Transaction in Own Shares

Gamma Communications PLC

28 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

28 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:	27 May 2026
Number of ordinary shares purchased:	22,554
Lowest price per share (pence):	976.50
Highest price per share (pence):	993.00
Weighted average price per day (pence):	982.8305

 The Company intends to cancel the purchased ordinary shares.

Following settlement of the above purchases, Gamma has purchased a total of 1,831,442 ordinary shares since the commencement of the buyback programme and will have 91,932,909 ordinary shares in issue. There are 1,578,525 ordinary shares held in treasury. The total voting rights in the Company are therefore 90,354,384 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 90,354,384 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	982.8305	22,554	976.50	993.00

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
27 May 2026 08:00:22	75	986.50	XLON	00395980289TRLO1
27 May 2026 08:03:42	81	993.00	XLON	00395981204TRLO1
27 May 2026 08:04:24	81	989.50	XLON	00395981348TRLO1
27 May 2026 08:14:39	79	990.50	XLON	00395984547TRLO1
27 May 2026 08:15:45	76	989.50	XLON	00395984893TRLO1
27 May 2026 08:20:06	79	989.00	XLON	00395987224TRLO1
27 May 2026 08:20:25	78	988.00	XLON	00395987357TRLO1
27 May 2026 08:29:55	206	989.00	XLON	00395996481TRLO1
27 May 2026 08:29:55	33	989.00	XLON	00395996480TRLO1
27 May 2026 08:30:30	77	987.50	XLON	00395996669TRLO1
27 May 2026 08:30:35	83	989.00	XLON	00395996691TRLO1
27 May 2026 08:30:45	80	989.50	XLON	00395996749TRLO1
27 May 2026 08:40:49	157	988.50	XLON	00395999645TRLO1
27 May 2026 08:41:00	80	987.50	XLON	00395999661TRLO1
27 May 2026 08:41:00	77	987.00	XLON	00395999662TRLO1
27 May 2026 08:44:31	79	985.50	XLON	00396000261TRLO1
27 May 2026 08:50:59	76	984.50	XLON	00396001898TRLO1
27 May 2026 08:51:54	80	986.00	XLON	00396002029TRLO1
27 May 2026 08:51:54	52	986.00	XLON	00396002028TRLO1
27 May 2026 08:53:17	80	987.00	XLON	00396002358TRLO1
27 May 2026 08:55:11	80	987.00	XLON	00396002665TRLO1
27 May 2026 08:57:05	80	987.00	XLON	00396002862TRLO1
27 May 2026 08:58:59	80	987.00	XLON	00396003112TRLO1
27 May 2026 08:59:03	80	985.00	XLON	00396003117TRLO1
27 May 2026 09:07:27	22	985.50	XLON	00396004731TRLO1
27 May 2026 09:13:46	53	987.00	XLON	00396006281TRLO1
27 May 2026 09:13:46	66	987.00	XLON	00396006280TRLO1
27 May 2026 09:13:46	77	986.00	XLON	00396006282TRLO1
27 May 2026 09:15:53	79	985.50	XLON	00396006511TRLO1
27 May 2026 09:15:54	89	985.50	XLON	00396006513TRLO1
27 May 2026 09:15:54	51	985.50	XLON	00396006512TRLO1
27 May 2026 09:16:25	78	984.50	XLON	00396006643TRLO1
27 May 2026 09:25:29	78	984.00	XLON	00396007762TRLO1
27 May 2026 09:26:20	78	984.00	XLON	00396007884TRLO1
27 May 2026 09:26:56	76	983.50	XLON	00396007940TRLO1
