Transaction in Own Shares

Gamma Communications PLC

20 May 2026

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

20 May 2026                                          

Gamma Communications plc

Transaction in Own Shares and Rule 2.9 Announcement

Gamma Communications plc ("Gamma" or the "Company") announces today that in accordance with the terms of its share buyback programme announced on 13 January 2026 (the "Buyback Programme"), it has purchased the following number of its ordinary shares of 0.25 pence each ("ordinary shares") through Investec Bank plc ("Investec").

Ordinary shares

Date of purchase:	19 May 2026
Number of ordinary shares purchased:	23,500
Lowest price per share (pence):	973.50
Highest price per share (pence):	998.00
Weighted average price per day (pence):	987.7346

 The Company intends to cancel the purchased ordinary shares.

Following settlement of the above purchases, Gamma has purchased a total of 1,715,776 ordinary shares since the commencement of the buyback programme and will have 92,048,575 ordinary shares in issue. There are 1,578,525 ordinary shares held in treasury. The total voting rights in the Company are therefore 90,470,050 and this can be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Rule 2.9

The Company announced on 7 April 2026 that it had entered into an offer period. The ordinary shares are relevant securities of Gamma for the purposes of Rule 8 of The City Code on Takeovers and Mergers (the "Code"). In accordance with Rule 2.9 of the Code, the Company confirms that it has 90,470,050 ordinary shares in issue (excluding treasury shares) as at the date and time of this announcement. The ordinary shares are voting shares (each such ordinary share carries one vote per ordinary share) and are admitted to trading on the main market of the London Stock Exchange under the International Securities Identification Number GB00BQS10J50 and the Company's LEI number is 213800LAQZXPRIZUEH50.

Aggregate information:

Venue	Volume-weighted average price (p)	Aggregated volume	Lowest price per share (p)	Highest price per share (p)
XLON	987.7346	23,500	973.50	998.00

Schedule of Purchases - Individual Transactions

In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK law, a full breakdown of the individual trades made by Investec on behalf of the Company as part of the Programme is found below.

