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:

UBS Investment Bank, London

(b) Name of offeror/offeree in relation to whose relevant securities this form relates:

Use a separate form for each offeror/offeree

Capital & Counties Properties plc

(c) Name of the party to the offer with which exempt principal trader is connected:

Capital & Counties Properties plc

(d) Date dealing undertaken:

01 November 2019

(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'

No

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

Buy

186496

2.56500 GBP

2.53099 GBP

25p ordinary

Sell

237145

2.55881 GBP

2.52000 GBP

(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

Long

49979

2.5393793443 GBP

25p ordinary

CFD

Long

23663

2.54064744537886 GBP

25p ordinary

CFD

Long

897

2.54018338907469 GBP

25p ordinary

CFD

Long

12719

2.541751 GBP

25p ordinary

CFD

Long

2886

2.54089050589051 GBP

25p ordinary

CFD

Long

136

2.596799 GBP

25p ordinary

CFD

Long

1149

2.53991296779809 GBP

25p ordinary

CFD

Long

1539

2.538 GBP

25p ordinary

CFD

Long

2069

2.543 GBP

25p ordinary

CFD

Long

16381

2.58636 GBP

25p ordinary

CFD

Short

17

2.542461 GBP

25p ordinary

CFD

Short

2717

2.542444 GBP

25p ordinary

CFD

Short

136

2.596801 GBP

25p ordinary

CFD

Short

1525

2.536 GBP

25p ordinary

CFD

Short

16381

2.58636 GBP

25p ordinary

CFD

Short

23918

2.54524416757254 GBP

25p ordinary

CFD

Short

12846

2.54569360112097 GBP

25p ordinary

CFD

Short

6236

2.53972257857601 GBP

25p ordinary

CFD

Short

263

2.5383 GBP

25p ordinary

CFD

Short

314

2.55466 GBP

25p ordinary

CFD

Short

38

2.536254 GBP

25p ordinary

CFD

Short

294

2.543255 GBP

25p ordinary

CFD

Short

388

2.5595 GBP

25p ordinary

CFD

Short

2714

2.542731 GBP

25p ordinary

CFD

Short

392

2.55860281836735 GBP

25p ordinary

CFD

Short

169

2.536127 GBP

25p ordinary

CFD

Short

44

2.541749 GBP

25p ordinary

CFD

Short

106

2.55861822075472 GBP

25p ordinary

CFD

Short

918

2.542611 GBP

25p ordinary

CFD

Short

65

2.54551 GBP

25p ordinary

CFD

Short

85

2.554917 GBP

25p ordinary

CFD

Short

14228

2.543 GBP

25p ordinary

CFD

Short

2200

2.550727 GBP

25p ordinary

CFD

Short

1520

2.551296 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

(ii) Exercise

Class of relevant security

Product description

e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(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)

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:

04 November 2019

Contact name:

Wendy Dent

Telephone number:

+44 (0)207 568 1245

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel atmonitoring@disclosure.org.uk

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.

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

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Capital & Counties Properties plc published this content on 04 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2019 10:24:11 UTC