Transaction in Own Shares

Gamma Communications PLC

29 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

29 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:	28 May 2026
Number of ordinary shares purchased:	23,376
Lowest price per share (pence):	948.50
Highest price per share (pence):	967.00
Weighted average price per day (pence):	955.0205

 The Company intends to cancel the purchased ordinary shares.

Following settlement of the above purchases, Gamma has purchased a total of 1,854,818 ordinary shares since the commencement of the buyback programme and will have 91,909,533 ordinary shares in issue. There are 1,578,525 ordinary shares held in treasury. The total voting rights in the Company are therefore 90,331,008 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 90,331,008 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	955.0205	23,376	948.50	967.00

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
28 May 2026 08:00:24	62	967.00	XLON	00396054513TRLO1
28 May 2026 08:02:05	83	960.50	XLON	00396054799TRLO1
28 May 2026 08:10:45	83	958.00	XLON	00396055392TRLO1
28 May 2026 08:10:45	80	957.00	XLON	00396055393TRLO1
28 May 2026 08:12:26	81	958.00	XLON	00396055466TRLO1
28 May 2026 08:14:55	82	958.00	XLON	00396055576TRLO1
28 May 2026 08:23:04	79	956.00	XLON	00396056039TRLO1
28 May 2026 08:46:26	78	955.00	XLON	00396057433TRLO1
28 May 2026 08:46:26	390	955.00	XLON	00396057434TRLO1
28 May 2026 08:46:26	23	953.50	XLON	00396057435TRLO1
28 May 2026 08:53:44	65	955.50	XLON	00396057736TRLO1
28 May 2026 08:53:44	21	955.50	XLON	00396057737TRLO1
28 May 2026 09:05:17	76	961.00	XLON	00396058251TRLO1
28 May 2026 09:05:19	80	961.00	XLON	00396058256TRLO1
28 May 2026 09:05:21	80	961.50	XLON	00396058257TRLO1
28 May 2026 09:05:21	77	961.00	XLON	00396058258TRLO1
28 May 2026 09:05:27	16	961.00	XLON	00396058267TRLO1
28 May 2026 09:09:12	228	963.00	XLON	00396058448TRLO1
28 May 2026 09:18:42	121	965.00	XLON	00396058818TRLO1
28 May 2026 09:19:40	160	964.00	XLON	00396058873TRLO1
28 May 2026 09:19:40	36	965.00	XLON	00396058872TRLO1
28 May 2026 09:19:41	158	963.50	XLON	00396058875TRLO1
28 May 2026 09:19:41	50	963.50	XLON	00396058877TRLO1
28 May 2026 09:19:41	47	963.50	XLON	00396058876TRLO1
28 May 2026 09:20:17	26	963.50	XLON	00396058897TRLO1
28 May 2026 09:20:17	39	963.50	XLON	00396058898TRLO1
28 May 2026 09:20:18	163	963.00	XLON	00396058899TRLO1
28 May 2026 09:20:18	10	963.50	XLON	00396058901TRLO1
28 May 2026 09:20:18	15	963.50	XLON	00396058900TRLO1
28 May 2026 09:20:18	22	963.50	XLON	00396058902TRLO1
28 May 2026 09:20:18	17	963.50	XLON	00396058903TRLO1
28 May 2026 09:20:18	16	963.50	XLON	00396058904TRLO1
28 May 2026 09:20:18	21	963.50	XLON	00396058905TRLO1
28 May 2026 09:20:18	17	963.50	XLON	00396058906TRLO1
28 May 2026 09:23:23	83	963.50	XLON	00396059028TRLO1
28 May 2026 09:23:35	67	962.50	XLON	00396059034TRLO1
28 May 2026 09:25:03	80	962.50	XLON	00396059070TRLO1
28 May 2026 09:25:03	67	962.50	XLON	00396059069TRLO1