Date and time of each trade	Number of shares purchased	Price (pence per share)	Trading Venue	Transaction Reference Number
19 May 2026 08:07:16	79	997.50	XLON	00394685768TRLO1
19 May 2026 08:09:48	79	997.50	XLON	00394688218TRLO1
19 May 2026 08:09:48	2	997.50	XLON	00394688219TRLO1
19 May 2026 08:12:47	77	997.00	XLON	00394691579TRLO1
19 May 2026 08:17:07	78	995.00	XLON	00394695605TRLO1
19 May 2026 08:17:07	77	995.00	XLON	00394695606TRLO1
19 May 2026 08:22:17	80	994.00	XLON	00394700030TRLO1
19 May 2026 08:30:25	80	993.50	XLON	00394706622TRLO1
19 May 2026 08:36:39	77	992.00	XLON	00394711857TRLO1
19 May 2026 08:39:53	77	990.00	XLON	00394714734TRLO1
19 May 2026 08:43:00	78	990.00	XLON	00394717350TRLO1
19 May 2026 08:47:38	7	991.00	XLON	00394721505TRLO1
19 May 2026 08:51:51	76	990.50	XLON	00394725281TRLO1
19 May 2026 09:00:35	83	993.00	XLON	00394733509TRLO1
19 May 2026 09:00:35	343	993.00	XLON	00394733510TRLO1
19 May 2026 09:00:35	444	993.00	XLON	00394733511TRLO1
19 May 2026 09:04:54	40	995.50	XLON	00394737688TRLO1
19 May 2026 09:05:20	40	995.50	XLON	00394738018TRLO1
19 May 2026 09:05:20	38	995.50	XLON	00394738019TRLO1
19 May 2026 09:06:35	34	995.50	XLON	00394739161TRLO1
19 May 2026 09:06:35	31	995.50	XLON	00394739162TRLO1
19 May 2026 09:06:35	76	994.50	XLON	00394739163TRLO1
19 May 2026 09:06:35	76	995.00	XLON	00394739164TRLO1
19 May 2026 09:06:35	136	995.00	XLON	00394739165TRLO1
19 May 2026 09:08:35	78	993.50	XLON	00394741304TRLO1
19 May 2026 09:12:23	40	993.50	XLON	00394744872TRLO1
19 May 2026 09:12:23	40	993.50	XLON	00394744873TRLO1
19 May 2026 09:19:35	79	995.00	XLON	00394753035TRLO1
19 May 2026 09:23:50	78	994.00	XLON	00394756894TRLO1
19 May 2026 09:24:11	77	993.00	XLON	00394757292TRLO1
19 May 2026 09:25:24	77	992.50	XLON	00394758688TRLO1
19 May 2026 09:26:23	79	992.00	XLON	00394759727TRLO1
19 May 2026 09:33:34	76	996.50	XLON	00394767750TRLO1
19 May 2026 09:52:56	62	998.00	XLON	00394791110TRLO1
19 May 2026 09:55:17	14	998.00	XLON	00394793557TRLO1
19 May 2026 09:55:17	62	998.00	XLON	00394793558TRLO1
19 May 2026 10:15:45	20	998.00	XLON	00394817378TRLO1
19 May 2026 10:15:45	75	998.00	XLON	00394817379TRLO1
19 May 2026 10:15:45	54	998.00	XLON	00394817380TRLO1
19 May 2026 10:16:18	78	997.50	XLON	00394818059TRLO1
19 May 2026 10:17:06	80	997.00	XLON	00394819105TRLO1
19 May 2026 10:17:11	78	998.00	XLON	00394819209TRLO1
19 May 2026 10:17:11	385	998.00	XLON	00394819210TRLO1
19 May 2026 10:17:13	78	997.00	XLON	00394819249TRLO1
19 May 2026 10:17:57	79	996.50	XLON	00394820404TRLO1
19 May 2026 10:17:57	81	995.50	XLON	00394820405TRLO1
19 May 2026 10:17:57	81	995.00	XLON	00394820407TRLO1
19 May 2026 10:17:58	81	994.00	XLON	00394820436TRLO1
19 May 2026 10:17:58	79	994.00	XLON	00394820437TRLO1
19 May 2026 10:18:33	80	993.00	XLON	00394821303TRLO1
19 May 2026 10:19:00	81	992.50	XLON	00394821961TRLO1
19 May 2026 10:49:01	11	991.00	XLON	00394865916TRLO1
19 May 2026 10:58:16	78	997.50	XLON	00394881434TRLO1
19 May 2026 10:58:16	81	997.00	XLON	00394881435TRLO1
19 May 2026 10:58:18	82	996.50	XLON	00394881451TRLO1
19 May 2026 10:58:22	43	996.50	XLON	00394881468TRLO1
19 May 2026 10:58:22	37	996.50	XLON	00394881469TRLO1
19 May 2026 10:58:22	81	996.50	XLON	00394881470TRLO1
19 May 2026 10:58:30	150	996.00	XLON	00394881521TRLO1
19 May 2026 10:58:42	158	995.50	XLON	00394881634TRLO1
19 May 2026 10:59:06	155	995.00	XLON	00394881759TRLO1
19 May 2026 11:01:03	79	994.00	XLON	00394882095TRLO1