27 May 2026 09:29:49	76	984.00	XLON	00396008334TRLO1
27 May 2026 09:33:16	30	984.00	XLON	00396008886TRLO1
27 May 2026 09:33:16	30	984.00	XLON	00396008885TRLO1
27 May 2026 09:33:16	16	984.00	XLON	00396008884TRLO1
27 May 2026 09:36:40	47	984.00	XLON	00396009831TRLO1
27 May 2026 09:36:40	32	984.00	XLON	00396009830TRLO1
27 May 2026 09:36:40	157	982.50	XLON	00396009832TRLO1
27 May 2026 09:43:29	81	982.00	XLON	00396011149TRLO1
27 May 2026 09:58:12	33	986.00	XLON	00396015092TRLO1
27 May 2026 09:58:27	165	985.00	XLON	00396015197TRLO1
27 May 2026 10:06:48	78	986.00	XLON	00396018811TRLO1
27 May 2026 10:06:48	85	986.00	XLON	00396018810TRLO1
27 May 2026 10:06:48	83	986.00	XLON	00396018809TRLO1
27 May 2026 10:06:48	39	986.00	XLON	00396018808TRLO1
27 May 2026 10:07:17	171	986.00	XLON	00396018997TRLO1
27 May 2026 10:07:45	77	985.00	XLON	00396019212TRLO1
27 May 2026 10:07:45	76	985.00	XLON	00396019213TRLO1
27 May 2026 10:07:45	76	984.00	XLON	00396019214TRLO1
27 May 2026 10:07:45	76	983.00	XLON	00396019215TRLO1
27 May 2026 10:17:50	49	985.00	XLON	00396022275TRLO1
27 May 2026 10:17:50	88	985.00	XLON	00396022274TRLO1
27 May 2026 10:17:50	28	985.00	XLON	00396022273TRLO1
27 May 2026 10:21:06	43	985.00	XLON	00396022839TRLO1
27 May 2026 10:21:06	10	985.00	XLON	00396022838TRLO1
27 May 2026 10:21:06	25	985.00	XLON	00396022837TRLO1
27 May 2026 10:22:30	78	983.50	XLON	00396023148TRLO1
27 May 2026 10:23:30	83	983.00	XLON	00396023323TRLO1
27 May 2026 10:30:39	122	983.00	XLON	00396024270TRLO1
27 May 2026 10:32:48	9	983.00	XLON	00396024601TRLO1
27 May 2026 10:32:48	69	983.00	XLON	00396024600TRLO1
27 May 2026 10:35:03	78	983.00	XLON	00396025327TRLO1
27 May 2026 10:37:20	78	983.00	XLON	00396025727TRLO1
27 May 2026 10:39:21	5	983.00	XLON	00396026082TRLO1
27 May 2026 10:39:21	38	983.00	XLON	00396026081TRLO1
27 May 2026 10:39:21	35	983.00	XLON	00396026080TRLO1
27 May 2026 10:41:07	77	983.00	XLON	00396026399TRLO1
27 May 2026 10:52:30	77	981.50	XLON	00396028378TRLO1
27 May 2026 10:52:30	77	981.50	XLON	00396028377TRLO1
27 May 2026 10:52:30	77	981.50	XLON	00396028376TRLO1
27 May 2026 10:52:30	77	981.50	XLON	00396028375TRLO1
27 May 2026 10:52:40	303	980.00	XLON	00396028392TRLO1
27 May 2026 10:52:40	4	979.50	XLON	00396028393TRLO1
27 May 2026 10:52:45	50	982.00	XLON	00396028397TRLO1
27 May 2026 10:53:44	248	982.00	XLON	00396028761TRLO1
27 May 2026 10:53:44	226	982.00	XLON	00396028762TRLO1
27 May 2026 11:00:07	154	982.00	XLON	00396030136TRLO1
27 May 2026 11:03:54	82	980.50	XLON	00396030352TRLO1
27 May 2026 11:15:41	78	979.50	XLON	00396030882TRLO1
27 May 2026 11:15:41	78	979.50	XLON	00396030881TRLO1
27 May 2026 11:15:44	79	979.00	XLON	00396030888TRLO1
27 May 2026 11:20:22	120	980.00	XLON	00396031235TRLO1
27 May 2026 11:20:22	120	980.00	XLON	00396031237TRLO1
27 May 2026 11:32:56	7	981.50	XLON	00396032181TRLO1
