Transaction in Own Shares

Summary by AI BETAClose X

Gamma Communications plc has purchased 23,500 ordinary shares on May 20, 2026, as part of its ongoing share buyback program. The weighted average price per share was 966.5269 pence, with the lowest price at 959.00 pence and the highest at 979.50 pence. Following this transaction, the company will have 90,446,550 ordinary shares in issue, excluding treasury shares. This update is relevant for shareholders determining their notification obligations under the FCA's Disclosure Guidance and Transparency Rules.

Disclaimer*

Gamma Communications PLC
21 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

21 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:

20 May 2026

Number of ordinary shares purchased:

23,500

Lowest price per share (pence):

959.00

Highest price per share (pence):

979.50

Weighted average price per day (pence):

966.5269

 

 The Company intends to cancel the purchased ordinary shares.

 

Following settlement of the above purchases, Gamma has purchased a total of 1,739,276 ordinary shares since the commencement of the buyback programme and will have 92,025,075 ordinary shares in issue. There are 1,578,525 ordinary shares held in treasury. The total voting rights in the Company are therefore 90,446,550 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 90,446,550 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

966.5269

23,500

959.00

979.50

 

 

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

20 May 2026 08:06:07

162

                      970.00

XLON

00394988700TRLO1

20 May 2026 08:10:08

80

                      968.00

XLON

00394992935TRLO1

20 May 2026 08:10:38

76

                      968.00

XLON

00394993425TRLO1

20 May 2026 08:13:02

81

                      969.50

XLON

00394995275TRLO1

20 May 2026 08:13:23

40

                      969.00

XLON

00394995424TRLO1

20 May 2026 08:13:23

40

                      969.00

XLON

00394995425TRLO1

20 May 2026 08:14:26

149

                      967.00

XLON

00394995907TRLO1

20 May 2026 08:15:16

80

                      966.50

XLON

00394996284TRLO1

20 May 2026 08:19:12

75

                      966.00

XLON

00394998834TRLO1

20 May 2026 08:19:12

67

                      966.00

XLON

00394998835TRLO1

20 May 2026 08:19:12

8

                      966.00

XLON

00394998836TRLO1

20 May 2026 08:23:20

75

                      965.50

XLON

00395002703TRLO1

20 May 2026 08:24:35

81

                      965.00

XLON

00395003807TRLO1

20 May 2026 08:27:10

152

                      964.50

XLON

00395006297TRLO1

20 May 2026 08:27:34

80

                      963.50

XLON

00395006609TRLO1

20 May 2026 08:27:50

75

                      962.00

XLON

00395006788TRLO1

20 May 2026 08:27:50

75

                      961.50

XLON

00395006789TRLO1

20 May 2026 08:28:25

75

                      961.00

XLON

00395007195TRLO1

20 May 2026 08:28:25

74

                      959.50

XLON

00395007196TRLO1

20 May 2026 08:28:25

75

                      959.50

XLON

00395007197TRLO1

20 May 2026 08:30:38

75

                      959.50

XLON

00395008934TRLO1

20 May 2026 08:38:47

159

                      962.50

XLON

00395015717TRLO1

20 May 2026 08:38:47

78

                      962.50

XLON

00395015718TRLO1

20 May 2026 08:52:10

78

                      963.00

XLON

00395027156TRLO1

20 May 2026 08:53:37

77

                      961.00

XLON

00395028532TRLO1

20 May 2026 08:53:37

3

                      961.00

XLON

00395028533TRLO1

20 May 2026 08:56:20

77

                      961.00

XLON

00395030853TRLO1

20 May 2026 09:03:09

118

                      962.00

XLON

00395037294TRLO1

20 May 2026 09:03:28

149

                      962.00

XLON

00395037694TRLO1

20 May 2026 09:03:49

80

                      960.50

XLON

00395037970TRLO1

20 May 2026 09:13:33

80

                      966.50

XLON

00395045448TRLO1

