Form 8.5 (EPT/RI)

Citigroup Global Markets Limited

28 June 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:	27 June 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	8,833,695	GBP 5.2472	GBP 3.8920
10p ordinary	Purchase	7,120,037	GBP 4.2620	GBP 3.8919

(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 Long Position	1,319	GBP 4.2620
10p ordinary	TRS	Increasing Long Position	12	GBP 3.9400
10p ordinary	TRS	Reducing Short Position	136,546	GBP 4.2358
10p ordinary	TRS	Opening Short Position	371,970	GBP 3.9070
10p ordinary	TRS	Opening Short Position	38,963	GBP 3.9292
10p ordinary	TRS	Closing Short Position	66,500	GBP 3.9152
10p ordinary	TRS	Closing Short Position	66,500	GBP 4.9485
10p ordinary	TRS	Increasing Long Position	96	GBP 4.0920
10p ordinary	TRS	Increasing Long Position	1	GBP 4.0940
10p ordinary	TRS	Increasing Long Position	193	GBP 4.1060
10p ordinary	TRS	Increasing Long Position	83	GBP 4.1440
10p ordinary	TRS	Increasing Long Position	161	GBP 4.1520
10p ordinary	TRS	Increasing Long Position	1	GBP 4.1540
10p ordinary	TRS	Increasing Long Position	156	GBP 4.1560
10p ordinary	TRS	Increasing Long Position	158	GBP 4.1580
10p ordinary	TRS	Increasing Long Position	82	GBP 4.1720
10p ordinary	TRS	Increasing Long Position	164	GBP 4.1780
10p ordinary	TRS	Increasing Long Position	159	GBP 4.1880
10p ordinary	TRS	Increasing Long Position	78	GBP 4.1900
10p ordinary	TRS	Increasing Long Position	166	GBP 4.1980
10p ordinary	TRS	Increasing Long Position	156	GBP 4.2300
10p ordinary	TRS	Increasing Long Position	155	GBP 4.2340
10p ordinary	TRS	Increasing Long Position	164	GBP 4.2380
10p ordinary	TRS	Increasing Long Position	78	GBP 4.2400
10p ordinary	TRS	Increasing Long Position	79	GBP 4.2420
10p ordinary	TRS	Increasing Long Position	82	GBP 4.2440
10p ordinary	TRS	Increasing Long Position	510	GBP 4.2620
10p ordinary	TRS	Reducing Short Position	29,430	GBP 4.0989
10p ordinary	TRS	Reducing Short Position	4,857	GBP 4.1097
10p ordinary	TRS	Reducing Short Position	6,664	GBP 4.1105
10p ordinary	TRS	Reducing Short Position	15,713	GBP 4.1195
10p ordinary	TRS	Reducing Short Position	9,287	GBP 4.1695
10p ordinary	TRS	Increasing Short Position	100,000	GBP 3.8919
10p ordinary	TRS	Increasing Short Position	50,650	GBP 3.9005
10p ordinary	TRS	Increasing Short Position	100,000	GBP 3.9020
10p ordinary	TRS	Increasing Short Position	26,605	GBP 3.9105
10p ordinary	TRS	Increasing Short Position	77,171	GBP 3.9202
10p ordinary	TRS	Increasing Short Position	52,962	GBP 3.9366
10p ordinary	TRS	Increasing Short Position	174,647	GBP 4.0406
10p ordinary	TRS	Increasing Short Position	500,000	GBP 4.1196
10p ordinary	TRS	Increasing Short Position	101	GBP 4.1684
10p ordinary	TRS	Increasing Short Position	3,983	GBP 4.1727
10p ordinary	TRS	Increasing Short Position	250,000	GBP 4.2333
10p ordinary	TRS	Increasing Short Position	894,793	GBP 4.2620
10p ordinary	TRS	Reducing Short Position	5,527	GBP 3.9395
10p ordinary	TRS	Reducing Short Position	150,000	GBP 4.0700
10p ordinary	TRS	Reducing Short Position	868,308	GBP 4.1164
10p ordinary	TRS	Reducing Short Position	281,738	GBP 4.1325
10p ordinary	TRS	Reducing Short Position	621,865	GBP 4.1497
10p ordinary	TRS	Reducing Short Position	571,764	GBP 4.1528
10p ordinary	TRS	Reducing Short Position	316,918	GBP 4.1555
10p ordinary	TRS	Reducing Short Position	1,118,683	GBP 4.1682
10p ordinary	TRS	Reducing Short Position	1,760,887	GBP 4.1948
10p ordinary	TRS	Reducing Short Position	1,306	GBP 4.1982
10p ordinary	TRS	Reducing Short Position	1,113	GBP 4.2000
10p ordinary	TRS	Reducing Short Position	7,363	GBP 4.2245
10p ordinary	TRS	Reducing Short Position	551,221	GBP 4.2252
10p ordinary	TRS	Reducing Short Position	340	GBP 4.2334
10p ordinary	TRS	Closing Short Position	154,500	GBP 5.2472

(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:	28 June 2024
Contact name:	Cathal McKenna
Telephone number:	02890 409 544

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