Transaction in Own Shares

Gamma Communications PLC

12 June 2026

 

12 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:	11 June 2026
Number of ordinary shares purchased:	23,500
Lowest price per share (pence):	957.00
Highest price per share (pence):	974.00
Weighted average price per day (pence):	966.2677

 The Company intends to cancel the purchased ordinary shares.

Following settlement of the above purchases, Gamma has purchased a total of 2,085,526 ordinary shares since the commencement of the buyback programme and will have 91,678,825 ordinary shares in issue. There are 1,538,365 ordinary shares held in treasury. The total voting rights in the Company are therefore 90,140,460 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 90,140,460 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	966.2677	23,500	957.00	974.00

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
11 June 2026 08:01:06	44	971.50	XLON	00398139350TRLO1
11 June 2026 08:02:05	44	971.00	XLON	00398139728TRLO1
11 June 2026 08:02:05	17	971.00	XLON	00398139729TRLO1
11 June 2026 08:02:05	16	971.00	XLON	00398139730TRLO1
11 June 2026 08:08:25	249	970.00	XLON	00398142326TRLO1
11 June 2026 08:08:25	83	970.00	XLON	00398142327TRLO1
11 June 2026 08:13:07	82	970.00	XLON	00398144646TRLO1
11 June 2026 08:18:56	83	971.50	XLON	00398147341TRLO1
11 June 2026 08:20:09	77	971.00	XLON	00398147970TRLO1
11 June 2026 08:28:37	156	971.00	XLON	00398152395TRLO1
11 June 2026 08:29:32	156	971.50	XLON	00398152937TRLO1
11 June 2026 08:31:16	119	974.00	XLON	00398153903TRLO1
11 June 2026 08:31:16	159	972.50	XLON	00398153904TRLO1
11 June 2026 08:31:16	81	972.50	XLON	00398153906TRLO1
11 June 2026 08:36:07	78	971.00	XLON	00398156051TRLO1
11 June 2026 08:37:17	80	971.00	XLON	00398156511TRLO1
11 June 2026 08:37:17	78	970.50	XLON	00398156512TRLO1
11 June 2026 08:40:08	163	971.00	XLON	00398157731TRLO1
11 June 2026 08:41:42	153	970.00	XLON	00398158448TRLO1
11 June 2026 08:41:42	76	970.00	XLON	00398158449TRLO1
11 June 2026 08:45:12	84	970.00	XLON	00398159811TRLO1
11 June 2026 08:49:42	79	968.00	XLON	00398162011TRLO1
11 June 2026 08:50:29	82	968.50	XLON	00398162404TRLO1
11 June 2026 08:50:30	82	966.50	XLON	00398162410TRLO1
11 June 2026 08:53:40	83	965.00	XLON	00398164313TRLO1
11 June 2026 08:54:08	79	965.50	XLON	00398164546TRLO1
11 June 2026 08:56:54	78	963.00	XLON	00398165756TRLO1
11 June 2026 09:00:07	80	966.00	XLON	00398167486TRLO1
11 June 2026 09:00:11	30	965.00	XLON	00398167519TRLO1
11 June 2026 09:14:14	78	967.00	XLON	00398174120TRLO1
11 June 2026 09:14:14	30	966.50	XLON	00398174122TRLO1
11 June 2026 09:16:12	48	966.50	XLON	00398174936TRLO1
11 June 2026 09:16:12	30	966.50	XLON	00398174937TRLO1
11 June 2026 09:16:16	80	966.50	XLON	00398174985TRLO1
11 June 2026 09:16:16	83	966.50	XLON	00398174994TRLO1
11 June 2026 09:16:16	83	966.50	XLON	00398174995TRLO1