28 May 2026 09:25:03	14	962.50	XLON	00396059068TRLO1
28 May 2026 09:27:15	82	962.50	XLON	00396059097TRLO1
28 May 2026 09:32:06	75	962.00	XLON	00396059241TRLO1
28 May 2026 09:32:06	76	962.00	XLON	00396059240TRLO1
28 May 2026 09:33:39	154	963.00	XLON	00396059271TRLO1
28 May 2026 09:33:39	155	963.00	XLON	00396059272TRLO1
28 May 2026 09:33:57	155	963.50	XLON	00396059276TRLO1
28 May 2026 09:37:30	82	963.50	XLON	00396059405TRLO1
28 May 2026 09:37:30	82	963.50	XLON	00396059404TRLO1
28 May 2026 09:44:50	163	962.00	XLON	00396059630TRLO1
28 May 2026 09:54:32	229	963.50	XLON	00396059998TRLO1
28 May 2026 10:07:20	81	963.00	XLON	00396060357TRLO1
28 May 2026 10:07:20	162	963.00	XLON	00396060356TRLO1
28 May 2026 10:11:40	71	962.00	XLON	00396060461TRLO1
28 May 2026 10:11:40	153	962.00	XLON	00396060460TRLO1
28 May 2026 10:11:40	5	962.00	XLON	00396060459TRLO1
28 May 2026 10:24:54	76	963.00	XLON	00396060793TRLO1
28 May 2026 10:27:10	43	963.00	XLON	00396060858TRLO1
28 May 2026 10:27:51	244	961.50	XLON	00396060874TRLO1
28 May 2026 10:31:27	76	961.00	XLON	00396060993TRLO1
28 May 2026 10:31:47	76	960.50	XLON	00396061018TRLO1
28 May 2026 10:31:57	77	960.50	XLON	00396061030TRLO1
28 May 2026 10:31:58	226	960.00	XLON	00396061033TRLO1
28 May 2026 10:32:27	76	958.50	XLON	00396061051TRLO1
28 May 2026 10:37:47	82	958.00	XLON	00396061251TRLO1
28 May 2026 10:37:47	83	958.00	XLON	00396061250TRLO1
28 May 2026 10:41:03	15	957.50	XLON	00396061322TRLO1
28 May 2026 10:41:03	64	957.50	XLON	00396061321TRLO1
28 May 2026 10:41:03	79	957.50	XLON	00396061320TRLO1
28 May 2026 10:41:03	143	957.00	XLON	00396061323TRLO1
28 May 2026 10:41:03	83	956.00	XLON	00396061324TRLO1
28 May 2026 10:46:54	76	955.00	XLON	00396061454TRLO1
28 May 2026 10:48:06	81	954.00	XLON	00396061480TRLO1
28 May 2026 11:01:29	74	954.50	XLON	00396061776TRLO1
28 May 2026 11:01:29	3	954.50	XLON	00396061775TRLO1
28 May 2026 11:01:29	77	954.50	XLON	00396061774TRLO1
28 May 2026 11:01:29	77	954.50	XLON	00396061773TRLO1
28 May 2026 11:01:29	77	954.50	XLON	00396061772TRLO1
28 May 2026 11:02:28	83	953.00	XLON	00396061801TRLO1
28 May 2026 11:02:28	152	953.00	XLON	00396061800TRLO1
28 May 2026 11:05:39	156	951.50	XLON	00396061881TRLO1
28 May 2026 11:11:18	82	953.00	XLON	00396062026TRLO1
28 May 2026 11:14:06	58	953.00	XLON	00396062076TRLO1
28 May 2026 11:22:11	14	952.50	XLON	00396062334TRLO1
28 May 2026 11:22:11	7	952.50	XLON	00396062333TRLO1
28 May 2026 11:22:11	23	952.50	XLON	00396062332TRLO1
28 May 2026 11:22:11	58	952.50	XLON	00396062331TRLO1
28 May 2026 11:22:11	59	952.50	XLON	00396062335TRLO1
28 May 2026 11:24:00	162	952.50	XLON	00396062424TRLO1
28 May 2026 11:32:36	76	953.00	XLON	00396062714TRLO1
28 May 2026 11:34:05	78	952.50	XLON	00396062772TRLO1
28 May 2026 11:36:16	82	952.00	XLON	00396062849TRLO1
28 May 2026 11:36:16	82	952.00	XLON	00396062848TRLO1
28 May 2026 11:37:45	76	950.50	XLON	00396062975TRLO1
28 May 2026 11:44:29	80	950.50	XLON	00396063301TRLO1