27 May 2026 11:33:15	58	982.50	XLON	00396032196TRLO1
27 May 2026 11:33:15	96	982.50	XLON	00396032195TRLO1
27 May 2026 11:33:15	55	982.50	XLON	00396032194TRLO1
27 May 2026 11:37:29	78	981.50	XLON	00396032381TRLO1
27 May 2026 11:39:20	76	981.50	XLON	00396032470TRLO1
27 May 2026 11:40:00	77	981.00	XLON	00396032508TRLO1
27 May 2026 11:40:00	48	981.00	XLON	00396032509TRLO1
27 May 2026 11:42:01	78	982.00	XLON	00396032625TRLO1
27 May 2026 11:46:53	53	985.00	XLON	00396032875TRLO1
27 May 2026 11:46:53	156	984.50	XLON	00396032876TRLO1
27 May 2026 11:49:08	54	985.00	XLON	00396032944TRLO1
27 May 2026 11:49:08	28	985.00	XLON	00396032943TRLO1
27 May 2026 11:49:08	82	985.00	XLON	00396032942TRLO1
27 May 2026 11:51:34	160	984.00	XLON	00396033078TRLO1
27 May 2026 11:51:49	156	983.50	XLON	00396033083TRLO1
27 May 2026 11:59:37	14	984.50	XLON	00396033440TRLO1
27 May 2026 11:59:37	83	984.00	XLON	00396033441TRLO1
27 May 2026 12:01:42	79	983.00	XLON	00396033533TRLO1
27 May 2026 12:02:47	47	984.00	XLON	00396033627TRLO1
27 May 2026 12:03:46	76	983.50	XLON	00396033673TRLO1
27 May 2026 12:03:46	37	983.50	XLON	00396033674TRLO1
27 May 2026 12:03:47	91	983.50	XLON	00396033675TRLO1
27 May 2026 12:04:58	76	983.00	XLON	00396033735TRLO1
27 May 2026 12:10:46	68	982.50	XLON	00396034019TRLO1
27 May 2026 12:11:13	67	982.50	XLON	00396034043TRLO1
27 May 2026 12:11:13	8	982.50	XLON	00396034042TRLO1
27 May 2026 12:18:26	81	984.00	XLON	00396034361TRLO1
27 May 2026 12:21:07	82	983.50	XLON	00396034448TRLO1
27 May 2026 12:21:07	82	984.00	XLON	00396034449TRLO1
27 May 2026 12:21:07	44	984.00	XLON	00396034450TRLO1
27 May 2026 12:30:22	82	983.00	XLON	00396034810TRLO1
27 May 2026 12:30:22	81	983.00	XLON	00396034811TRLO1
27 May 2026 12:30:22	82	983.00	XLON	00396034812TRLO1
27 May 2026 12:30:39	1	982.50	XLON	00396034894TRLO1
27 May 2026 12:30:39	81	982.50	XLON	00396034893TRLO1
27 May 2026 12:30:41	81	982.50	XLON	00396034895TRLO1
27 May 2026 12:30:41	89	982.50	XLON	00396034896TRLO1
27 May 2026 12:31:18	81	982.00	XLON	00396034935TRLO1
27 May 2026 12:31:23	78	982.00	XLON	00396034937TRLO1
27 May 2026 12:49:46	76	982.00	XLON	00396035663TRLO1
27 May 2026 12:49:46	77	982.00	XLON	00396035662TRLO1
27 May 2026 12:49:46	67	982.00	XLON	00396035664TRLO1
27 May 2026 12:55:02	76	981.50	XLON	00396035876TRLO1
27 May 2026 12:55:07	152	981.50	XLON	00396035882TRLO1
27 May 2026 12:56:18	30	981.50	XLON	00396035947TRLO1
27 May 2026 12:56:18	48	981.50	XLON	00396035946TRLO1
27 May 2026 13:00:44	78	980.00	XLON	00396036147TRLO1
27 May 2026 13:00:44	78	980.00	XLON	00396036146TRLO1
27 May 2026 13:00:44	77	980.00	XLON	00396036145TRLO1
27 May 2026 13:02:36	155	981.00	XLON	00396036287TRLO1
27 May 2026 13:09:26	76	980.50	XLON	00396036501TRLO1
27 May 2026 13:09:26	154	980.50	XLON	00396036500TRLO1
27 May 2026 13:14:05	235	980.50	XLON	00396036652TRLO1
