Form 8.5 (EPT/RI)

Citigroup Global Markets Limited

24 April 2024

 

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

(a) Name of exempt principal trader:	Citigroup Global Markets Limited
(b) Name of offeror/offeree in relation to whose relevant securities this form relates:  Use a separate form for each offeror/offeree	Smith (DS) plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Smith (DS) plc
(d) Date dealing undertaken:	23 April 2024
(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"	International Paper Company

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
10p ordinary	Sale	2,349,511	GBP 3.5320	GBP 3.4680
10p ordinary	Purchase	4,747,732	GBP 4.3492	GBP 3.4640

(b) Cash-settled derivative transactions

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
10p ordinary	TRS	Reducing Short Position	62	GBP 3.4831
10p ordinary	TRS	Reducing Short Position	58	GBP 3.4863
10p ordinary	TRS	Increasing Long Position	473	GBP 3.4720
10p ordinary	TRS	Reducing Short Position	736,558	GBP 3.4897
10p ordinary	TRS	Reducing Long Position	231,482	GBP 3.4977
10p ordinary	TRS	Increasing Long Position	723,970	GBP 3.4986
10p ordinary	TRS	Increasing Short Position	14,275	GBP 3.4964
10p ordinary	TRS	Increasing Short Position	2,668	GBP 3.4974
10p ordinary	TRS	Reducing Short Position	301	GBP 3.4897
10p ordinary	TRS	Increasing Short Position	1,719,478	GBP 3.4980
10p ordinary	TRS	Increasing Short Position	1	GBP 3.4983
10p ordinary	TRS	Increasing Short Position	13,873	GBP 3.4993
10p ordinary	TRS	Increasing Short Position	14	GBP 3.4996
10p ordinary	TRS	Increasing Short Position	13,333	GBP 3.4997
10p ordinary	TRS	Increasing Short Position	19,724	GBP 3.4999
10p ordinary	TRS	Increasing Short Position	24,414	GBP 3.5046
10p ordinary	TRS	Increasing Short Position	200	GBP 3.5442
10p ordinary	TRS	Reducing Short Position	4,621	GBP 3.4902
10p ordinary	TRS	Reducing Short Position	87	GBP 3.4929
10p ordinary	TRS	Reducing Short Position	49,443	GBP 3.4949
10p ordinary	TRS	Reducing Short Position	191	GBP 3.4962
10p ordinary	TRS	Reducing Short Position	445,954	GBP 3.4997
10p ordinary	TRS	Reducing Short Position	84	GBP 3.5118
10p ordinary	TRS	Reducing Short Position	167	GBP 3.5276
10p ordinary	TRS	Increasing Short Position	257,151	GBP 3.4938
10p ordinary	TRS	Reducing Short Position	481	GBP 3.4900
10p ordinary	TRS	Increasing Short Position	1,000,000	GBP 3.4923
10p ordinary	TRS	Increasing Short Position	1,000,000	GBP 3.4932
10p ordinary	TRS	Reducing Short Position	6,935	GBP 3.4931

(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

(ii) Exercise

Class of relevant security	Product description  e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing  e.g. subscription, conversion	Details	Price per unit (if applicable)

3. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

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"

None

(b) Agreements, arrangements or understandings relating to options or derivatives

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"

None

Date of disclosure:	24 April 2024
Contact name:	Christopher Alexander Pollock
Telephone number:	02895 954 053

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at [e-mail]. The Panels Market Surveillance Unit is available for consultation in relation to the Codes dealing disclosure requirements on [phone].

The Code can be viewed on the Panels website at www.thetakeoverpanel.org.uk.

 

END