Close to two million ordinary shares in Gamma Communications Plc (GAMA.L) moved through Investec Bank plc’s books in a single trading session, regulatory filings reveal.
The activity, spanning purchases of 999,970 shares and sales of 962,128 shares, was conducted on 4 November 2026 and publicly disclosed the following day.
Investec Bank plc submitted the disclosure under Rule 8.5 of the UK Takeover Code, which governs dealings by exempt principal traders operating in a client-serving capacity.
The bank holds recognised intermediary status, meaning it is permitted to trade in relevant securities while connected to a party involved in a live offer situation.
What makes the filing notable is Investec’s dual position: the bank served as the trading counterparty while simultaneously acting as Joint Broker to Gamma Communications Plc.
On the purchase side, Investec acquired the 999,970 ordinary shares at a fixed price of 1098 pence per unit, with no variation between the highest and lowest prices paid.
The sales were executed across a slightly wider band, with 962,128 shares sold at prices ranging from 1098 pence to a high of 1099.5 pence per unit.
The narrow spread between buying and selling prices suggests the trades were conducted within a tightly controlled intraday price range, consistent with market-making or client facilitation activity.
Investec confirmed there were no cash-settled derivatives, stock-settled derivatives, options, or other ancillary dealings attached to the transactions disclosed in the filing.
The bank also stated that no indemnity arrangements, formal or informal agreements, or understandings relating to voting rights or future acquisitions were in place in connection with these trades.
Regulatory disclosures of this type are required to be submitted to a Regulatory Information Service and fall under the oversight of the Takeover Panel’s Market Surveillance Unit.
The filing was prepared by contact Abhishek Gawde and carries a disclosure date of 5 November 2026, one day after the underlying transactions were completed.
Gamma Communications Plc shares, traded on the London Stock Exchange under the ticker GAMA.L, were recorded at no movement at the time the disclosure was published.
