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J.P. Morgan Securities Plc, an exempt principal trader connected as corporate broker to Rio Tinto plc and Rio Tinto Limited, submitted a public dealing disclosure (Form 8.5) on 06 February 2026 detailing transactions undertaken on 05 February 2026 primarily in Glencore plc securities. These dealings included the purchase of 37,033,050 ordinary Glencore plc shares at prices between 4.5600 GBP and 5.0670 GBP and at 108.8803 ZAR, and the sale of 33,683,167 ordinary shares at prices between 4.5600 GBP and 5.0730 GBP and at 108.8803 ZAR, alongside numerous cash-settled equity swap transactions involving various reference securities.
| Date | 6 Feb 2026 |
| Time | 11:12:19 |
| Category | Holding(s) in company |
| ID | 0847S |
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 |
Glencore plc |
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(c) Name of the party to the offer with which exempt principal trader is connected: |
Corporate Broker to Rio Tinto plc and Rio Tinto Limited |
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(d) Date dealing undertaken: |
05 February 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, Rio Tinto plc and Rio Tinto Limited |
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
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Class of relevant security |
Purchases/ sales
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Total number of securities |
Highest price per unit paid/received |
Lowest price per unit paid/received |
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Ordinary NPV |
Purchase |
700 |
108.8803 ZAR |
108.8803 ZAR |
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37,032,350 |
5.0670 GBP |
4.5600 GBP |
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Sale |
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33,682,467 |
5.0730 GBP |
4.5600 GBP |
(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 |
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Ordinary NPV |
Equity Swap |
Decrease Long
Decrease Short
Increase Long
Increase Short
Opening a long position
Opening a short position
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393,317 806,495 289,323 1,190,921 420,900 134,062 47,177 54,330 1,435 5,405 75,022 52,265 99,498 9,564 3,715 9,628 21,436 6,450 141 81 3,750 15,655 191 158 12,470 3,937 6,330 5,872 4,111 8,345
100,000 802,664 1,638 16,885 245 50,000 42,968 39 1,638 4,200 100,000 1,917 762 100,000 2,248 5,509 131,589 65,070 3,835 7,472 20,936 3,205 30,707 19,187 740 6,600 205,863 31,330 54,641 125,000 832 125,000 50,000 181,704 228,539 14,300 6,820 13,078 5,483 9,564 2,922 15,655 12,334 5,107 597 778 15,667 3,122 2,278
366 415,945 4,150 883,649 38,170 144,640 2,598 6,965 1,870,635 656,263 12,008 1,248,022 22,184 54,618 99,498 51,705 9,185 10,916 52,845 11,538 7,234
500 745,850 7 359,082 276,641 16,885 435 39 3,359,425 1,686 33,234 2,111 644,110 9,482 32,300 53,605 879,958 109,985 193 23,254 1,430 35,200 631,985 2,193 832 12,642 509 231 12,141 944 642 94 832 1,089 120 3,351 6,703 32,793 15,640 101 4,687 3,272 138 11,538 34,416 5 7,234 919 144 836 701 344 2,172
32,000 9,600 1,433,260
32,000 9,600 3,900 1,433,260 |
4.6810 GBP 4.7302 GBP 4.7849 GBP 4.8478 GBP 4.8733 GBP 4.8776 GBP 4.8858 GBP 4.8906 GBP 4.9208 GBP 4.9228 GBP 4.9491 GBP 4.9845 GBP 108.1322 ZAR 108.2019 ZAR 108.3771 ZAR 108.4209 ZAR 108.6058 ZAR 108.7839 ZAR 108.8568 ZAR 108.8629 ZAR 109.0990 ZAR 109.2678 ZAR 109.8069 ZAR 109.8304 ZAR 109.9389 ZAR 109.9545 ZAR 110.2464 ZAR 110.2859 ZAR 110.3746 ZAR 110.5573 ZAR
4.6814 GBP 4.6899 GBP 4.6910 GBP 4.6918 GBP 4.6926 GBP 4.7009 GBP 4.7018 GBP 4.7105 GBP 4.7106 GBP 4.7141 GBP 4.7162 GBP 4.7226 GBP 4.7291 GBP 4.7456 GBP 4.7486 GBP 4.7523 GBP 4.7525 GBP 4.7616 GBP 4.7750 GBP 4.7801 GBP 4.8535 GBP 4.8553 GBP 4.8776 GBP 4.8781 GBP 4.8920 GBP 4.8951 GBP 4.9125 GBP 4.9507 GBP 4.9726 GBP 4.9807 GBP 4.9845 GBP 5.0144 GBP 5.0185 GBP 5.0199 GBP 5.0457 GBP 5.0676 GBP 108.1260 ZAR 108.1300 ZAR 108.1364 ZAR 108.2019 ZAR 108.8955 ZAR 109.2678 ZAR 109.5958 ZAR 109.9200 ZAR 110.0368 ZAR 110.2500 ZAR 110.4357 ZAR 110.6716 ZAR 112.0822 ZAR
4.7279 GBP 4.7525 GBP 4.7683 GBP 4.7996 GBP 4.8499 GBP 4.8751 GBP 4.9096 GBP 4.9198 GBP 4.9362 GBP 4.9641 GBP 5.0106 GBP 5.0116 GBP 5.0221 GBP 5.0437 GBP 108.1300 ZAR 108.5021 ZAR 108.8308 ZAR 109.5033 ZAR 109.6326 ZAR 109.7018 ZAR 109.9877 ZAR
4.5600 GBP 4.5604 GBP 4.6677 GBP 4.6681 GBP 4.6868 GBP 4.6918 GBP 4.7057 GBP 4.7105 GBP 4.7525 GBP 4.7526 GBP 4.7527 GBP 4.7530 GBP 4.7549 GBP 4.7645 GBP 4.7935 GBP 4.8078 GBP 4.8513 GBP 4.8611 GBP 4.8743 GBP 4.8824 GBP 4.8880 GBP 4.9637 GBP 4.9780 GBP 4.9814 GBP 4.9845 GBP 4.9876 GBP 5.0154 GBP 5.0222 GBP 5.0230 GBP 5.0239 GBP 5.0245 GBP 5.0258 GBP 5.0264 GBP 5.0268 GBP 5.0270 GBP 107.9536 ZAR 108.3096 ZAR 108.4007 ZAR 108.6536 ZAR 108.7500 ZAR 108.7898 ZAR 108.7940 ZAR 109.2450 ZAR 109.7018 ZAR 109.8099 ZAR 109.9300 ZAR 109.9877 ZAR 110.0502 ZAR 110.2500 ZAR 110.5023 ZAR 110.8469 ZAR 111.3100 ZAR 113.0047 ZAR
4.7513 GBP 4.7545 GBP 110.1928 ZAR
4.6386 GBP 4.6481 GBP 4.7004 GBP 110.1928 ZAR |
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(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
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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: |
06 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.