28 May 2026 11:44:29	80	950.50	XLON	00396063300TRLO1
28 May 2026 11:46:33	65	950.00	XLON	00396063410TRLO1
28 May 2026 11:46:33	15	950.00	XLON	00396063409TRLO1
28 May 2026 11:49:44	81	951.00	XLON	00396063527TRLO1
28 May 2026 11:50:11	76	950.50	XLON	00396063539TRLO1
28 May 2026 11:51:16	77	949.50	XLON	00396063652TRLO1
28 May 2026 11:54:04	83	950.50	XLON	00396063833TRLO1
28 May 2026 11:57:35	81	950.50	XLON	00396064034TRLO1
28 May 2026 11:58:14	78	950.00	XLON	00396064057TRLO1
28 May 2026 12:02:22	78	949.50	XLON	00396064336TRLO1
28 May 2026 12:02:31	81	949.50	XLON	00396064356TRLO1
28 May 2026 12:03:52	81	948.50	XLON	00396064401TRLO1
28 May 2026 12:05:27	77	949.00	XLON	00396064453TRLO1
28 May 2026 12:14:15	173	949.00	XLON	00396064699TRLO1
28 May 2026 12:14:15	90	949.00	XLON	00396064698TRLO1
28 May 2026 12:14:15	125	949.00	XLON	00396064701TRLO1
28 May 2026 12:14:15	48	949.00	XLON	00396064700TRLO1
28 May 2026 12:16:40	18	949.00	XLON	00396064757TRLO1
28 May 2026 12:16:40	30	949.00	XLON	00396064756TRLO1
28 May 2026 12:16:40	108	949.00	XLON	00396064755TRLO1
28 May 2026 12:20:00	10	949.00	XLON	00396064864TRLO1
28 May 2026 12:20:00	81	949.00	XLON	00396064865TRLO1
28 May 2026 12:28:54	78	951.00	XLON	00396065150TRLO1
28 May 2026 12:28:54	158	951.00	XLON	00396065149TRLO1
28 May 2026 12:29:46	156	955.50	XLON	00396065225TRLO1
28 May 2026 12:39:11	78	957.00	XLON	00396065594TRLO1
28 May 2026 12:39:11	79	957.00	XLON	00396065593TRLO1
28 May 2026 12:39:11	79	957.00	XLON	00396065592TRLO1
28 May 2026 12:39:12	233	956.50	XLON	00396065595TRLO1
28 May 2026 12:39:12	226	956.00	XLON	00396065596TRLO1
28 May 2026 12:39:12	151	956.00	XLON	00396065597TRLO1
28 May 2026 12:39:12	151	955.50	XLON	00396065598TRLO1
28 May 2026 12:40:21	151	954.50	XLON	00396065624TRLO1
28 May 2026 12:40:50	81	954.50	XLON	00396065638TRLO1
28 May 2026 12:54:19	82	954.50	XLON	00396066044TRLO1
28 May 2026 12:59:56	76	954.50	XLON	00396066211TRLO1
28 May 2026 12:59:56	77	954.50	XLON	00396066210TRLO1
28 May 2026 13:00:33	63	954.00	XLON	00396066296TRLO1
28 May 2026 13:00:33	18	954.00	XLON	00396066295TRLO1
28 May 2026 13:00:33	82	954.00	XLON	00396066294TRLO1
28 May 2026 13:10:24	81	953.50	XLON	00396066521TRLO1
28 May 2026 13:10:24	81	953.50	XLON	00396066520TRLO1
28 May 2026 13:11:50	49	954.00	XLON	00396066561TRLO1
28 May 2026 13:12:09	80	954.00	XLON	00396066565TRLO1
28 May 2026 13:12:16	81	953.50	XLON	00396066568TRLO1
28 May 2026 13:17:22	137	953.00	XLON	00396066637TRLO1
28 May 2026 13:17:22	24	953.00	XLON	00396066636TRLO1
28 May 2026 13:18:20	83	953.00	XLON	00396066656TRLO1
28 May 2026 13:21:05	80	952.50	XLON	00396066723TRLO1
28 May 2026 13:21:05	156	952.00	XLON	00396066724TRLO1
28 May 2026 13:21:26	78	950.00	XLON	00396066740TRLO1
28 May 2026 13:25:42	112	950.50	XLON	00396067017TRLO1
28 May 2026 13:30:25	79	950.50	XLON	00396067154TRLO1
28 May 2026 13:33:06	79	951.50	XLON	00396067242TRLO1
28 May 2026 13:39:43	76	951.00	XLON	00396067528TRLO1
