Form 8.5 (EPT/NON-RI) Spirent Communications Plc

Jefferies International Limited.

14 October 2024

 

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS (OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.         KEY INFORMATION

(a) Name of exempt principal trader:	Jefferies International Limited
(b) Name of offeror/offeree in relation to whose relevant securities this form relates:      Use a separate form for each offeror/offeree	Spirent Communications Plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Spirent Communications Plc
(d) Date position held/dealing undertaken:      For an opening position disclosure, state the latest practicable date prior to the disclosure	11th 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 the offer?      If it is a cash offer or possible cash offer, state "N/A"	N/A

2.         POSITIONS OF THE EXEMPT PRINCIPAL TRADER

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)        Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	3 1/3p ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	4,979,360	0.860
(2) Cash-settled derivatives:	351,453	0.060	5,324,813	0.920
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	5,330,813	0.920	5,324,813	0.920

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)        Rights to subscribe for new securities (including directors' and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3.         DEALINGS (IF ANY) 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 3(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
3 1/3p ordinary	Purchase Sale	35,154 29,154	175.7861 GBX 176.0000 GBX	175.2000 GBX 175.7500 GBX

(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 (GBX)
3 1/3p ordinary	Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap	Reducing a short position Reducing a short position Reducing a short position Reducing a short position Reducing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position	1,792,121 1,028,560 359,188 200,505 748,004 322,841 220,821 220,383 177,065 173,033 152,367 142,079 132,472 119,760 115,493 110,531 110,315 109,574 105,096 104,965 95,843 84,003 75,051 72,954 72,870	175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX
	Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap Swap	Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position Increasing a short position	63,688 62,677 58,263 57,716 54,526 53,116 52,754 52,600 52,468 52,288 44,219 39,133 36,914 36,453 36,422 35,861 35,546 35,232 32,587 32,310 30,794 28,176 27,178 25,994 25,836 24,683 23,031 21,366 19,725 19,721 17,817 17,645 17,616 15,765 13,115 12,806 12,559 12,432 11,966 11,052 9,989 9,862 9,857 7,352 7,027 6,937 6,212 3,143 669 329 182	175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX 175.0000 GBX

(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)

4.         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

(c)        Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	14th October 2024
Contact name:	Robin Greenwood
Telephone number:	020 7029 8595

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on [phone].

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

 

END