19 May 2026 11:04:05	76	996.00	XLON	00394882319TRLO1
19 May 2026 11:14:29	97	998.00	XLON	00394882636TRLO1
19 May 2026 11:14:45	159	997.00	XLON	00394882650TRLO1
19 May 2026 11:16:55	78	996.00	XLON	00394882705TRLO1
19 May 2026 11:20:30	79	995.50	XLON	00394882917TRLO1
19 May 2026 11:20:31	76	995.00	XLON	00394882919TRLO1
19 May 2026 11:21:35	29	997.50	XLON	00394882987TRLO1
19 May 2026 11:21:35	25	997.50	XLON	00394882988TRLO1
19 May 2026 11:21:35	14	997.50	XLON	00394882989TRLO1
19 May 2026 11:21:35	80	998.00	XLON	00394882990TRLO1
19 May 2026 11:21:35	12	997.50	XLON	00394882991TRLO1
19 May 2026 11:21:36	80	998.00	XLON	00394883024TRLO1
19 May 2026 11:22:03	74	997.00	XLON	00394883033TRLO1
19 May 2026 11:22:03	75	997.00	XLON	00394883034TRLO1
19 May 2026 11:22:03	76	996.50	XLON	00394883035TRLO1
19 May 2026 11:22:03	76	996.00	XLON	00394883036TRLO1
19 May 2026 11:22:03	81	995.00	XLON	00394883037TRLO1
19 May 2026 11:22:03	81	993.00	XLON	00394883038TRLO1
19 May 2026 11:22:03	82	993.00	XLON	00394883039TRLO1
19 May 2026 11:22:03	82	992.50	XLON	00394883040TRLO1
19 May 2026 11:22:04	82	991.50	XLON	00394883042TRLO1
19 May 2026 11:22:05	78	990.50	XLON	00394883043TRLO1
19 May 2026 11:22:42	112	991.00	XLON	00394883054TRLO1
19 May 2026 11:22:43	163	991.50	XLON	00394883055TRLO1
19 May 2026 11:23:29	159	994.00	XLON	00394883080TRLO1
19 May 2026 11:25:29	149	993.00	XLON	00394883162TRLO1
19 May 2026 11:26:01	158	992.50	XLON	00394883174TRLO1
19 May 2026 11:27:37	28	992.00	XLON	00394883240TRLO1
19 May 2026 11:27:37	51	992.00	XLON	00394883241TRLO1
19 May 2026 11:29:38	77	991.50	XLON	00394883288TRLO1
19 May 2026 11:30:28	77	990.50	XLON	00394883323TRLO1
19 May 2026 11:38:07	76	997.50	XLON	00394883595TRLO1
19 May 2026 11:38:07	75	997.50	XLON	00394883596TRLO1
19 May 2026 11:38:07	77	996.50	XLON	00394883597TRLO1
19 May 2026 11:38:18	77	995.00	XLON	00394883615TRLO1
19 May 2026 11:38:19	80	994.50	XLON	00394883628TRLO1
19 May 2026 11:38:19	76	994.50	XLON	00394883632TRLO1
19 May 2026 11:38:19	76	994.50	XLON	00394883633TRLO1
19 May 2026 11:38:19	76	994.50	XLON	00394883636TRLO1
19 May 2026 11:38:45	79	994.00	XLON	00394883685TRLO1
19 May 2026 11:41:21	73	993.50	XLON	00394883783TRLO1
19 May 2026 11:43:42	73	993.50	XLON	00394883902TRLO1
19 May 2026 11:43:42	6	993.50	XLON	00394883903TRLO1
19 May 2026 11:44:03	78	993.00	XLON	00394883928TRLO1
19 May 2026 11:52:09	80	994.50	XLON	00394884682TRLO1
19 May 2026 11:58:26	79	994.00	XLON	00394885021TRLO1
19 May 2026 11:58:36	25	993.50	XLON	00394885033TRLO1
19 May 2026 11:58:36	50	993.50	XLON	00394885034TRLO1
19 May 2026 12:00:09	76	993.00	XLON	00394885097TRLO1
19 May 2026 12:00:09	75	993.00	XLON	00394885098TRLO1
19 May 2026 12:03:52	53	993.00	XLON	00394885243TRLO1
19 May 2026 12:03:52	10	993.00	XLON	00394885244TRLO1
19 May 2026 12:03:52	9	993.00	XLON	00394885245TRLO1
19 May 2026 12:20:08	78	992.50	XLON	00394885819TRLO1
19 May 2026 12:38:25	11	991.50	XLON	00394886419TRLO1
19 May 2026 12:38:25	8	991.50	XLON	00394886420TRLO1
19 May 2026 12:38:25	8	991.50	XLON	00394886421TRLO1
19 May 2026 12:38:25	51	991.50	XLON	00394886422TRLO1
19 May 2026 12:38:25	77	991.50	XLON	00394886423TRLO1
19 May 2026 12:38:25	77	991.50	XLON	00394886424TRLO1
19 May 2026 12:38:25	27	991.00	XLON	00394886425TRLO1
19 May 2026 12:38:25	205	991.00	XLON	00394886426TRLO1
19 May 2026 12:38:28	243	991.00	XLON	00394886428TRLO1
19 May 2026 12:42:16	78	990.50	XLON	00394886527TRLO1