11 June 2026 09:16:16	83	966.50	XLON	00398174996TRLO1
11 June 2026 09:17:03	83	964.50	XLON	00398175435TRLO1
11 June 2026 09:26:22	82	962.50	XLON	00398179690TRLO1
11 June 2026 09:29:34	81	962.50	XLON	00398181702TRLO1
11 June 2026 09:29:34	1	962.50	XLON	00398181703TRLO1
11 June 2026 09:29:34	79	962.50	XLON	00398181704TRLO1
11 June 2026 09:29:34	2	962.50	XLON	00398181705TRLO1
11 June 2026 09:44:35	78	967.00	XLON	00398190140TRLO1
11 June 2026 10:10:04	167	971.00	XLON	00398203791TRLO1
11 June 2026 10:10:04	84	971.00	XLON	00398203792TRLO1
11 June 2026 10:11:11	1	972.00	XLON	00398204451TRLO1
11 June 2026 10:11:11	34	972.00	XLON	00398204453TRLO1
11 June 2026 10:11:12	230	971.50	XLON	00398204466TRLO1
11 June 2026 10:13:05	83	970.50	XLON	00398205613TRLO1
11 June 2026 10:13:05	165	970.50	XLON	00398205614TRLO1
11 June 2026 10:13:05	247	970.00	XLON	00398205615TRLO1
11 June 2026 10:13:06	165	969.00	XLON	00398205620TRLO1
11 June 2026 10:15:00	163	968.00	XLON	00398206743TRLO1
11 June 2026 10:21:07	36	967.50	XLON	00398210384TRLO1
11 June 2026 10:29:22	20	967.50	XLON	00398215163TRLO1
11 June 2026 10:29:22	64	967.50	XLON	00398215164TRLO1
11 June 2026 10:29:22	81	967.00	XLON	00398215165TRLO1
11 June 2026 10:29:25	81	966.50	XLON	00398215210TRLO1
11 June 2026 10:46:07	77	967.00	XLON	00398230090TRLO1
11 June 2026 10:56:54	65	969.50	XLON	00398240915TRLO1
11 June 2026 10:56:54	38	969.50	XLON	00398240916TRLO1
11 June 2026 10:57:00	25	969.50	XLON	00398241069TRLO1
11 June 2026 10:58:56	79	969.00	XLON	00398242999TRLO1
11 June 2026 11:00:00	8	968.50	XLON	00398243632TRLO1
11 June 2026 11:04:33	24	970.00	XLON	00398243943TRLO1
11 June 2026 11:04:33	40	970.00	XLON	00398243944TRLO1
11 June 2026 11:12:48	200	970.00	XLON	00398244271TRLO1
11 June 2026 11:12:48	165	969.00	XLON	00398244272TRLO1
11 June 2026 11:14:01	159	967.50	XLON	00398244336TRLO1
11 June 2026 11:14:56	165	967.00	XLON	00398244386TRLO1
11 June 2026 11:16:25	162	966.00	XLON	00398244508TRLO1
11 June 2026 11:25:54	154	966.00	XLON	00398244933TRLO1
11 June 2026 11:25:54	76	966.00	XLON	00398244934TRLO1
11 June 2026 11:25:54	160	966.00	XLON	00398244935TRLO1
11 June 2026 11:28:11	83	966.50	XLON	00398245023TRLO1
11 June 2026 11:28:11	83	966.50	XLON	00398245024TRLO1
11 June 2026 11:30:25	159	965.50	XLON	00398245135TRLO1
11 June 2026 11:31:28	159	965.50	XLON	00398245195TRLO1
11 June 2026 11:33:03	233	966.00	XLON	00398245512TRLO1
11 June 2026 11:43:31	77	967.50	XLON	00398246246TRLO1
11 June 2026 12:01:56	79	968.50	XLON	00398247302TRLO1
11 June 2026 12:01:57	81	968.00	XLON	00398247303TRLO1
11 June 2026 12:01:58	79	967.50	XLON	00398247304TRLO1
11 June 2026 12:02:58	79	967.50	XLON	00398247413TRLO1
11 June 2026 12:08:07	79	966.00	XLON	00398247762TRLO1
11 June 2026 12:08:07	79	966.00	XLON	00398247763TRLO1
11 June 2026 12:08:07	79	966.00	XLON	00398247764TRLO1
