Investec Bank plc (INVP.L, INL.JO) offloaded 25,000 ordinary shares in Gamma Communications Plc (GAMA.L) at a flat price of 1098 pence per share on 9 November 2026.
The transaction was executed at a uniform price, with both the highest and lowest recorded prices per unit identical, indicating a single clean execution with no price variation across the block.
The total disposal, valued at approximately 274,500 pounds at the stated price, was carried out by Investec in its capacity as an exempt principal trader acting in a client-serving role.
Investec holds a recognised intermediary status under the UK Takeover Code, which governs how connected parties must disclose their market activity during offer periods involving listed companies.
The bank’s relationship with Gamma Communications is not arm’s length: Investec serves as Joint Broker to the telecommunications firm, making transparent disclosure of any share dealings a regulatory necessity.
Under Rule 8.5 of the Takeover Code, exempt principal traders connected to a party in an offer situation are required to publicly report all dealings in relevant securities to a Regulatory Information Service.
The formal disclosure was filed on 10 November 2026, one day after the trade was executed, in line with the Code’s requirements for timely transparency around market activity.
Investec reported no cash-settled derivative transactions, no stock-settled derivatives or options activity, and no other dealings in Gamma Communications securities beyond the straightforward share sale.
The bank also confirmed the absence of any indemnity arrangements, option agreements, or understandings relating to voting rights or future acquisitions connected to its Gamma Communications position.
Enquiries related to dealing disclosure obligations under Rule 8 of the Takeover Code can be directed to the Panel’s Market Surveillance Unit, which handles consultation on such requirements for market participants.
The disclosure was prepared by contact Abhishek Gawde and submitted in accordance with the public reporting framework overseen by the UK Takeover Panel, whose full code is publicly accessible via the Panel’s official website.
Gamma Communications operates in the business communications sector, and regulatory filings of this nature often attract attention from investors tracking ownership changes among brokers and other connected intermediaries during sensitive market periods.
