Form 8.5 (EPT/RI)

Citigroup Global Markets Limited

29 October 2024

 

AVS:

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:	28 October 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	4,205,703	GBP 6.1958	GBP 4.7340
10p ordinary	Sale	2,000,000	USD 6.2045	USD 6.1958
10p ordinary	Purchase	1,628,481	GBP 4.7860	GBP 4.7300

(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	Increasing Short Position	178,992	GBP 4.7625
10p ordinary	TRS	Increasing Short Position	50,028	GBP 4.7685
10p ordinary	TRS	Increasing Short Position	207,609	GBP 4.7699
10p ordinary	TRS	Increasing Short Position	892	GBP 4.7702
10p ordinary	TRS	Increasing Short Position	132,509	GBP 4.7737
10p ordinary	TRS	Reducing Short Position	515,000	GBP 4.7462
10p ordinary	TRS	Reducing Short Position	169,232	GBP 4.7565
10p ordinary	TRS	Reducing Short Position	38,276	GBP 4.7573
10p ordinary	TRS	Reducing Short Position	4,110	GBP 4.7574
10p ordinary	TRS	Reducing Short Position	318,784	GBP 4.7586
10p ordinary	TRS	Reducing Short Position	2,807	GBP 4.7637
10p ordinary	TRS	Reducing Short Position	8,431	GBP 4.7640
10p ordinary	TRS	Reducing Short Position	21,943	GBP 4.7661
10p ordinary	TRS	Reducing Short Position	868	GBP 4.7714
10p ordinary	TRS	Increasing Short Position	43	GBP 4.7680
10p ordinary	TRS	Reducing Short Position	148	GBP 4.7680
10p ordinary	TRS	Increasing Long Position	80,646	GBP 4.7677

(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:	29 October 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