Transaction in Own Shares

Gamma Communications PLC

09 June 2026

 

9 June 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                    

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:	8 June 2026
Number of ordinary shares purchased:	20,655
Lowest price per share (pence):	931.00
Highest price per share (pence):	948.50
Weighted average price per day (pence):	942.2013

 The Company intends to cancel the purchased ordinary shares.

Following settlement of the above purchases, Gamma has purchased a total of 2,015,212 ordinary shares since the commencement of the buyback programme and will have 91,749,139 ordinary shares in issue. There are 1,552,152 ordinary shares held in treasury. The total voting rights in the Company are therefore 90,196,987 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 90,196,987 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	942.2013	20,655	931.00	948.50

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
08 June 2026 08:00:26	78	937.50	XLON	00397551620TRLO1
08 June 2026 08:12:16	84	933.00	XLON	00397560455TRLO1
08 June 2026 08:15:33	79	931.00	XLON	00397562384TRLO1
08 June 2026 08:18:03	81	932.50	XLON	00397563916TRLO1
08 June 2026 08:26:25	79	935.00	XLON	00397568870TRLO1
08 June 2026 08:26:25	83	934.50	XLON	00397568871TRLO1
08 June 2026 08:26:43	131	934.50	XLON	00397569032TRLO1
08 June 2026 08:31:29	119	937.50	XLON	00397572070TRLO1
08 June 2026 08:31:29	72	937.50	XLON	00397572069TRLO1
08 June 2026 08:31:29	30	937.50	XLON	00397572068TRLO1
08 June 2026 08:33:09	16	938.00	XLON	00397573155TRLO1
08 June 2026 08:33:09	68	938.00	XLON	00397573154TRLO1
08 June 2026 08:50:36	52	938.50	XLON	00397586311TRLO1
08 June 2026 08:50:36	29	938.50	XLON	00397586310TRLO1
08 June 2026 08:50:38	79	938.00	XLON	00397586343TRLO1
08 June 2026 08:52:00	79	937.50	XLON	00397587331TRLO1
08 June 2026 08:52:00	79	937.50	XLON	00397587332TRLO1
08 June 2026 08:59:25	245	937.00	XLON	00397593105TRLO1
08 June 2026 09:00:23	85	936.00	XLON	00397594092TRLO1
08 June 2026 09:00:59	136	936.50	XLON	00397594668TRLO1
08 June 2026 09:01:30	72	936.50	XLON	00397595125TRLO1
08 June 2026 09:04:46	155	937.50	XLON	00397597816TRLO1
08 June 2026 09:04:46	11	937.00	XLON	00397597817TRLO1
08 June 2026 09:10:26	66	937.50	XLON	00397602557TRLO1
08 June 2026 09:10:26	72	937.50	XLON	00397602556TRLO1
08 June 2026 09:11:33	80	937.50	XLON	00397603438TRLO1
08 June 2026 09:21:11	83	937.00	XLON	00397611942TRLO1
08 June 2026 09:23:03	237	937.00	XLON	00397613427TRLO1
08 June 2026 09:23:03	158	936.50	XLON	00397613428TRLO1
08 June 2026 09:29:55	151	940.00	XLON	00397618659TRLO1
08 June 2026 09:30:45	12	939.00	XLON	00397619356TRLO1
08 June 2026 09:30:45	12	939.00	XLON	00397619355TRLO1