20 May 2026 09:14:52

154

                      967.50

XLON

00395046419TRLO1

20 May 2026 09:14:52

43

                      967.50

XLON

00395046420TRLO1

20 May 2026 09:16:24

81

                      966.50

XLON

00395047406TRLO1

20 May 2026 09:24:42

335

                      968.50

XLON

00395052211TRLO1

20 May 2026 09:25:07

151

                      968.50

XLON

00395052456TRLO1

20 May 2026 09:25:07

149

                      968.00

XLON

00395052457TRLO1

20 May 2026 09:25:07

5

                      968.00

XLON

00395052458TRLO1

20 May 2026 09:25:07

78

                      968.00

XLON

00395052460TRLO1

20 May 2026 09:28:26

77

                      965.50

XLON

00395054451TRLO1

20 May 2026 09:28:27

81

                      964.50

XLON

00395054458TRLO1

20 May 2026 09:28:29

81

                      964.00

XLON

00395054469TRLO1

20 May 2026 09:30:01

81

                      965.50

XLON

00395055694TRLO1

20 May 2026 09:32:05

21

                      965.00

XLON

00395057717TRLO1

20 May 2026 09:32:05

60

                      965.00

XLON

00395057718TRLO1

20 May 2026 09:33:28

75

                      964.50

XLON

00395058828TRLO1

20 May 2026 09:33:43

80

                      964.50

XLON

00395058982TRLO1

20 May 2026 09:33:43

76

                      964.50

XLON

00395058983TRLO1

20 May 2026 09:49:31

27

                      967.00

XLON

00395072229TRLO1

20 May 2026 09:49:31

29

                      967.00

XLON

00395072230TRLO1

20 May 2026 09:49:31

105

                      967.00

XLON

00395072231TRLO1

20 May 2026 09:49:31

160

                      967.00

XLON

00395072232TRLO1

20 May 2026 09:56:09

13

                      966.00

XLON

00395077138TRLO1

20 May 2026 09:56:09

15

                      966.00

XLON

00395077139TRLO1

20 May 2026 09:56:09

1

                      966.00

XLON

00395077140TRLO1

20 May 2026 09:56:09

1

                      966.00

XLON

00395077141TRLO1

20 May 2026 10:05:51

153

                      966.00

XLON

00395083159TRLO1

20 May 2026 10:09:31

162

                      965.00

XLON

00395085564TRLO1

20 May 2026 10:09:54

153

                      963.50

XLON

00395085735TRLO1

20 May 2026 10:10:00

157

                      962.50

XLON

00395085786TRLO1

20 May 2026 10:11:50

150

                      964.50

XLON

00395086771TRLO1

20 May 2026 10:11:56

163

                      965.00

XLON

00395086854TRLO1

20 May 2026 10:30:53

76

                      966.00

XLON

00395096613TRLO1

20 May 2026 10:30:53

87

                      966.00

XLON

00395096614TRLO1

20 May 2026 10:52:55

27

                      967.00

XLON

00395108760TRLO1

20 May 2026 10:53:35

47

                      967.00

XLON

00395108999TRLO1

20 May 2026 10:54:02

112

                      966.50

XLON

00395109205TRLO1

20 May 2026 10:54:02

14

                      966.50

XLON

00395109206TRLO1

20 May 2026 10:54:02

14

                      966.50

XLON

00395109207TRLO1

20 May 2026 10:54:02

88

                      966.50

XLON

00395109208TRLO1

20 May 2026 10:54:02

100

                      966.50

XLON

00395109209TRLO1

20 May 2026 10:59:15

12

                      966.50

XLON

00395111503TRLO1

20 May 2026 10:59:15

35

                      966.50

XLON

00395111504TRLO1

20 May 2026 10:59:15

1

                      966.50

XLON

00395111505TRLO1

20 May 2026 10:59:15

3

                      966.50

XLON

00395111506TRLO1

20 May 2026 11:00:21

1

                      966.50

XLON

00395111646TRLO1

20 May 2026 11:00:26

1

                      966.50

XLON

00395111650TRLO1

20 May 2026 11:01:13

10

                      972.50

XLON

00395111734TRLO1

20 May 2026 11:01:27

2

                      972.50

XLON

00395111750TRLO1

20 May 2026 11:01:42

5

                      972.50

XLON

00395111757TRLO1

20 May 2026 11:03:26

232

                      974.50

XLON