11 June 2026 12:08:07	234	966.00	XLON	00398247766TRLO1
11 June 2026 12:08:20	157	965.00	XLON	00398247802TRLO1
11 June 2026 12:25:35	167	966.50	XLON	00398249114TRLO1
11 June 2026 12:29:58	40	967.50	XLON	00398249524TRLO1
11 June 2026 12:32:44	89	969.50	XLON	00398250273TRLO1
11 June 2026 12:32:44	79	968.50	XLON	00398250274TRLO1
11 June 2026 12:34:56	82	968.50	XLON	00398250373TRLO1
11 June 2026 12:39:37	61	969.00	XLON	00398250667TRLO1
11 June 2026 12:39:37	78	968.50	XLON	00398250668TRLO1
11 June 2026 12:43:41	81	968.00	XLON	00398250810TRLO1
11 June 2026 12:49:05	77	968.00	XLON	00398251033TRLO1
11 June 2026 12:55:03	82	967.50	XLON	00398251478TRLO1
11 June 2026 12:55:03	82	967.50	XLON	00398251479TRLO1
11 June 2026 13:00:17	156	967.00	XLON	00398251753TRLO1
11 June 2026 13:00:18	164	966.50	XLON	00398251755TRLO1
11 June 2026 13:02:30	22	968.00	XLON	00398251825TRLO1
11 June 2026 13:06:17	68	968.50	XLON	00398251955TRLO1
11 June 2026 13:06:17	89	968.50	XLON	00398251956TRLO1
11 June 2026 13:16:44	44	971.00	XLON	00398252547TRLO1
11 June 2026 13:16:44	79	970.00	XLON	00398252548TRLO1
11 June 2026 13:16:44	79	970.50	XLON	00398252549TRLO1
11 June 2026 13:17:11	80	969.50	XLON	00398252582TRLO1
11 June 2026 13:21:25	78	968.00	XLON	00398252820TRLO1
11 June 2026 13:22:09	81	967.50	XLON	00398252867TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252902TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252904TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252905TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252908TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252909TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252910TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252911TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252913TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252916TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252917TRLO1
11 June 2026 13:22:09	77	967.50	XLON	00398252919TRLO1
11 June 2026 13:22:09	7	967.50	XLON	00398252922TRLO1
11 June 2026 13:22:09	7	967.50	XLON	00398252923TRLO1
11 June 2026 13:22:09	78	967.50	XLON	00398252928TRLO1
11 June 2026 13:22:09	78	967.50	XLON	00398252930TRLO1
11 June 2026 13:22:09	78	967.50	XLON	00398252931TRLO1
11 June 2026 13:22:16	80	961.00	XLON	00398253412TRLO1
11 June 2026 13:22:24	80	961.00	XLON	00398253510TRLO1
11 June 2026 13:22:28	48	961.00	XLON	00398253525TRLO1
11 June 2026 13:23:04	78	960.00	XLON	00398253943TRLO1
11 June 2026 13:23:12	77	959.00	XLON	00398254007TRLO1
11 June 2026 13:24:04	2	959.50	XLON	00398254128TRLO1
11 June 2026 13:24:04	80	959.50	XLON	00398254129TRLO1
11 June 2026 13:24:39	83	959.00	XLON	00398254170TRLO1
11 June 2026 13:27:38	154	963.00	XLON	00398254349TRLO1
11 June 2026 13:40:09	123	964.50	XLON	00398254980TRLO1
11 June 2026 13:42:25	562	965.00	XLON	00398255092TRLO1
