Form 8.5 EPT/Non RI GAMMA COMMUNICATIONS PLC

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Barclays Capital Securities Ltd disclosed on 11 November 2026 that as at 10 November 2026 it held total interests of 2,958,747 Gamma Communications 0.25p ordinary shares (3.31%) and total short positions of 2,975,015 shares (3.33%), including 128,690 cash-settled derivative interests (0.14%) and 2,823,636 cash-settled derivative shorts (3.16%). It executed 787,649 purchases and 645,858 sales at £10.97-£10.99 per share, leaving a modest net short exposure of approximately 16,268 shares (~0.02%), indicating active trading and material derivative-driven short exposure but no significant net change in ownership.

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Companies

Barclays (BARC)
Gamma Communications (GAMA)

UK 100

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FORM 8.5 (EPT/NON-RI)
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN
EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS
(OR WHERE RI STATUS IS NOT APPLICABLE)
Rule 8.5 of the Takeover Code (the "Code")
1.				KEY INFORMATION
(a)	Name of exempt principal trader:				BARCLAYS CAPITAL SECURITIES LTD
(b)	Name of offeror/offeree in relation to whose				GAMMA COMMUNICATIONS PLC
	relevant securities this form relates:
(c)	Name of the party to the offer with which exempt				GAMMA COMMUNICATIONS PLC
	principal trader is connected
(d)	Date position held/dealing undertaken:				10 Nov 2026
(e)	In addition to the company in 1(b) above, is the exempt principal				NO
	trader making disclosures in respect of any other party to the offer?
2.				POSITIONS OF THE EXEMPT PRINCIPAL TRADER
(a)	Interests and short positions in the relevant securities of the offeror or offeree
	to which the disclosure relates following the dealing (if any)
Class of relevant security:				0.25p ordinary
				Interests		Short Positions
				Number	(%)	Number	(%)
(1)	Relevant securities owned
	and/or controlled:			2,830,057	3.17%	151,379	0.17%
(2)	Cash-settled derivatives:
	and/or controlled:			128,690	0.14%	2,823,636	3.16%
(3)	Stock-settled derivatives (including options)
	and agreements to purchase/sell:			0	0.00%	0	0.00%

	TOTAL:			2,958,747	3.31%	2,975,015	3.33%
(b)	Rights to subscribe for new securities (including directors and other executive
	options)
Class of relevant security in relation to
which subscription right exists
Details, including nature of the rights
concerned and relevant percentages:
3.				DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER
(a)	Purchases and sales
Class of relevant		Purchase/sale		Total number of		Highest price per unit	Lowest price per unit
security				securities		paid/received	paid/received
0.25p ordinary		Purchase		787,649		10.9900 GBP	10.9700 GBP
0.25p ordinary		Sale		645,858		10.9900 GBP	10.9700 GBP

(b)	Cash-settled derivative transactions
Class of		Product		Nature of dealing		Number of	Price per
relevant		description				reference	unit
security						securities
0.25p ordinary		SWAP		Increasing Short		277	10.9800 GBP
0.25p ordinary		SWAP		Opening Long		2,038	10.9800 GBP
0.25p ordinary		SWAP		Closing Long		24,854	10.9800 GBP
0.25p ordinary		SWAP		Opening Short		858	10.9800 GBP
0.25p ordinary		SWAP		Decreasing Short		4,500	10.9779 GBP
0.25p ordinary		SWAP		Increasing Long		4,578	10.9800 GBP
0.25p ordinary		SWAP		Increasing Short		884	10.9900 GBP
0.25p ordinary		SWAP		Decreasing Short		233,422	10.9900 GBP
0.25p ordinary		SWAP		Decreasing Short		237	10.9733 GBP
0.25p ordinary		SWAP		Decreasing Short		640	10.9733 GBP
0.25p ordinary		CFD		Increasing Long		3,947	10.9790 GBP
0.25p ordinary		CFD		Increasing Short		16,249	10.9806 GBP
0.25p ordinary		SWAP		Decreasing Short		866	10.9787 GBP
0.25p ordinary		SWAP		Decreasing Short		300	10.9750 GBP
0.25p ordinary		SWAP		Decreasing Long		639	10.9766 GBP
0.25p ordinary		SWAP		Decreasing Short		839	10.9800 GBP
0.25p ordinary		SWAP		Decreasing Short		58,465	10.9900 GBP
0.25p ordinary		SWAP		Decreasing Short		339	10.9782 GBP
0.25p ordinary		SWAP		Increasing Long		4,212	10.9745 GBP
0.25p ordinary		SWAP		Increasing Short		164	10.9837 GBP
0.25p ordinary		SWAP		Decreasing Short		883	10.9793 GBP
0.25p ordinary		SWAP		Increasing Short		88	10.9800 GBP
0.25p ordinary		SWAP		Increasing Short		389	10.9800 GBP
0.25p ordinary		SWAP		Increasing Short		142	10.9800 GBP
0.25p ordinary		SWAP		Decreasing Short		256,758	10.9900 GBP
0.25p ordinary		SWAP		Decreasing Short		52	10.9800 GBP
0.25p ordinary		SWAP		Decreasing Short		36,638	10.9900 GBP
0.25p ordinary		SWAP		Decreasing Short		865	10.9800 GBP
0.25p ordinary		SWAP		Decreasing Short		871	10.9794 GBP
0.25p ordinary		SWAP		Decreasing Short		4,604	10.9800 GBP
0.25p ordinary		SWAP		Increasing Short		513	10.9800 GBP
0.25p ordinary		SWAP		Decreasing Short		470	10.9800 GBP
0.25p ordinary		SWAP		Increasing Short		1,024	10.9716 GBP
0.25p ordinary		SWAP		Increasing Short		300,000	10.9804 GBP
0.25p ordinary		SWAP		Increasing Short		200,000	10.9854 GBP
0.25p ordinary		SWAP		Increasing Short		100,000	10.9804 GBP
0.25p ordinary		SWAP		Increasing Short		110,392	10.9845 GBP

(c)	Stock-settled derivative transactions (including options)
(i)	Writing, selling, purchasing or varying
Class	Product	Writing,	Number	Exercise	Type	Expiry	Option
of	description	purchasing,	of	price		date	money
relevant		selling,	securities	per unit			paid/
security		varying etc	to which				received
			option				per unit
			relates


(ii)	Exercising
Class of relevant		Product description		Exercising/ exercised against		Number of	Exercise price per
security						securities	unit


(d)	Other dealings (including subscribing for new securities)
Class of relevant		Nature of Dealings		Details		Price per unit (if
security						applicable)

4.				OTHER INFORMATION
(a)	Indemnity and other dealings arrangements
Details of any indemnity or option arrangement, or any agreement or understanding,
formal or informal, relating to relevant securities which may be an inducement to deal
or refrain from dealing entered into by the exempt principal trader making the disclosure and any party
to the offer or any person acting in concert with a party to the offer:
NONE
(b)	Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between
the exempt principal trader making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights of future acquisition or disposal of any relevant securities to which
any derivative is referenced:
NONE
(c)	Attachments
Is a Supplemental Form 8 (Open Positions) attached?				NO
Date of disclosure:				11 Nov 2026
Contact name:				Large Holdings Regulatory Operations
Telephone number:				020 3134 7213

Form 8.5 EPT/Non RI GAMMA COMMUNICATIONS PLC

Summary by AI BETAClose X

Companies

UK 100

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