00395111842TRLO1

20 May 2026 11:03:26

20

                      973.50

XLON

00395111843TRLO1

20 May 2026 11:03:26

1

                      973.50

XLON

00395111844TRLO1

20 May 2026 11:03:37

211

                      973.50

XLON

00395111855TRLO1

20 May 2026 11:03:59

234

                      971.50

XLON

00395111861TRLO1

20 May 2026 11:03:59

43

                      970.50

XLON

00395111870TRLO1

20 May 2026 11:03:59

17

                      970.50

XLON

00395111871TRLO1

20 May 2026 11:03:59

91

                      970.50

XLON

00395111872TRLO1

20 May 2026 11:10:25

60

                      970.00

XLON

00395112383TRLO1

20 May 2026 11:10:25

12

                      970.00

XLON

00395112384TRLO1

20 May 2026 11:10:25

23

                      970.00

XLON

00395112385TRLO1

20 May 2026 11:10:25

23

                      970.00

XLON

00395112386TRLO1

20 May 2026 11:10:25

1

                      970.00

XLON

00395112387TRLO1

20 May 2026 11:12:54

226

                      971.00

XLON

00395112498TRLO1

20 May 2026 11:16:29

319

                      971.00

XLON

00395112664TRLO1

20 May 2026 11:21:17

160

                      973.00

XLON

00395112803TRLO1

20 May 2026 11:27:14

80

                      972.00

XLON

00395113085TRLO1

20 May 2026 11:27:14

80

                      972.00

XLON

00395113086TRLO1

20 May 2026 11:29:10

152

                      971.50

XLON

00395113126TRLO1

20 May 2026 11:31:59

228

                      975.00

XLON

00395113242TRLO1

20 May 2026 11:32:54

158

                      974.00

XLON

00395113292TRLO1

20 May 2026 11:33:50

159

                      973.00

XLON

00395113326TRLO1

20 May 2026 11:42:03

23

                      972.50

XLON

00395113694TRLO1

20 May 2026 11:42:03

22

                      972.50

XLON

00395113695TRLO1

20 May 2026 11:42:03

141

                      972.50

XLON

00395113696TRLO1

20 May 2026 11:42:03

22

                      972.50

XLON

00395113697TRLO1

20 May 2026 11:45:33

76

                      972.50

XLON

00395113894TRLO1

20 May 2026 11:58:10

77

                      970.50

XLON

00395114420TRLO1

20 May 2026 11:58:10

78

                      970.50

XLON

00395114421TRLO1

20 May 2026 11:58:10

78

                      970.50

XLON

00395114422TRLO1

20 May 2026 11:58:10

77

                      970.50

XLON

00395114423TRLO1

20 May 2026 12:11:09

230

                      967.00

XLON

00395115023TRLO1

20 May 2026 12:18:42

160

                      968.00

XLON

00395115332TRLO1

20 May 2026 12:20:03

77

                      967.00

XLON

00395115409TRLO1

20 May 2026 12:20:03

77

                      967.00

XLON

00395115410TRLO1

20 May 2026 12:39:00

244

                      966.00

XLON

00395116515TRLO1

20 May 2026 12:39:53

151

                      967.00

XLON

00395116551TRLO1

20 May 2026 12:49:19

75

                      966.00

XLON

00395117131TRLO1

20 May 2026 12:49:19

76

                      966.00

XLON

00395117132TRLO1

20 May 2026 13:11:42

162

                      965.50

XLON

00395117995TRLO1

20 May 2026 13:11:42

153

                      965.50

XLON

00395117996TRLO1

20 May 2026 13:11:42

318

                      965.00

XLON

00395118000TRLO1

20 May 2026 13:12:01

240

                      963.50

XLON

00395118125TRLO1

20 May 2026 13:12:01

80

                      963.50

XLON

00395118126TRLO1

20 May 2026 13:12:36

304

                      965.00

XLON

00395118169TRLO1

20 May 2026 13:18:39

243

                      966.50

XLON

00395118515TRLO1

20 May 2026 13:18:59

224

                      966.00

XLON

00395118521TRLO1

20 May 2026 13:19:11

234

                      965.50

XLON

00395118537TRLO1

20 May 2026 13:24:30

23

                      965.00

XLON

00395119120TRLO1

20 May 2026 13:24:40

228

                      965.00

XLON

00395119132TRLO1

20 May 2026 13:24:56

235