27 May 2026 13:14:13	126	980.00	XLON	00396036659TRLO1
27 May 2026 13:17:27	23	980.00	XLON	00396036740TRLO1
27 May 2026 13:17:27	23	980.00	XLON	00396036739TRLO1
27 May 2026 13:17:27	33	980.00	XLON	00396036741TRLO1
27 May 2026 13:18:46	78	981.00	XLON	00396036855TRLO1
27 May 2026 13:22:46	76	984.50	XLON	00396037364TRLO1
27 May 2026 13:23:03	138	984.00	XLON	00396037385TRLO1
27 May 2026 13:23:06	78	984.00	XLON	00396037390TRLO1
27 May 2026 13:23:41	82	983.50	XLON	00396037415TRLO1
27 May 2026 13:23:41	76	983.50	XLON	00396037416TRLO1
27 May 2026 13:23:41	8	983.50	XLON	00396037418TRLO1
27 May 2026 13:23:41	68	983.50	XLON	00396037417TRLO1
27 May 2026 13:23:41	76	983.50	XLON	00396037419TRLO1
27 May 2026 13:23:41	76	983.50	XLON	00396037420TRLO1
27 May 2026 13:23:41	76	983.50	XLON	00396037422TRLO1
27 May 2026 13:23:41	40	983.50	XLON	00396037425TRLO1
27 May 2026 13:23:41	36	983.50	XLON	00396037424TRLO1
27 May 2026 13:23:45	76	982.00	XLON	00396037437TRLO1
27 May 2026 13:26:59	158	984.00	XLON	00396037650TRLO1
27 May 2026 13:34:59	1	983.00	XLON	00396038045TRLO1
27 May 2026 13:36:00	32	985.00	XLON	00396038156TRLO1
27 May 2026 13:36:05	156	985.00	XLON	00396038192TRLO1
27 May 2026 13:36:06	154	984.50	XLON	00396038199TRLO1
27 May 2026 13:36:06	81	984.50	XLON	00396038200TRLO1
27 May 2026 13:44:29	81	984.00	XLON	00396038550TRLO1
27 May 2026 13:45:27	36	983.00	XLON	00396038619TRLO1
27 May 2026 13:45:27	45	983.00	XLON	00396038618TRLO1
27 May 2026 13:48:21	79	982.00	XLON	00396038928TRLO1
27 May 2026 13:48:21	79	982.00	XLON	00396038927TRLO1
27 May 2026 13:48:21	158	982.00	XLON	00396038926TRLO1
27 May 2026 13:49:51	241	981.50	XLON	00396039123TRLO1
27 May 2026 14:01:49	153	980.50	XLON	00396039611TRLO1
27 May 2026 14:04:57	164	980.00	XLON	00396039713TRLO1
27 May 2026 14:10:25	79	980.00	XLON	00396040099TRLO1
27 May 2026 14:10:25	19	980.00	XLON	00396040098TRLO1
27 May 2026 14:10:25	10	980.00	XLON	00396040097TRLO1
27 May 2026 14:10:33	78	979.50	XLON	00396040108TRLO1
27 May 2026 14:18:55	82	979.50	XLON	00396040578TRLO1
27 May 2026 14:18:55	78	979.50	XLON	00396040579TRLO1
27 May 2026 14:18:56	83	978.50	XLON	00396040580TRLO1
27 May 2026 14:23:23	315	977.50	XLON	00396040779TRLO1
27 May 2026 14:23:27	304	976.50	XLON	00396040784TRLO1
27 May 2026 14:23:44	81	976.50	XLON	00396040793TRLO1
27 May 2026 14:24:07	82	979.00	XLON	00396040823TRLO1
27 May 2026 14:24:07	92	979.00	XLON	00396040822TRLO1
27 May 2026 14:24:07	3	979.00	XLON	00396040821TRLO1
27 May 2026 14:28:23	76	978.50	XLON	00396041084TRLO1
27 May 2026 14:28:23	153	978.50	XLON	00396041083TRLO1
27 May 2026 14:28:23	76	978.50	XLON	00396041082TRLO1
27 May 2026 14:28:23	132	977.50	XLON	00396041086TRLO1
27 May 2026 14:28:23	173	977.50	XLON	00396041085TRLO1
27 May 2026 14:33:59	1	977.50	XLON	00396042070TRLO1