08 June 2026 09:30:45	12	939.00	XLON	00397619357TRLO1
08 June 2026 09:30:45	36	939.00	XLON	00397619359TRLO1
08 June 2026 09:30:45	49	939.00	XLON	00397619358TRLO1
08 June 2026 09:33:46	84	938.50	XLON	00397621796TRLO1
08 June 2026 09:33:46	85	938.00	XLON	00397621806TRLO1
08 June 2026 09:33:54	86	938.00	XLON	00397621926TRLO1
08 June 2026 09:33:55	86	937.50	XLON	00397621927TRLO1
08 June 2026 09:48:44	80	937.50	XLON	00397633099TRLO1
08 June 2026 10:00:40	157	939.00	XLON	00397642291TRLO1
08 June 2026 10:00:40	124	938.50	XLON	00397642292TRLO1
08 June 2026 10:01:28	79	939.50	XLON	00397642808TRLO1
08 June 2026 10:01:28	86	939.00	XLON	00397642809TRLO1
08 June 2026 10:01:28	86	938.00	XLON	00397642810TRLO1
08 June 2026 10:01:56	86	937.00	XLON	00397643082TRLO1
08 June 2026 10:01:56	83	936.00	XLON	00397643083TRLO1
08 June 2026 10:11:15	83	935.50	XLON	00397652197TRLO1
08 June 2026 10:22:23	80	936.50	XLON	00397663288TRLO1
08 June 2026 10:25:27	85	935.50	XLON	00397666119TRLO1
08 June 2026 10:25:27	86	935.50	XLON	00397666118TRLO1
08 June 2026 10:28:29	6	935.00	XLON	00397670008TRLO1
08 June 2026 10:29:59	172	936.50	XLON	00397671471TRLO1
08 June 2026 10:29:59	3	936.50	XLON	00397671469TRLO1
08 June 2026 10:31:53	83	935.50	XLON	00397673779TRLO1
08 June 2026 10:36:41	38	937.00	XLON	00397678870TRLO1
08 June 2026 10:36:42	129	937.50	XLON	00397678926TRLO1
08 June 2026 10:36:46	82	937.00	XLON	00397679145TRLO1
08 June 2026 10:38:49	79	937.00	XLON	00397681655TRLO1
08 June 2026 10:41:21	79	936.50	XLON	00397684709TRLO1
08 June 2026 10:43:56	79	936.50	XLON	00397687909TRLO1
08 June 2026 10:44:48	9	935.50	XLON	00397688828TRLO1
08 June 2026 10:57:50	10	936.00	XLON	00397701703TRLO1
08 June 2026 10:57:50	11	936.00	XLON	00397701702TRLO1
08 June 2026 10:57:50	11	936.00	XLON	00397701701TRLO1
08 June 2026 11:02:10	79	935.50	XLON	00397702906TRLO1
08 June 2026 11:02:10	56	936.00	XLON	00397702910TRLO1
08 June 2026 11:02:10	249	936.00	XLON	00397702909TRLO1
08 June 2026 11:02:10	82	936.00	XLON	00397702908TRLO1
08 June 2026 11:02:10	58	936.00	XLON	00397702907TRLO1
08 June 2026 11:06:16	82	936.00	XLON	00397702991TRLO1
08 June 2026 11:06:16	4	935.50	XLON	00397702994TRLO1
08 June 2026 11:06:16	5	935.50	XLON	00397702993TRLO1
08 June 2026 11:06:16	138	935.50	XLON	00397702992TRLO1
08 June 2026 11:15:47	82	936.50	XLON	00397703497TRLO1
08 June 2026 11:16:55	82	935.50	XLON	00397703519TRLO1
08 June 2026 11:20:11	86	937.00	XLON	00397703580TRLO1
08 June 2026 11:22:54	81	937.00	XLON	00397703752TRLO1
08 June 2026 11:22:54	86	936.50	XLON	00397703753TRLO1
08 June 2026 11:34:22	33	943.50	XLON	00397704863TRLO1
08 June 2026 11:34:22	24	943.50	XLON	00397704862TRLO1
08 June 2026 11:34:22	24	943.50	XLON	00397704861TRLO1
08 June 2026 11:34:32	9	945.00	XLON	00397704961TRLO1