19 May 2026 12:42:16	75	989.50	XLON	00394886528TRLO1
19 May 2026 12:42:37	49	990.50	XLON	00394886540TRLO1
19 May 2026 12:42:37	26	990.50	XLON	00394886541TRLO1
19 May 2026 12:46:59	76	990.00	XLON	00394886688TRLO1
19 May 2026 12:46:59	77	990.00	XLON	00394886689TRLO1
19 May 2026 12:46:59	76	990.00	XLON	00394886692TRLO1
19 May 2026 12:47:56	230	990.50	XLON	00394886739TRLO1
19 May 2026 12:53:03	75	992.00	XLON	00394887027TRLO1
19 May 2026 12:55:14	80	991.50	XLON	00394887108TRLO1
19 May 2026 12:55:14	79	991.50	XLON	00394887109TRLO1
19 May 2026 12:58:57	154	991.00	XLON	00394887207TRLO1
19 May 2026 12:59:19	159	990.00	XLON	00394887225TRLO1
19 May 2026 13:01:06	75	989.50	XLON	00394887318TRLO1
19 May 2026 13:01:06	150	989.50	XLON	00394887319TRLO1
19 May 2026 13:14:33	233	990.00	XLON	00394887824TRLO1
19 May 2026 13:14:33	17	990.00	XLON	00394887825TRLO1
19 May 2026 13:14:33	60	990.00	XLON	00394887826TRLO1
19 May 2026 13:14:33	56	990.00	XLON	00394887827TRLO1
19 May 2026 13:14:33	21	990.00	XLON	00394887828TRLO1
19 May 2026 13:14:33	78	990.00	XLON	00394887829TRLO1
19 May 2026 13:14:33	77	990.00	XLON	00394887830TRLO1
19 May 2026 13:14:33	77	990.00	XLON	00394887831TRLO1
19 May 2026 13:14:33	78	990.00	XLON	00394887832TRLO1
19 May 2026 13:20:33	79	991.50	XLON	00394888182TRLO1
19 May 2026 13:33:05	3	991.00	XLON	00394888647TRLO1
19 May 2026 13:33:05	77	991.00	XLON	00394888648TRLO1
19 May 2026 13:33:05	80	991.00	XLON	00394888649TRLO1
19 May 2026 13:36:56	160	991.00	XLON	00394888883TRLO1
19 May 2026 13:37:16	154	990.50	XLON	00394888901TRLO1
19 May 2026 13:44:32	234	990.00	XLON	00394889216TRLO1
19 May 2026 13:44:32	155	989.50	XLON	00394889217TRLO1
19 May 2026 13:44:32	154	989.50	XLON	00394889218TRLO1
19 May 2026 13:44:32	155	989.00	XLON	00394889222TRLO1
19 May 2026 13:44:32	156	988.50	XLON	00394889223TRLO1
19 May 2026 13:44:32	79	989.00	XLON	00394889247TRLO1
19 May 2026 13:45:40	8	990.00	XLON	00394889360TRLO1
19 May 2026 13:45:40	142	990.00	XLON	00394889361TRLO1
19 May 2026 13:46:20	136	990.00	XLON	00394889394TRLO1
19 May 2026 13:46:20	13	990.00	XLON	00394889395TRLO1
19 May 2026 13:47:00	81	988.50	XLON	00394889417TRLO1
19 May 2026 13:47:45	77	989.00	XLON	00394889461TRLO1
19 May 2026 13:47:46	78	988.50	XLON	00394889462TRLO1
19 May 2026 13:48:15	76	988.00	XLON	00394889486TRLO1
19 May 2026 13:55:03	303	987.50	XLON	00394889711TRLO1
19 May 2026 13:55:03	76	987.50	XLON	00394889712TRLO1
19 May 2026 14:03:43	77	986.50	XLON	00394890223TRLO1
19 May 2026 14:10:45	79	985.00	XLON	00394890811TRLO1
19 May 2026 14:10:46	76	985.00	XLON	00394890812TRLO1
19 May 2026 14:12:00	80	985.50	XLON	00394890903TRLO1
19 May 2026 14:12:00	79	985.50	XLON	00394890904TRLO1
19 May 2026 14:12:00	159	986.00	XLON	00394890905TRLO1
19 May 2026 14:16:15	76	986.50	XLON	00394891147TRLO1
19 May 2026 14:17:47	75	986.00	XLON	00394891220TRLO1
19 May 2026 14:17:47	75	986.00	XLON	00394891221TRLO1
19 May 2026 14:20:52	75	985.00	XLON	00394891423TRLO1
19 May 2026 14:20:52	152	985.00	XLON	00394891424TRLO1
19 May 2026 14:25:17	81	985.50	XLON	00394891776TRLO1
19 May 2026 14:32:14	161	985.00	XLON	00394892385TRLO1
19 May 2026 14:32:14	81	985.00	XLON	00394892386TRLO1
19 May 2026 14:32:14	80	985.00	XLON	00394892387TRLO1
19 May 2026 14:33:51	239	984.50	XLON	00394892539TRLO1
19 May 2026 14:35:44	156	981.00	XLON	00394892796TRLO1
19 May 2026 14:48:24	79	979.50	XLON	00394894106TRLO1