28 May 2026 13:49:36	153	952.50	XLON	00396067884TRLO1
28 May 2026 13:50:00	162	952.50	XLON	00396067902TRLO1
28 May 2026 14:08:21	81	955.00	XLON	00396068717TRLO1
28 May 2026 14:11:12	81	954.00	XLON	00396068819TRLO1
28 May 2026 14:26:41	22	953.00	XLON	00396069432TRLO1
28 May 2026 14:26:41	61	953.00	XLON	00396069431TRLO1
28 May 2026 14:31:13	82	953.00	XLON	00396069910TRLO1
28 May 2026 14:31:13	82	953.00	XLON	00396069909TRLO1
28 May 2026 14:34:38	160	952.50	XLON	00396070157TRLO1
28 May 2026 14:37:56	82	952.00	XLON	00396070602TRLO1
28 May 2026 14:37:56	82	952.00	XLON	00396070601TRLO1
28 May 2026 14:37:56	165	952.00	XLON	00396070600TRLO1
28 May 2026 14:46:43	241	954.00	XLON	00396071275TRLO1
28 May 2026 14:46:43	390	954.00	XLON	00396071276TRLO1
28 May 2026 14:46:47	233	953.50	XLON	00396071289TRLO1
28 May 2026 14:47:15	230	953.00	XLON	00396071393TRLO1
28 May 2026 14:48:26	162	951.00	XLON	00396071532TRLO1
28 May 2026 14:58:49	3	950.50	XLON	00396072427TRLO1
28 May 2026 15:00:06	156	951.50	XLON	00396072671TRLO1
28 May 2026 15:06:55	6	951.50	XLON	00396073209TRLO1
28 May 2026 15:06:55	264	951.50	XLON	00396073210TRLO1
28 May 2026 15:06:55	81	951.00	XLON	00396073211TRLO1
28 May 2026 15:06:57	68	950.00	XLON	00396073212TRLO1
28 May 2026 15:07:23	68	950.00	XLON	00396073235TRLO1
28 May 2026 15:07:23	13	950.00	XLON	00396073234TRLO1
28 May 2026 15:07:49	458	949.50	XLON	00396073262TRLO1
28 May 2026 15:07:49	77	949.50	XLON	00396073261TRLO1
28 May 2026 15:11:30	66	950.00	XLON	00396073452TRLO1
28 May 2026 15:11:30	67	950.00	XLON	00396073451TRLO1
28 May 2026 15:12:04	78	950.00	XLON	00396073476TRLO1
28 May 2026 15:12:12	80	950.00	XLON	00396073496TRLO1
28 May 2026 15:12:20	81	950.00	XLON	00396073505TRLO1
28 May 2026 15:12:20	87	950.00	XLON	00396073506TRLO1
28 May 2026 15:12:56	85	954.50	XLON	00396073694TRLO1
28 May 2026 15:12:56	347	954.50	XLON	00396073693TRLO1
28 May 2026 15:13:19	155	956.00	XLON	00396073980TRLO1
28 May 2026 15:13:22	42	957.00	XLON	00396073998TRLO1
28 May 2026 15:13:22	154	956.00	XLON	00396073999TRLO1
28 May 2026 15:13:27	153	955.00	XLON	00396074011TRLO1
28 May 2026 15:13:27	80	954.50	XLON	00396074012TRLO1
28 May 2026 15:13:44	154	954.00	XLON	00396074049TRLO1
28 May 2026 15:14:04	152	957.50	XLON	00396074181TRLO1
28 May 2026 15:14:08	154	956.50	XLON	00396074207TRLO1
28 May 2026 15:14:33	81	955.00	XLON	00396074309TRLO1
28 May 2026 15:14:33	81	955.00	XLON	00396074308TRLO1
28 May 2026 15:14:49	79	955.50	XLON	00396074333TRLO1
28 May 2026 15:15:05	82	954.00	XLON	00396074366TRLO1
28 May 2026 15:15:53	81	955.00	XLON	00396074492TRLO1
28 May 2026 15:16:02	82	954.50	XLON	00396074498TRLO1
28 May 2026 15:19:39	82	955.00	XLON	00396074891TRLO1
28 May 2026 15:19:58	78	954.50	XLON	00396074904TRLO1
28 May 2026 15:20:00	27	954.00	XLON	00396074906TRLO1
28 May 2026 15:20:19	27	954.00	XLON	00396074952TRLO1
28 May 2026 15:20:19	9	954.00	XLON	00396074951TRLO1
28 May 2026 15:20:19	47	954.00	XLON	00396074950TRLO1
28 May 2026 15:22:30	76	954.50	XLON	00396075099TRLO1
