⌘K
t
J.P. Morgan Securities Plc, an exempt principal trader and financial advisor to Dauch Corporation, disclosed dealings in Dowlais Group plc's 1p ordinary shares on 30 January 2026. On this date, J.P. Morgan purchased 5,425,390 Dowlais shares at prices ranging from 0.9260 GBP to 0.9418 GBP and sold 653,290 shares between 0.9260 GBP and 0.9410 GBP. Additionally, the firm executed cash-settled equity swap transactions involving increases and decreases in short and long positions referencing a total of 4,870,363 Dowlais Group plc 1p ordinary shares at prices ranging from 0.9312 GBP to 1.2867 GBP.
| Date | 3 Feb 2026 |
| Time | 16:55:16 |
| Category | Holding(s) in company |
| ID | 5838R |
AMENDMENT
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
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(a) Name of exempt principal trader: |
J.P. Morgan Securities Plc |
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(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree |
Dowlais Group plc |
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(c) Name of the party to the offer with which exempt principal trader is connected: |
Financial advisor to Dauch Corporation |
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(d) Date dealing undertaken: |
30 January 2026 |
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(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, Dauch Corporation |
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 |
|
1p ordinary |
Purchase |
5,425,390 |
0.9418 GBP |
0.9260 GBP |
Sale |
|
|
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(b) Cash-settled derivative transactions
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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 |
|
1p ordinary |
Equity Swap |
Decrease Long
Decrease Short
Increase Short |
4,900
4,451 33,914 13
100,000 387,169 41 752,138 200,000 7,182 1,150,000 1 60,003 559,814 2,100 1,608,637 |
0.9365 GBP
0.9352 GBP 0.9365 GBP 0.9408 GBP
0.9312 GBP 0.9315 GBP 0.9320 GBP 0.9327 GBP 0.9367 GBP 0.9368 GBP 0.9370 GBP 0.9380 GBP 0.9383 GBP 0.9386 GBP 0.9391 GBP 1.2867 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 |
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(ii) Exercise
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Class of relevant security |
Product description e.g. call option |
Exercising/ exercised against |
Number of securities |
Exercise price per unit |
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(d) Other dealings (including subscribing for new securities)
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Class of relevant security |
Nature of dealing e.g. subscription, conversion |
Details |
Price per unit (if applicable) |
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3. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
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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" |
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None
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(b) Agreements, arrangements or understandings relating to options or derivatives
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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" |
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None
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Date of disclosure: |
03 February 2026 |
Contact name: |
Hetvi Shah |
Telephone number: |
44 2034 936359 |
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 +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.