Investec Bank plc (INVP.L) traded more than 282,000 Gamma Communications (GAMA.L) ordinary shares across a single session last week, triggering mandatory public disclosure under the UK Takeover Code.
The regulated filing, submitted on 11th November 2026, covers dealings that took place the previous day, with both buying and selling executed within an unusually tight price corridor.
On the purchase side, Investec acquired 140,000 ordinary shares at a flat 1098 pence per unit, with no variation between the highest and lowest prices recorded during those transactions.
The bank’s sales activity was marginally larger, with 142,673 shares offloaded at prices ranging from a high of 1099 pence to a low of 1097.5 pence per unit.
The narrow spread across all transactions reflects the relatively stable trading conditions for Gamma Communications stock during that session.
Investec holds the position of Joint Broker to Gamma Communications, a relationship that places it within the scope of Rule 8.5 of the Takeover Code as an exempt principal trader with recognised intermediary status.
That rule requires firms dealing in a client-serving capacity during an offer period to make their activity publicly visible to maintain market transparency.
The disclosure confirms that no cash-settled or stock-settled derivative transactions were undertaken, and no options were written, purchased, sold, or exercised in relation to Gamma Communications securities.
Investec also stated that no indemnity arrangements, option agreements, or understandings of any formal or informal nature exist between itself and any party connected to the offer.
The filing was prepared by contact Abhishek Gawde and submitted to a Regulatory Information Service, as required under Rule 8 of the Code, which governs public dealing disclosures during offer periods.
Gamma Communications, a UK-listed business communications provider, has been subject to heightened regulatory scrutiny of share dealings as participants connected to any live offer process must report activity promptly.
The Takeover Panel’s Market Surveillance Unit oversees compliance with these requirements, and the Code itself sets out strict timelines for when such disclosures must reach the market.