08 June 2026 11:34:32	11	944.00	XLON	00397704962TRLO1
08 June 2026 11:34:45	1	945.00	XLON	00397704983TRLO1
08 June 2026 11:34:54	45	944.00	XLON	00397705006TRLO1
08 June 2026 11:34:54	100	944.00	XLON	00397705005TRLO1
08 June 2026 11:35:04	103	944.00	XLON	00397705022TRLO1
08 June 2026 11:36:57	80	944.00	XLON	00397705151TRLO1
08 June 2026 11:38:11	80	944.00	XLON	00397705257TRLO1
08 June 2026 11:38:11	81	944.00	XLON	00397705256TRLO1
08 June 2026 11:38:11	160	944.00	XLON	00397705258TRLO1
08 June 2026 11:38:11	163	944.00	XLON	00397705259TRLO1
08 June 2026 11:39:59	74	946.00	XLON	00397705310TRLO1
08 June 2026 11:39:59	350	946.00	XLON	00397705309TRLO1
08 June 2026 11:43:21	83	946.00	XLON	00397705401TRLO1
08 June 2026 11:44:46	33	944.50	XLON	00397705441TRLO1
08 June 2026 11:44:46	2	944.50	XLON	00397705440TRLO1
08 June 2026 11:44:46	22	944.50	XLON	00397705443TRLO1
08 June 2026 11:44:46	26	944.50	XLON	00397705442TRLO1
08 June 2026 11:44:46	19	944.50	XLON	00397705445TRLO1
08 June 2026 11:44:46	42	944.50	XLON	00397705444TRLO1
08 June 2026 11:44:46	22	944.50	XLON	00397705446TRLO1
08 June 2026 11:50:32	906	944.50	XLON	00397705653TRLO1
08 June 2026 11:50:32	165	944.50	XLON	00397705652TRLO1
08 June 2026 11:50:32	164	944.50	XLON	00397705651TRLO1
08 June 2026 11:50:37	81	940.50	XLON	00397705675TRLO1
08 June 2026 11:50:51	81	939.50	XLON	00397705693TRLO1
08 June 2026 11:54:25	83	940.00	XLON	00397705866TRLO1
08 June 2026 11:54:25	418	940.00	XLON	00397705865TRLO1
08 June 2026 11:54:25	250	940.00	XLON	00397705864TRLO1
08 June 2026 11:54:36	79	938.00	XLON	00397705872TRLO1
08 June 2026 12:04:42	164	937.50	XLON	00397706315TRLO1
08 June 2026 12:06:04	50	939.50	XLON	00397706377TRLO1
08 June 2026 12:11:00	83	942.50	XLON	00397706592TRLO1
08 June 2026 12:11:30	82	941.50	XLON	00397706664TRLO1
08 June 2026 12:15:18	82	945.00	XLON	00397707258TRLO1
08 June 2026 12:15:18	37	945.00	XLON	00397707260TRLO1
08 June 2026 12:15:18	36	945.00	XLON	00397707259TRLO1
08 June 2026 12:15:55	80	944.00	XLON	00397707318TRLO1
08 June 2026 12:26:13	54	944.50	XLON	00397707692TRLO1
08 June 2026 12:26:13	14	944.50	XLON	00397707691TRLO1
08 June 2026 12:26:13	15	944.50	XLON	00397707690TRLO1
08 June 2026 12:34:18	83	944.00	XLON	00397708005TRLO1
08 June 2026 12:46:20	81	943.00	XLON	00397708584TRLO1
08 June 2026 12:52:54	172	942.00	XLON	00397708727TRLO1
08 June 2026 13:03:52	5	941.00	XLON	00397708969TRLO1
08 June 2026 13:03:52	5	941.00	XLON	00397708968TRLO1
08 June 2026 13:03:52	1	941.00	XLON	00397708971TRLO1
08 June 2026 13:03:52	4	941.00	XLON	00397708970TRLO1
08 June 2026 13:09:59	124	943.50	XLON	00397709097TRLO1
08 June 2026 13:11:17	85	942.50	XLON	00397709144TRLO1
08 June 2026 13:14:46	4	942.00	XLON	00397709280TRLO1