19 May 2026 14:48:28	81	979.50	XLON	00394894109TRLO1
19 May 2026 14:53:20	78	980.00	XLON	00394894443TRLO1
19 May 2026 14:53:21	82	980.00	XLON	00394894444TRLO1
19 May 2026 14:57:01	81	981.50	XLON	00394894801TRLO1
19 May 2026 14:57:01	81	981.50	XLON	00394894802TRLO1
19 May 2026 14:58:22	157	982.00	XLON	00394894864TRLO1
19 May 2026 14:59:56	46	982.00	XLON	00394894954TRLO1
19 May 2026 15:01:23	80	981.50	XLON	00394895089TRLO1
19 May 2026 15:02:38	78	981.50	XLON	00394895209TRLO1
19 May 2026 15:08:23	75	980.50	XLON	00394896174TRLO1
19 May 2026 15:10:39	150	982.50	XLON	00394896335TRLO1
19 May 2026 15:13:16	154	982.00	XLON	00394896505TRLO1
19 May 2026 15:18:09	79	980.50	XLON	00394896944TRLO1
19 May 2026 15:20:46	81	980.50	XLON	00394897192TRLO1
19 May 2026 15:20:47	81	980.00	XLON	00394897194TRLO1
19 May 2026 15:20:54	81	978.50	XLON	00394897200TRLO1
19 May 2026 15:25:21	80	977.50	XLON	00394897755TRLO1
19 May 2026 15:25:21	81	977.50	XLON	00394897756TRLO1
19 May 2026 15:25:21	160	977.50	XLON	00394897757TRLO1
19 May 2026 15:25:21	80	977.50	XLON	00394897758TRLO1
19 May 2026 15:25:21	80	977.50	XLON	00394897759TRLO1
19 May 2026 15:27:44	297	976.50	XLON	00394897998TRLO1
19 May 2026 15:27:44	20	976.50	XLON	00394897999TRLO1
19 May 2026 15:31:32	158	976.00	XLON	00394898406TRLO1
19 May 2026 15:44:40	156	977.00	XLON	00394899312TRLO1
19 May 2026 15:45:46	154	976.50	XLON	00394899414TRLO1
19 May 2026 15:47:22	32	976.00	XLON	00394899573TRLO1
19 May 2026 15:47:22	98	976.00	XLON	00394899574TRLO1
19 May 2026 15:47:22	31	976.00	XLON	00394899575TRLO1
19 May 2026 15:47:22	81	976.00	XLON	00394899576TRLO1
19 May 2026 15:48:12	31	975.50	XLON	00394899631TRLO1
19 May 2026 15:48:12	130	975.50	XLON	00394899632TRLO1
19 May 2026 15:48:37	155	975.00	XLON	00394899664TRLO1
19 May 2026 15:53:06	158	974.50	XLON	00394900276TRLO1
19 May 2026 15:53:07	150	974.00	XLON	00394900279TRLO1
19 May 2026 15:56:41	153	973.50	XLON	00394900620TRLO1
19 May 2026 15:56:41	77	973.50	XLON	00394900621TRLO1
19 May 2026 16:00:27	310	974.50	XLON	00394900985TRLO1
19 May 2026 16:02:10	162	974.50	XLON	00394901249TRLO1
19 May 2026 16:03:46	153	976.50	XLON	00394901347TRLO1
19 May 2026 16:03:56	156	976.00	XLON	00394901364TRLO1
19 May 2026 16:07:52	56	980.50	XLON	00394901856TRLO1
19 May 2026 16:07:52	16	980.50	XLON	00394901857TRLO1
19 May 2026 16:07:52	84	981.00	XLON	00394901858TRLO1
19 May 2026 16:07:52	151	980.00	XLON	00394901859TRLO1
19 May 2026 16:07:52	155	979.00	XLON	00394901860TRLO1
19 May 2026 16:07:52	155	978.50	XLON	00394901861TRLO1
19 May 2026 16:07:52	156	978.00	XLON	00394901862TRLO1
19 May 2026 16:07:52	158	977.50	XLON	00394901863TRLO1
19 May 2026 16:07:52	159	977.00	XLON	00394901864TRLO1
19 May 2026 16:07:53	80	976.00	XLON	00394901866TRLO1
19 May 2026 16:08:47	19	977.00	XLON	00394901955TRLO1
19 May 2026 16:08:47	38	977.00	XLON	00394901956TRLO1
19 May 2026 16:09:13	157	977.00	XLON	00394902004TRLO1
19 May 2026 16:09:13	78	977.00	XLON	00394902005TRLO1
19 May 2026 16:09:13	86	978.00	XLON	00394902006TRLO1
19 May 2026 16:10:11	227	978.00	XLON	00394902128TRLO1
19 May 2026 16:10:19	76	977.00	XLON	00394902172TRLO1
19 May 2026 16:11:19	81	976.50	XLON	00394902248TRLO1
19 May 2026 16:16:14	75	976.00	XLON	00394902746TRLO1
19 May 2026 16:17:10	79	975.00	XLON	00394902843TRLO1
19 May 2026 16:19:42	77	975.00	XLON	00394903270TRLO1
19 May 2026 16:19:42	76	975.00	XLON	00394903271TRLO1
19 May 2026 16:19:53	76	974.50	XLON	00394903303TRLO1

