Form 8.5 (EPT/RI)-Replacement of British Land

Morgan Stanley & Co. Int'l plc

25 March 2026

 

AMENDMENT(2(a))

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY

Rule 8.5 of the Takeover Code (the "Code")

1.         KEY INFORMATION

(a) Name of exempt principal trader:	Morgan Stanley & Co. International plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates:      Use a separate form for each offeror/offeree	British Land Company plc, The
(c) Name of the party to the offer with which exempt principal trader is connected:	British Land Company plc, The
(d) Date dealing undertaken:	23 March 2026
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?      If it is a cash offer or possible cash offer, state "N/A"	YES- Life Science REIT plc

2.         DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
25p ordinary	PURCHASES	1,097,038	3.5880 GBP	3.3580 GBP
25p ordinary	SALES	1,859,521	3.5880 GBP	3.3540 GBP
25p ordinary	SALES	20,372	4.7117 USD	4.4782 USD
25p ordinary	PURCHASES	17,258	4.7161 USD	4.6715 USD

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
25p ordinary	CFD	increasing a long position	41,146	3.3901 GBP
25p ordinary	CFD	increasing a long position	99,366	3.3901 GBP
25p ordinary	CFD	increasing a long position	1,415	3.3975 GBP
25p ordinary	CFD	increasing a long position	1,870	3.3975 GBP
25p ordinary	CFD	increasing a long position	924	3.3975 GBP
25p ordinary	CFD	increasing a long position	599	3.3975 GBP
25p ordinary	CFD	increasing a long position	337	3.3975 GBP
25p ordinary	CFD	increasing a long position	454	3.3975 GBP
25p ordinary	CFD	increasing a long position	901	3.3975 GBP
25p ordinary	CFD	increasing a long position	449	3.3975 GBP
25p ordinary	CFD	increasing a long position	1,152	3.3975 GBP
25p ordinary	CFD	increasing a long position	824	3.3975 GBP
25p ordinary	CFD	increasing a long position	3,284	3.3975 GBP
25p ordinary	CFD	increasing a long position	486	3.3995 GBP
25p ordinary	CFD	increasing a long position	1,163	3.4180 GBP
25p ordinary	CFD	increasing a long position	1,505	3.4180 GBP
25p ordinary	CFD	increasing a long position	15,310	3.4214 GBP
25p ordinary	CFD	increasing a long position	4,183	3.4220 GBP
25p ordinary	CFD	increasing a long position	6,054	3.4222 GBP
25p ordinary	CFD	increasing a long position	5,940,057	3.4420 GBP
25p ordinary	CFD	increasing a long position	202	3.4700 GBP
25p ordinary	CFD	increasing a long position	19,834	3.4846 GBP
25p ordinary	CFD	increasing a long position	168	3.4900 GBP
25p ordinary	CFD	increasing a long position	265	3.4900 GBP
25p ordinary	CFD	increasing a long position	13,778	3.4900 GBP
25p ordinary	CFD	increasing a long position	29,098	3.4912 GBP
25p ordinary	CFD	increasing a long position	4,320	3.4951 GBP
25p ordinary	CFD	increasing a long position	1,178	3.4951 GBP
25p ordinary	CFD	increasing a long position	833	3.4951 GBP
25p ordinary	CFD	increasing a long position	287	3.4951 GBP
25p ordinary	CFD	increasing a long position	6,209	3.5051 GBP
25p ordinary	CFD	increasing a long position	20,846	3.5127 GBP
25p ordinary	CFD	increasing a long position	2,821	3.5162 GBP
25p ordinary	CFD	increasing a long position	67,975	3.5162 GBP
25p ordinary	CFD	increasing a long position	5,119	3.5162 GBP
25p ordinary	CFD	increasing a long position	3,926	3.5199 GBP
25p ordinary	CFD	increasing a long position	37	3.5200 GBP
25p ordinary	CFD	increasing a long position	7,937	3.5271 GBP
25p ordinary	CFD	increasing a long position	6,425	3.5348 GBP
25p ordinary	CFD	increasing a long position	113	3.5475 GBP
25p ordinary	CFD	increasing a long position	58,032	3.5498 GBP
25p ordinary	CFD	increasing a long position	94	3.5501 GBP
25p ordinary	CFD	increasing a long position	3,661	3.5550 GBP
25p ordinary	CFD	increasing a short position	3,000	3.3670 GBP
25p ordinary	CFD	increasing a short position	400	3.3682 GBP
25p ordinary	CFD	increasing a short position	77	3.3870 GBP
25p ordinary	CFD	increasing a short position	338	3.3948 GBP
25p ordinary	CFD	increasing a short position	4,681	3.4001 GBP
25p ordinary	CFD	increasing a short position	723	3.4182 GBP
25p ordinary	CFD	increasing a short position	2,065	3.4353 GBP
25p ordinary	CFD	increasing a short position	2,742	3.4380 GBP
25p ordinary	CFD	increasing a short position	46,588	3.4454 GBP
25p ordinary	CFD	increasing a short position	3,400	3.4840 GBP
25p ordinary	CFD	increasing a short position	2,819	3.4900 GBP
25p ordinary	CFD	increasing a short position	4,252	3.4900 GBP
25p ordinary	CFD	increasing a short position	7,949	3.4900 GBP
25p ordinary	CFD	increasing a short position	1,233	3.4927 GBP
25p ordinary	CFD	increasing a short position	3,692	3.4927 GBP
25p ordinary	CFD	increasing a short position	2,929	3.4927 GBP
25p ordinary	CFD	increasing a short position	3,077	3.4981 GBP
25p ordinary	CFD	increasing a short position	17,618	3.4988 GBP