11 June 2026 13:42:46	18	965.00	XLON	00398255103TRLO1
11 June 2026 13:42:46	18	965.00	XLON	00398255104TRLO1
11 June 2026 13:42:46	17	965.00	XLON	00398255105TRLO1
11 June 2026 13:43:42	320	965.00	XLON	00398255154TRLO1
11 June 2026 13:48:24	163	968.50	XLON	00398255519TRLO1
11 June 2026 13:56:02	82	969.00	XLON	00398255848TRLO1
11 June 2026 14:00:35	78	969.00	XLON	00398256094TRLO1
11 June 2026 14:01:38	82	969.00	XLON	00398256185TRLO1
11 June 2026 14:02:56	83	969.00	XLON	00398256230TRLO1
11 June 2026 14:06:11	79	968.50	XLON	00398256380TRLO1
11 June 2026 14:06:15	80	968.00	XLON	00398256382TRLO1
11 June 2026 14:06:32	78	966.50	XLON	00398256394TRLO1
11 June 2026 14:07:49	81	964.50	XLON	00398256436TRLO1
11 June 2026 14:07:49	80	964.50	XLON	00398256437TRLO1
11 June 2026 14:07:50	155	964.00	XLON	00398256440TRLO1
11 June 2026 14:07:50	157	964.00	XLON	00398256441TRLO1
11 June 2026 14:17:23	161	963.50	XLON	00398256802TRLO1
11 June 2026 14:20:19	786	962.50	XLON	00398256986TRLO1
11 June 2026 14:20:50	55	961.00	XLON	00398257027TRLO1
11 June 2026 14:20:50	83	961.00	XLON	00398257028TRLO1
11 June 2026 14:24:36	18	962.00	XLON	00398257216TRLO1
11 June 2026 14:24:42	9	962.00	XLON	00398257231TRLO1
11 June 2026 14:25:19	3	962.00	XLON	00398257273TRLO1
11 June 2026 14:31:05	81	963.00	XLON	00398258061TRLO1
11 June 2026 14:31:05	82	963.00	XLON	00398258062TRLO1
11 June 2026 14:35:56	212	964.00	XLON	00398259098TRLO1
11 June 2026 14:36:30	248	964.50	XLON	00398259239TRLO1
11 June 2026 14:39:11	164	964.50	XLON	00398259687TRLO1
11 June 2026 14:40:05	160	964.00	XLON	00398259782TRLO1
11 June 2026 14:42:17	78	963.50	XLON	00398259924TRLO1
11 June 2026 14:45:32	166	966.00	XLON	00398260270TRLO1
11 June 2026 14:46:32	98	967.00	XLON	00398260434TRLO1
11 June 2026 14:47:01	82	967.00	XLON	00398260515TRLO1
11 June 2026 14:48:53	78	966.00	XLON	00398260713TRLO1
11 June 2026 14:48:53	79	966.00	XLON	00398260714TRLO1
11 June 2026 14:50:18	166	967.00	XLON	00398260878TRLO1
11 June 2026 14:55:15	163	969.50	XLON	00398261685TRLO1
11 June 2026 14:56:24	158	970.50	XLON	00398261897TRLO1
11 June 2026 14:56:27	166	970.00	XLON	00398261899TRLO1
11 June 2026 14:56:28	81	969.50	XLON	00398261901TRLO1
11 June 2026 14:59:09	83	969.00	XLON	00398262167TRLO1
11 June 2026 14:59:09	83	969.00	XLON	00398262168TRLO1
11 June 2026 14:59:09	82	969.00	XLON	00398262169TRLO1
11 June 2026 15:00:03	76	969.00	XLON	00398262275TRLO1
11 June 2026 15:09:12	167	972.00	XLON	00398263703TRLO1
11 June 2026 15:10:12	166	971.50	XLON	00398263799TRLO1
11 June 2026 15:10:59	82	969.50	XLON	00398263899TRLO1
11 June 2026 15:10:59	82	969.50	XLON	00398263900TRLO1
11 June 2026 15:13:56	161	969.00	XLON	00398264219TRLO1
11 June 2026 15:16:40	79	969.00	XLON	00398264627TRLO1
11 June 2026 15:21:41	78	968.00	XLON	00398265209TRLO1
11 June 2026 15:21:41	79	968.00	XLON	00398265210TRLO1