08 June 2026 13:14:46	5	942.00	XLON	00397709279TRLO1
08 June 2026 13:14:46	5	942.00	XLON	00397709278TRLO1
08 June 2026 13:39:27	78	942.00	XLON	00397709980TRLO1
08 June 2026 13:39:27	38	942.00	XLON	00397709979TRLO1
08 June 2026 13:39:27	44	942.00	XLON	00397709978TRLO1
08 June 2026 13:39:27	65	942.00	XLON	00397709977TRLO1
08 June 2026 13:39:27	10	942.00	XLON	00397709976TRLO1
08 June 2026 13:39:27	33	942.50	XLON	00397709981TRLO1
08 June 2026 13:39:27	17	942.00	XLON	00397709982TRLO1
08 June 2026 13:39:27	33	942.50	XLON	00397709983TRLO1
08 June 2026 13:39:28	238	942.00	XLON	00397709997TRLO1
08 June 2026 13:42:07	164	942.00	XLON	00397710143TRLO1
08 June 2026 13:42:36	76	943.00	XLON	00397710245TRLO1
08 June 2026 13:42:36	13	943.00	XLON	00397710244TRLO1
08 June 2026 13:42:39	1	943.00	XLON	00397710250TRLO1
08 June 2026 13:42:39	36	943.00	XLON	00397710249TRLO1
08 June 2026 13:42:39	38	943.00	XLON	00397710248TRLO1
08 June 2026 13:42:39	37	943.00	XLON	00397710251TRLO1
08 June 2026 13:42:40	1	943.00	XLON	00397710260TRLO1
08 June 2026 13:43:04	37	943.00	XLON	00397710284TRLO1
08 June 2026 13:43:04	50	943.00	XLON	00397710283TRLO1
08 June 2026 13:43:04	75	943.00	XLON	00397710282TRLO1
08 June 2026 13:48:12	61	943.00	XLON	00397710440TRLO1
08 June 2026 13:48:12	21	943.00	XLON	00397710439TRLO1
08 June 2026 13:50:16	79	943.00	XLON	00397710510TRLO1
08 June 2026 13:55:59	50	943.50	XLON	00397710681TRLO1
08 June 2026 13:58:00	68	944.00	XLON	00397710723TRLO1
08 June 2026 13:59:59	2	945.00	XLON	00397710774TRLO1
08 June 2026 13:59:59	12	944.50	XLON	00397710776TRLO1
08 June 2026 13:59:59	12	944.50	XLON	00397710775TRLO1
08 June 2026 13:59:59	58	944.50	XLON	00397710777TRLO1
08 June 2026 14:24:16	167	944.50	XLON	00397711827TRLO1
08 June 2026 14:25:59	161	944.00	XLON	00397711879TRLO1
08 June 2026 14:29:59	79	945.00	XLON	00397712033TRLO1
08 June 2026 14:29:59	231	945.50	XLON	00397712034TRLO1
08 June 2026 14:29:59	288	945.50	XLON	00397712035TRLO1
08 June 2026 14:30:27	79	945.50	XLON	00397712160TRLO1
08 June 2026 14:31:36	159	946.00	XLON	00397712288TRLO1
08 June 2026 14:31:36	89	947.00	XLON	00397712287TRLO1
08 June 2026 14:33:06	92	945.00	XLON	00397712456TRLO1
08 June 2026 14:33:06	38	945.00	XLON	00397712455TRLO1
08 June 2026 14:33:06	39	945.00	XLON	00397712454TRLO1
08 June 2026 14:34:35	82	944.00	XLON	00397712690TRLO1
08 June 2026 14:34:35	82	944.00	XLON	00397712689TRLO1
08 June 2026 14:36:54	71	946.00	XLON	00397712923TRLO1
08 June 2026 14:37:36	100	946.00	XLON	00397713013TRLO1
08 June 2026 14:37:36	67	946.00	XLON	00397713012TRLO1
08 June 2026 14:41:09	154	945.50	XLON	00397713318TRLO1
08 June 2026 14:41:35	147	946.00	XLON	00397713367TRLO1
08 June 2026 14:58:36	169	948.00	XLON	00397714714TRLO1
08 June 2026 14:59:59	300	948.50	XLON	00397715129TRLO1