25p ordinary	CFD	increasing a short position	26,767	3.4988 GBP
25p ordinary	CFD	increasing a short position	2,201	3.5140 GBP
25p ordinary	CFD	increasing a short position	138	3.5184 GBP
25p ordinary	CFD	increasing a short position	6,008	3.5220 GBP
25p ordinary	CFD	increasing a short position	384	3.5260 GBP
25p ordinary	CFD	increasing a short position	899	3.5269 GBP
25p ordinary	CFD	increasing a short position	491	3.5650 GBP
25p ordinary	CFD	increasing a short position	637	3.5720 GBP
25p ordinary	CFD	increasing a short position	1,061	3.5879 GBP
25p ordinary	CFD	reducing a long position	269	3.3870 GBP
25p ordinary	CFD	reducing a long position	1,177	3.3948 GBP
25p ordinary	CFD	reducing a long position	10,405	3.4049 GBP
25p ordinary	CFD	reducing a long position	8,683	3.4049 GBP
25p ordinary	CFD	reducing a long position	27,105	3.4049 GBP
25p ordinary	CFD	reducing a long position	140,118	3.4049 GBP
25p ordinary	CFD	reducing a long position	2,522	3.4182 GBP
25p ordinary	CFD	reducing a long position	5,940,057	3.4420 GBP
25p ordinary	CFD	reducing a long position	4,299	3.4460 GBP
25p ordinary	CFD	reducing a long position	206	3.4676 GBP
25p ordinary	CFD	reducing a long position	29,385	3.4767 GBP
25p ordinary	CFD	reducing a long position	9,524	3.4855 GBP
25p ordinary	CFD	reducing a long position	18,610	3.4900 GBP
25p ordinary	CFD	reducing a long position	64,842	3.4900 GBP
25p ordinary	CFD	reducing a long position	4	3.4900 GBP
25p ordinary	CFD	reducing a long position	6,561	3.4900 GBP
25p ordinary	CFD	reducing a long position	28,271	3.4900 GBP
25p ordinary	CFD	reducing a long position	5,076	3.4901 GBP
25p ordinary	CFD	reducing a long position	45,266	3.4923 GBP
25p ordinary	CFD	reducing a long position	150,229	3.4926 GBP
25p ordinary	CFD	reducing a long position	34,724	3.5220 GBP
25p ordinary	CFD	reducing a long position	104,793	3.5314 GBP
25p ordinary	CFD	reducing a long position	13,785	3.5365 GBP
25p ordinary	CFD	reducing a long position	124,022	3.5476 GBP
25p ordinary	CFD	reducing a short position	183	3.3740 GBP
25p ordinary	CFD	reducing a short position	1,383	3.3740 GBP
25p ordinary	CFD	reducing a short position	61	3.3740 GBP
25p ordinary	CFD	reducing a short position	582	3.3764 GBP
25p ordinary	CFD	reducing a short position	382	3.3764 GBP
25p ordinary	CFD	reducing a short position	48	3.3960 GBP
25p ordinary	CFD	reducing a short position	1,098	3.3960 GBP
25p ordinary	CFD	reducing a short position	145	3.3960 GBP
25p ordinary	CFD	reducing a short position	163	3.4420 GBP
25p ordinary	CFD	reducing a short position	247	3.4420 GBP
25p ordinary	CFD	reducing a short position	71,823	3.4846 GBP
25p ordinary	CFD	reducing a short position	1,647	3.4850 GBP
25p ordinary	CFD	reducing a short position	30,444	3.4900 GBP
25p ordinary	CFD	reducing a short position	7	3.4900 GBP
25p ordinary	CFD	reducing a short position	1,036	3.4900 GBP
25p ordinary	CFD	reducing a short position	317	3.4900 GBP
25p ordinary	CFD	reducing a short position	44,407	3.4942 GBP
25p ordinary	CFD	reducing a short position	7,300	3.4999 GBP
25p ordinary	CFD	reducing a short position	289,424	3.5042 GBP
25p ordinary	CFD	reducing a short position	16,086	3.5070 GBP
25p ordinary	CFD	reducing a short position	9,062	3.5127 GBP
25p ordinary	CFD	reducing a short position	23,136	3.5138 GBP
25p ordinary	CFD	reducing a short position	285	3.5180 GBP
25p ordinary	CFD	reducing a short position	37	3.5180 GBP
25p ordinary	CFD	reducing a short position	12	3.5186 GBP
25p ordinary	CFD	reducing a short position	1,304	3.5205 GBP
25p ordinary	CFD	reducing a short position	11,423	3.5246 GBP
25p ordinary	CFD	reducing a short position	11	3.5315 GBP
25p ordinary	CFD	reducing a short position	591	3.5320 GBP
25p ordinary	CFD	reducing a short position	1,501	3.5328 GBP
25p ordinary	CFD	reducing a short position	80,270	3.5411 GBP
25p ordinary	CFD	reducing a short position	6	3.5820 GBP
25p ordinary	CFD	reducing a short position	119	3.5820 GBP

(c)        Stock-settled derivative transactions (including options)

(i)         Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d)        Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3.         OTHER INFORMATION

(a)        Indemnity and other dealing 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: Irrevocable commitments and letters of intent should not be included.  If there are no such agreements, arrangements or understandings, state "none"

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 or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none"

NONE

Date of disclosure:	25 March 2026
Contact name:	Claire Gordon
Telephone number:	[phone]

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. 

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on [phone].

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

 

END