Enquiries:
Gamma Communications plc Martin Hellawell, Chair Andrew Belshaw, Chief Executive Officer Rachael Matzopoulos, Company Secretary	[phone]
Barclays Bank PLC, acting through its Investment Bank (Lead Financial Adviser) Alastair Blackman / Alex Evans / Callum West / Michael Hart	[phone]
Q Advisors (Joint Financial Adviser)  Michael Quinn / Kristian MacCarter	[phone]
Investec (Joint Financial Adviser and Joint Broker)  Patrick Robb / Virginia Bull	[phone]
Peel Hunt (Joint Financial Adviser and Joint Broker)  Neil Patel / Alice Lane / Benjamin Cryer	[phone]
Teneo (Financial PR Adviser)  James Macey White / Matt Low	[phone]

Disclaimer

Barclays Bank PLC, acting through its Investment Bank ("Barclays"), which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for Gamma and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than Gamma for providing the protections afforded to clients of Barclays nor for providing advice in relation to any matter referred to in this announcement.

Investec Bank plc ("Investec"), which is authorised by the Prudential Regulation Authority (the "PRA") and regulated by the Financial Conduct Authority and PRA in the United Kingdom, is acting exclusively for Gamma and for no one else in connection with the matters set out in this announcement and will not be responsible to any person other than Gamma for providing the protections afforded to clients of Investec, nor for providing advice in relation to any matter referred to in this announcement. Neither Investec nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Investec in connection with this announcement, any statement contained herein or otherwise.

Peel Hunt LLP is authorised and regulated in the United Kingdom by the Financial Conduct Authority and is acting exclusively for Gamma and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than Gamma for providing the protections afforded to clients of Peel Hunt LLP nor for providing advice in relation to any matter referred to in this announcement.

In accordance with the Code, normal United Kingdom market practice and Rule 14e-5(b) of the Securities Exchange Act 1934 of the United States, Barclays, Investec, Peel Hunt and its affiliates will continue to act as exempt principal traders in Gamma securities on the London Stock Exchange. These purchases and activities by exempt principal traders which are required to be made public in the United Kingdom pursuant to the Code will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com. This information will also be publicly disclosed in the United States to the extent that such information is made public in the United Kingdom.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on [phone] if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

 

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