                      964.50

XLON

00395119186TRLO1

20 May 2026 13:29:39

159

                      963.00

XLON

00395119671TRLO1

20 May 2026 13:29:39

240

                      963.00

XLON

00395119672TRLO1

20 May 2026 13:29:39

79

                      963.00

XLON

00395119673TRLO1

20 May 2026 13:29:39

80

                      963.00

XLON

00395119674TRLO1

20 May 2026 13:29:39

80

                      963.00

XLON

00395119675TRLO1

20 May 2026 13:29:39

80

                      963.00

XLON

00395119676TRLO1

20 May 2026 13:37:27

242

                      964.00

XLON

00395120083TRLO1

20 May 2026 13:46:55

77

                      965.00

XLON

00395120423TRLO1

20 May 2026 13:49:32

78

                      964.00

XLON

00395120473TRLO1

20 May 2026 13:49:32

78

                      964.00

XLON

00395120474TRLO1

20 May 2026 14:00:47

64

                      966.00

XLON

00395121226TRLO1

20 May 2026 14:02:59

162

                      966.50

XLON

00395121452TRLO1

20 May 2026 14:04:53

158

                      967.50

XLON

00395121492TRLO1

20 May 2026 14:04:53

158

                      967.00

XLON

00395121493TRLO1

20 May 2026 14:10:11

80

                      966.00

XLON

00395121931TRLO1

20 May 2026 14:10:11

79

                      966.00

XLON

00395121932TRLO1

20 May 2026 14:15:51

86

                      963.00

XLON

00395122354TRLO1

20 May 2026 14:15:51

80

                      963.00

XLON

00395122355TRLO1

20 May 2026 14:15:51

74

                      963.00

XLON

00395122356TRLO1

20 May 2026 14:15:58

157

                      962.00

XLON

00395122363TRLO1

20 May 2026 14:26:32

152

                      960.00

XLON

00395122725TRLO1

20 May 2026 14:30:05

156

                      959.50

XLON

00395122892TRLO1

20 May 2026 14:30:05

78

                      959.50

XLON

00395122893TRLO1

20 May 2026 14:31:34

159

                      959.50

XLON

00395123043TRLO1

20 May 2026 14:32:54

46

                      959.00

XLON

00395123160TRLO1

20 May 2026 14:32:54

63

                      959.00

XLON

00395123161TRLO1

20 May 2026 14:32:54

45

                      959.00

XLON

00395123162TRLO1

20 May 2026 14:35:52

159

                      959.00

XLON

00395123563TRLO1

20 May 2026 14:42:34

372

                      961.00

XLON

00395124208TRLO1

20 May 2026 14:42:35

302

                      961.00

XLON

00395124215TRLO1

20 May 2026 14:45:04

244

                      962.00

XLON

00395124364TRLO1

20 May 2026 14:49:44

152

                      961.50

XLON

00395124888TRLO1

20 May 2026 14:49:44

76

                      961.50

XLON

00395124889TRLO1

20 May 2026 14:52:51

60

                      960.50

XLON

00395125412TRLO1

20 May 2026 14:53:08

101

                      960.50

XLON

00395125433TRLO1

20 May 2026 14:53:08

45

                      960.50

XLON

00395125434TRLO1

20 May 2026 14:53:11

1

                      960.50

XLON

00395125436TRLO1

20 May 2026 14:58:50

21

                      960.50

XLON

00395126103TRLO1

20 May 2026 14:58:50

14

                      960.50

XLON

00395126104TRLO1

20 May 2026 14:58:50

125

                      960.50

XLON

00395126105TRLO1

20 May 2026 14:58:50

82

                      960.50

XLON

00395126106TRLO1

20 May 2026 15:00:48

78

                      960.00

XLON

00395126283TRLO1

20 May 2026 15:03:07

43

                      959.50

XLON

00395126459TRLO1

20 May 2026 15:03:07

107

                      959.50

XLON

00395126460TRLO1

20 May 2026 15:09:47

150

                      960.50

XLON

00395127042TRLO1

20 May 2026 15:14:38

150

                      961.00

XLON

00395127841TRLO1

20 May 2026 15:15:32

374

                      962.00

XLON

00395128082TRLO1

20 May 2026 15:17:29

183

                      965.00

XLON

00395128794TRLO1

20 May 2026 15:21:04

155

                      967.50

XLON

00395129623TRLO1

