note 5(i) on Rule 8 of the Takeover Code (the "Code")

 

 

1.         KEY INFORMATION

 

Full name of person making disclosure:

SIH Partners, LLLP

Name of offeror/offeree in relation to whose relevant securities the disclosure relates:

Currys plc

 

2.         STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)

 

Class of relevant security

Product description e.g. call option

Written or purchased

Number of securities to which option or derivative relates

Exercise price per unit

(GBP)

Type

e.g. American, European etc.

Expiry date

0.1p Ordinary

Call Option

Purchased

                 11,000

72

American

April 2024

0.1p Ordinary

Call Option

Purchased

         41,864,000

50

American

September 2024

0.1p Ordinary

Call Option

Purchased

                 15,000

68

American

December 2024

0.1p Ordinary

Put Option

Purchased

           1,328,000

48

American

March 2024

0.1p Ordinary

Put Option

Purchased

                 10,000

60

American

April 2024

0.1p Ordinary

Put Option

Purchased

           6,500,000

50

American

June 2024

0.1p Ordinary

Call Option

Purchased

-                  4,000

56

American

March 2024

0.1p Ordinary

Call Option

Purchased

-                39,000

68

American

March 2024

0.1p Ordinary

Call Option

Purchased

-                40,000

64

American

April 2024

0.1p Ordinary

Call Option

Purchased

-                10,000

64

American

June 2024

0.1p Ordinary

Put Option

Purchased

-                  1,000

60

American

March 2024

0.1p Ordinary

Put Option

Purchased

-                10,000

70

American

April 2024

0.1p Ordinary

Put Option

Purchased

-                10,000

64

American

June 2024

0.1p Ordinary

Put Option

Purchased

-          9,100,000

40

American

September 2024

0.1p Ordinary

Put Option

Purchased

-       26,500,000

40

American

March 2025

 

3.         AGREEMENTS TO PURCHASE OR SELL ETC.

 

Full details should be given so that the nature of the interest or position can be fully understood:

These options options have been purchased by Susquehanna International Securities limited (SISLTD), a subsidiary of SIH Partners, LLLP (SIHP) as part of a market making strategy. There are no agreements to purchase or sell in place.

 

 

 

 

 

It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to cash-settled derivatives.

 

The currency of all prices and other monetary amounts should be stated.

 

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's 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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