28 May 2026 15:23:20	81	955.00	XLON	00396075137TRLO1
28 May 2026 15:24:59	77	954.50	XLON	00396075238TRLO1
28 May 2026 15:26:01	82	954.00	XLON	00396075329TRLO1
28 May 2026 15:26:35	55	953.50	XLON	00396075352TRLO1
28 May 2026 15:28:30	24	953.00	XLON	00396075492TRLO1
28 May 2026 15:28:30	55	953.00	XLON	00396075491TRLO1
28 May 2026 15:28:49	79	952.50	XLON	00396075525TRLO1
28 May 2026 15:31:03	82	953.00	XLON	00396075715TRLO1
28 May 2026 15:31:30	80	953.00	XLON	00396075741TRLO1
28 May 2026 15:34:06	31	952.00	XLON	00396075901TRLO1
28 May 2026 15:34:06	48	952.00	XLON	00396075900TRLO1
28 May 2026 15:34:06	82	951.50	XLON	00396075902TRLO1
28 May 2026 15:38:20	162	952.50	XLON	00396076168TRLO1
28 May 2026 15:39:42	29	952.00	XLON	00396076272TRLO1
28 May 2026 15:41:03	33	952.50	XLON	00396076411TRLO1
28 May 2026 15:41:03	45	952.50	XLON	00396076410TRLO1
28 May 2026 15:41:36	10	952.00	XLON	00396076464TRLO1
28 May 2026 15:43:53	79	951.50	XLON	00396076712TRLO1
28 May 2026 15:43:53	80	951.50	XLON	00396076711TRLO1
28 May 2026 15:44:23	76	952.00	XLON	00396076729TRLO1
28 May 2026 15:45:37	33	954.00	XLON	00396076825TRLO1
28 May 2026 15:45:37	64	954.00	XLON	00396076824TRLO1
28 May 2026 15:45:37	59	954.00	XLON	00396076823TRLO1
28 May 2026 15:45:37	156	954.50	XLON	00396076826TRLO1
28 May 2026 15:45:37	77	953.50	XLON	00396076827TRLO1
28 May 2026 15:46:05	153	954.00	XLON	00396076936TRLO1
28 May 2026 15:46:06	80	953.50	XLON	00396076937TRLO1
28 May 2026 15:46:40	80	953.00	XLON	00396076986TRLO1
28 May 2026 15:46:40	79	953.00	XLON	00396076985TRLO1
28 May 2026 15:49:23	157	953.50	XLON	00396077239TRLO1
28 May 2026 15:53:30	165	954.00	XLON	00396077468TRLO1
28 May 2026 15:53:46	165	954.50	XLON	00396077519TRLO1
28 May 2026 15:55:22	46	954.00	XLON	00396077611TRLO1
28 May 2026 15:55:59	46	954.00	XLON	00396077635TRLO1
28 May 2026 15:55:59	79	954.00	XLON	00396077634TRLO1
28 May 2026 15:55:59	34	954.00	XLON	00396077633TRLO1
28 May 2026 15:55:59	76	953.50	XLON	00396077636TRLO1
28 May 2026 15:56:08	76	953.50	XLON	00396077647TRLO1
28 May 2026 15:57:45	82	952.50	XLON	00396077780TRLO1
28 May 2026 15:58:19	77	952.50	XLON	00396077810TRLO1
28 May 2026 16:03:01	77	954.50	XLON	00396078101TRLO1
28 May 2026 16:03:19	78	954.00	XLON	00396078121TRLO1
28 May 2026 16:04:43	32	953.50	XLON	00396078235TRLO1
28 May 2026 16:07:16	160	954.00	XLON	00396078403TRLO1
28 May 2026 16:08:02	82	953.50	XLON	00396078435TRLO1
28 May 2026 16:11:08	80	953.50	XLON	00396078667TRLO1
28 May 2026 16:11:16	78	953.50	XLON	00396078674TRLO1
28 May 2026 16:11:51	80	953.00	XLON	00396078715TRLO1
28 May 2026 16:12:59	82	952.00	XLON	00396078788TRLO1
28 May 2026 16:14:50	77	951.50	XLON	00396078888TRLO1
28 May 2026 16:17:34	82	951.50	XLON	00396079136TRLO1
28 May 2026 16:17:57	80	951.50	XLON	00396079197TRLO1
28 May 2026 16:19:15	79	951.50	XLON	00396079394TRLO1

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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