11 June 2026 15:24:49	77	968.00	XLON	00398265455TRLO1
11 June 2026 15:24:49	78	968.00	XLON	00398265456TRLO1
11 June 2026 15:26:09	167	968.00	XLON	00398265584TRLO1
11 June 2026 15:38:51	244	968.00	XLON	00398266774TRLO1
11 June 2026 15:38:51	81	968.00	XLON	00398266775TRLO1
11 June 2026 15:38:51	81	968.00	XLON	00398266776TRLO1
11 June 2026 15:38:51	80	967.00	XLON	00398266777TRLO1
11 June 2026 15:41:33	80	965.50	XLON	00398267090TRLO1
11 June 2026 15:41:33	79	965.50	XLON	00398267091TRLO1
11 June 2026 15:41:33	80	965.50	XLON	00398267092TRLO1
11 June 2026 15:41:33	79	965.50	XLON	00398267093TRLO1
11 June 2026 15:45:39	160	965.50	XLON	00398267423TRLO1
11 June 2026 15:46:37	79	964.50	XLON	00398267506TRLO1
11 June 2026 15:48:24	79	963.50	XLON	00398267727TRLO1
11 June 2026 15:56:00	168	962.50	XLON	00398268382TRLO1
11 June 2026 15:56:00	83	962.50	XLON	00398268383TRLO1
11 June 2026 15:56:00	84	962.50	XLON	00398268384TRLO1
11 June 2026 15:56:42	155	962.00	XLON	00398268444TRLO1
11 June 2026 15:58:51	167	960.50	XLON	00398268662TRLO1
11 June 2026 15:58:51	82	960.50	XLON	00398268663TRLO1
11 June 2026 16:01:24	82	960.00	XLON	00398269020TRLO1
11 June 2026 16:01:24	81	960.00	XLON	00398269021TRLO1
11 June 2026 16:04:36	157	961.00	XLON	00398269311TRLO1
11 June 2026 16:04:36	99	961.00	XLON	00398269312TRLO1
11 June 2026 16:04:37	61	961.00	XLON	00398269313TRLO1
11 June 2026 16:04:37	157	961.00	XLON	00398269314TRLO1
11 June 2026 16:04:37	99	961.00	XLON	00398269315TRLO1
11 June 2026 16:06:40	23	961.00	XLON	00398269491TRLO1
11 June 2026 16:06:40	34	961.00	XLON	00398269492TRLO1
11 June 2026 16:06:40	40	961.00	XLON	00398269493TRLO1
11 June 2026 16:06:40	38	961.50	XLON	00398269494TRLO1
11 June 2026 16:06:40	39	961.50	XLON	00398269495TRLO1
11 June 2026 16:06:40	106	961.50	XLON	00398269496TRLO1
11 June 2026 16:06:40	158	960.50	XLON	00398269497TRLO1
11 June 2026 16:06:45	84	960.00	XLON	00398269502TRLO1
11 June 2026 16:06:45	83	960.00	XLON	00398269503TRLO1
11 June 2026 16:07:10	84	959.00	XLON	00398269541TRLO1
11 June 2026 16:07:10	83	959.00	XLON	00398269542TRLO1
11 June 2026 16:08:00	22	961.50	XLON	00398269705TRLO1
11 June 2026 16:08:01	41	961.50	XLON	00398269710TRLO1
11 June 2026 16:08:01	34	961.50	XLON	00398269711TRLO1
11 June 2026 16:08:17	229	959.50	XLON	00398269746TRLO1
11 June 2026 16:09:19	81	960.00	XLON	00398269856TRLO1
11 June 2026 16:09:50	82	959.50	XLON	00398269900TRLO1
11 June 2026 16:15:00	23	958.00	XLON	00398270470TRLO1
11 June 2026 16:15:00	59	958.00	XLON	00398270471TRLO1
11 June 2026 16:15:00	23	958.00	XLON	00398270472TRLO1
11 June 2026 16:16:02	78	958.50	XLON	00398270605TRLO1
11 June 2026 16:18:27	82	958.00	XLON	00398270882TRLO1
11 June 2026 16:19:47	19	957.00	XLON	00398271114TRLO1

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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