27 May 2026 14:35:04	240	979.00	XLON	00396042261TRLO1
27 May 2026 14:39:53	80	979.00	XLON	00396042739TRLO1
27 May 2026 14:39:53	80	979.00	XLON	00396042738TRLO1
27 May 2026 14:51:03	75	978.00	XLON	00396043850TRLO1
27 May 2026 14:51:03	151	978.00	XLON	00396043849TRLO1
27 May 2026 14:51:03	88	978.00	XLON	00396043852TRLO1
27 May 2026 14:51:08	8	977.50	XLON	00396043860TRLO1
27 May 2026 14:51:08	147	977.50	XLON	00396043859TRLO1
27 May 2026 15:05:32	320	982.00	XLON	00396044835TRLO1
27 May 2026 15:05:32	269	982.00	XLON	00396044836TRLO1
27 May 2026 15:05:55	238	984.00	XLON	00396044866TRLO1
27 May 2026 15:16:47	76	987.00	XLON	00396045722TRLO1
27 May 2026 15:16:47	306	987.00	XLON	00396045721TRLO1
27 May 2026 15:16:47	256	987.00	XLON	00396045724TRLO1
27 May 2026 15:16:47	132	987.00	XLON	00396045723TRLO1
27 May 2026 15:16:47	388	986.00	XLON	00396045725TRLO1
27 May 2026 15:16:47	311	985.50	XLON	00396045726TRLO1
27 May 2026 15:17:35	82	984.50	XLON	00396045757TRLO1
27 May 2026 15:17:35	82	984.50	XLON	00396045756TRLO1
27 May 2026 15:17:35	81	984.50	XLON	00396045755TRLO1
27 May 2026 15:17:37	18	983.50	XLON	00396045759TRLO1
27 May 2026 15:17:37	215	983.50	XLON	00396045760TRLO1
27 May 2026 15:20:12	78	983.00	XLON	00396045961TRLO1
27 May 2026 15:20:13	79	983.00	XLON	00396045978TRLO1
27 May 2026 15:22:35	76	983.00	XLON	00396046221TRLO1
27 May 2026 15:24:07	79	982.00	XLON	00396046353TRLO1
27 May 2026 15:24:24	77	982.00	XLON	00396046379TRLO1
27 May 2026 15:32:59	4	981.00	XLON	00396047116TRLO1
27 May 2026 15:33:17	150	981.00	XLON	00396047161TRLO1
27 May 2026 15:33:18	81	980.00	XLON	00396047204TRLO1
27 May 2026 15:42:26	80	982.00	XLON	00396048076TRLO1
27 May 2026 15:42:26	81	982.00	XLON	00396048075TRLO1
27 May 2026 15:44:43	4	982.00	XLON	00396048224TRLO1
27 May 2026 15:44:43	152	982.00	XLON	00396048223TRLO1
27 May 2026 15:46:50	77	982.00	XLON	00396048356TRLO1
27 May 2026 15:53:09	160	982.00	XLON	00396048725TRLO1
27 May 2026 15:54:50	156	981.50	XLON	00396048898TRLO1
27 May 2026 15:54:59	153	982.50	XLON	00396048929TRLO1
27 May 2026 15:57:06	75	982.00	XLON	00396049063TRLO1
27 May 2026 15:57:06	76	982.00	XLON	00396049062TRLO1
27 May 2026 16:02:09	152	983.00	XLON	00396049541TRLO1
27 May 2026 16:02:36	163	982.50	XLON	00396049556TRLO1
27 May 2026 16:06:39	318	982.00	XLON	00396049939TRLO1
27 May 2026 16:07:20	230	982.00	XLON	00396049975TRLO1
27 May 2026 16:13:16	75	981.50	XLON	00396050448TRLO1
27 May 2026 16:13:16	16	981.50	XLON	00396050447TRLO1
27 May 2026 16:13:16	60	981.50	XLON	00396050446TRLO1
27 May 2026 16:15:58	75	982.50	XLON	00396050691TRLO1
27 May 2026 16:15:58	28	982.50	XLON	00396050690TRLO1
27 May 2026 16:15:58	123	982.50	XLON	00396050689TRLO1
27 May 2026 16:19:45	108	983.00	XLON	00396050978TRLO1

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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