20 May 2026 15:21:04

78

                      967.50

XLON

00395129624TRLO1

20 May 2026 15:22:16

231

                      968.50

XLON

00395129798TRLO1

20 May 2026 15:24:38

151

                      968.50

XLON

00395129998TRLO1

20 May 2026 15:30:36

230

                      968.50

XLON

00395130611TRLO1

20 May 2026 15:34:37

162

                      966.50

XLON

00395131016TRLO1

20 May 2026 15:34:37

81

                      966.50

XLON

00395131017TRLO1

20 May 2026 15:34:37

80

                      966.50

XLON

00395131018TRLO1

20 May 2026 15:38:49

97

                      967.00

XLON

00395131305TRLO1

20 May 2026 15:43:59

158

                      968.50

XLON

00395131715TRLO1

20 May 2026 15:44:04

161

                      968.00

XLON

00395131721TRLO1

20 May 2026 15:45:11

152

                      968.00

XLON

00395131877TRLO1

20 May 2026 15:48:50

228

                      968.50

XLON

00395132153TRLO1

20 May 2026 15:49:53

154

                      968.50

XLON

00395132273TRLO1

20 May 2026 15:49:53

77

                      968.50

XLON

00395132274TRLO1

20 May 2026 15:57:19

121

                      969.50

XLON

00395132805TRLO1

20 May 2026 15:57:19

28

                      969.50

XLON

00395132806TRLO1

20 May 2026 15:57:19

75

                      969.50

XLON

00395132807TRLO1

20 May 2026 15:58:16

149

                      969.00

XLON

00395132853TRLO1

20 May 2026 16:00:39

54

                      969.00

XLON

00395133027TRLO1

20 May 2026 16:03:53

4

                      970.00

XLON

00395133235TRLO1

20 May 2026 16:03:53

223

                      970.00

XLON

00395133236TRLO1

20 May 2026 16:05:19

138

                      970.50

XLON

00395133312TRLO1

20 May 2026 16:05:19

21

                      970.50

XLON

00395133313TRLO1

20 May 2026 16:07:49

223

                      970.00

XLON

00395133508TRLO1

20 May 2026 16:09:59

101

                      970.00

XLON

00395133682TRLO1

20 May 2026 16:10:20

24

                      969.50

XLON

00395133707TRLO1

20 May 2026 16:11:58

224

                      970.50

XLON

00395133796TRLO1

20 May 2026 16:11:58

150

                      970.50

XLON

00395133797TRLO1

20 May 2026 16:14:19

133

                      970.50

XLON

00395133995TRLO1

20 May 2026 16:15:23

242

                      970.50

XLON

00395134083TRLO1

20 May 2026 16:15:34

80

                      973.00

XLON

00395134341TRLO1

20 May 2026 16:15:53

231

                      977.50

XLON

00395134662TRLO1

20 May 2026 16:15:58

78

                      976.50

XLON

00395134688TRLO1

20 May 2026 16:16:02

78

                      977.50

XLON

00395134734TRLO1

20 May 2026 16:16:11

81

                      979.50

XLON

00395134843TRLO1

20 May 2026 16:16:26

79

                      978.50

XLON

00395134927TRLO1

20 May 2026 16:16:53

79

                      977.50

XLON

00395135083TRLO1

20 May 2026 16:17:49

56

                      976.00

XLON

00395135229TRLO1

 

 

Enquiries:    

 

Gamma Communications plc

Martin Hellawell, Chair

Andrew Belshaw, Chief Executive Officer

Rachael Matzopoulos, Company Secretary

 

+44 (0) 33 3006 5972

Barclays Bank PLC, acting through its Investment Bank

(Lead Financial Adviser)

Alastair Blackman / Alex Evans / Callum West / Michael Hart

 

+44 (0) 20 7623 2323

Q Advisors (Joint Financial Adviser) 

Michael Quinn / Kristian MacCarter

 

+1 720 837 3214

Investec (Joint Financial Adviser and Joint Broker) 

Patrick Robb / Virginia Bull  

 

+44 (0) 20 7597 5970

Peel Hunt (Joint Financial Adviser and Joint Broker) 

Neil Patel / Alice Lane / Benjamin Cryer

  

+44 (0) 20 7418 8900 

Teneo (Financial PR Adviser) 

James Macey White / Matt Low

  

+44 (0) 20 7260 2700

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 +44 (0) 20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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