08 June 2026 15:00:40	80	948.00	XLON	00397715441TRLO1
08 June 2026 15:02:59	152	947.50	XLON	00397715592TRLO1
08 June 2026 15:02:59	16	947.50	XLON	00397715591TRLO1
08 June 2026 15:07:36	81	947.50	XLON	00397715921TRLO1
08 June 2026 15:07:36	81	947.50	XLON	00397715920TRLO1
08 June 2026 15:07:50	148	947.00	XLON	00397715940TRLO1
08 June 2026 15:07:50	9	947.00	XLON	00397715939TRLO1
08 June 2026 15:07:50	10	947.00	XLON	00397715938TRLO1
08 June 2026 15:13:40	157	946.00	XLON	00397716372TRLO1
08 June 2026 15:20:53	158	945.50	XLON	00397716876TRLO1
08 June 2026 15:24:15	57	946.00	XLON	00397717059TRLO1
08 June 2026 15:24:15	301	946.00	XLON	00397717058TRLO1
08 June 2026 15:24:15	140	945.50	XLON	00397717057TRLO1
08 June 2026 15:24:15	15	945.50	XLON	00397717056TRLO1
08 June 2026 15:24:15	15	945.50	XLON	00397717055TRLO1
08 June 2026 15:24:15	170	945.50	XLON	00397717060TRLO1
08 June 2026 15:24:19	86	945.00	XLON	00397717064TRLO1
08 June 2026 15:24:30	99	945.00	XLON	00397717067TRLO1
08 June 2026 15:24:42	64	945.00	XLON	00397717077TRLO1
08 June 2026 15:24:57	21	945.00	XLON	00397717092TRLO1
08 June 2026 15:25:22	73	945.00	XLON	00397717128TRLO1
08 June 2026 15:25:36	78	944.50	XLON	00397717155TRLO1
08 June 2026 15:25:36	79	944.50	XLON	00397717154TRLO1
08 June 2026 15:28:19	81	944.00	XLON	00397717357TRLO1
08 June 2026 15:28:19	162	944.00	XLON	00397717356TRLO1
08 June 2026 15:29:59	127	945.00	XLON	00397717510TRLO1
08 June 2026 15:29:59	86	945.00	XLON	00397717509TRLO1
08 June 2026 15:29:59	247	943.50	XLON	00397717511TRLO1
08 June 2026 15:29:59	247	944.00	XLON	00397717512TRLO1
08 June 2026 15:30:00	157	943.00	XLON	00397717514TRLO1
08 June 2026 15:39:45	166	946.00	XLON	00397718273TRLO1
08 June 2026 15:40:29	263	947.00	XLON	00397718368TRLO1
08 June 2026 15:44:01	80	946.00	XLON	00397718562TRLO1
08 June 2026 15:50:49	164	946.50	XLON	00397719094TRLO1
08 June 2026 15:54:38	85	945.50	XLON	00397719330TRLO1
08 June 2026 16:03:45	83	947.00	XLON	00397720107TRLO1
08 June 2026 16:09:01	40	947.50	XLON	00397720377TRLO1
08 June 2026 16:09:01	46	947.50	XLON	00397720376TRLO1
08 June 2026 16:09:59	226	948.00	XLON	00397720421TRLO1
08 June 2026 16:09:59	83	947.50	XLON	00397720422TRLO1
08 June 2026 16:10:11	83	947.00	XLON	00397720434TRLO1
08 June 2026 16:11:35	19	946.50	XLON	00397720484TRLO1
08 June 2026 16:11:35	67	946.50	XLON	00397720483TRLO1
08 June 2026 16:13:55	252	947.00	XLON	00397720739TRLO1
08 June 2026 16:15:24	19	946.00	XLON	00397720906TRLO1
08 June 2026 16:15:24	67	946.00	XLON	00397720905TRLO1
08 June 2026 16:16:06	80	947.00	XLON	00397720934TRLO1
08 June 2026 16:16:07	182	948.00	XLON	00397720939TRLO1

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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