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GAMA Gamma Communications News Story

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REG - Gamma Communications - Transaction in Own Shares

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RNS Number : 1508F  Gamma Communications PLC  21 May 2026

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

21 May 2026
 

Gamma Communications plc

 

Transaction in Own Shares and Rule 2.9 Announcement

 

Gamma Communications plc ("Gamma" or the "Company") announces today that in
accordance with the terms of its share buyback programme announced on 13
January 2026 (the "Buyback Programme"), it has purchased the following number
of its ordinary shares of 0.25 pence each ("ordinary shares") through Investec
Bank plc ("Investec").

 

Ordinary shares

 Date of purchase:                        20 May 2026
 Number of ordinary shares purchased:     23,500
 Lowest price per share (pence):          959.00
 Highest price per share (pence):         979.50
 Weighted average price per day (pence):  966.5269

 

 The Company intends to cancel the purchased ordinary shares.

 

Following settlement of the above purchases, Gamma has purchased a total of
1,739,276 ordinary shares since the commencement of the buyback programme and
will have 92,025,075 ordinary shares in issue. There are 1,578,525 ordinary
shares held in treasury. The total voting rights in the Company are therefore
90,446,550 and this can be used by shareholders as the denominator for the
calculations by which they can determine if they are required to notify their
interest in, or change to their interest in, the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.

 

Rule 2.9

The Company announced on 7 April 2026 that it had entered into an offer
period. The ordinary shares are relevant securities of Gamma for the purposes
of Rule 8 of The City Code on Takeovers and Mergers (the "Code"). In
accordance with Rule 2.9 of the Code, the Company confirms that it has
90,446,550 ordinary shares in issue (excluding treasury shares) as at the date
and time of this announcement. The ordinary shares are voting shares (each
such ordinary share carries one vote per ordinary share) and are admitted to
trading on the main market of the London Stock Exchange under the
International Securities Identification Number GB00BQS10J50 and the Company's
LEI number is 213800LAQZXPRIZUEH50.

 

Aggregate information:

 Venue  Volume-weighted average price (p)  Aggregated volume  Lowest price per share (p)  Highest price per share (p)
 XLON   966.5269                           23,500             959.00                      979.50

 

 

Schedule of Purchases - Individual Transactions

In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No
596/2014 as it forms part of UK law, a full breakdown of the individual trades
made by Investec on behalf of the Company as part of the Programme is found
below.

 

 Date and time of each trade  Number of shares purchased  Price (pence per share)                            Trading Venue  Transaction Reference Number
 20 May 2026 08:06:07         162                                               970.00                       XLON           00394988700TRLO1
 20 May 2026 08:10:08         80                                                968.00                       XLON           00394992935TRLO1
 20 May 2026 08:10:38         76                                                968.00                       XLON           00394993425TRLO1
 20 May 2026 08:13:02         81                                                969.50                       XLON           00394995275TRLO1
 20 May 2026 08:13:23         40                                                969.00                       XLON           00394995424TRLO1
 20 May 2026 08:13:23         40                                                969.00                       XLON           00394995425TRLO1
 20 May 2026 08:14:26         149                                               967.00                       XLON           00394995907TRLO1
 20 May 2026 08:15:16         80                                                966.50                       XLON           00394996284TRLO1
 20 May 2026 08:19:12         75                                                966.00                       XLON           00394998834TRLO1
 20 May 2026 08:19:12         67                                                966.00                       XLON           00394998835TRLO1
 20 May 2026 08:19:12         8                                                 966.00                       XLON           00394998836TRLO1
 20 May 2026 08:23:20         75                                                965.50                       XLON           00395002703TRLO1
 20 May 2026 08:24:35         81                                                965.00                       XLON           00395003807TRLO1
 20 May 2026 08:27:10         152                                               964.50                       XLON           00395006297TRLO1
 20 May 2026 08:27:34         80                                                963.50                       XLON           00395006609TRLO1
 20 May 2026 08:27:50         75                                                962.00                       XLON           00395006788TRLO1
 20 May 2026 08:27:50         75                                                961.50                       XLON           00395006789TRLO1
 20 May 2026 08:28:25         75                                                961.00                       XLON           00395007195TRLO1
 20 May 2026 08:28:25         74                                                959.50                       XLON           00395007196TRLO1
 20 May 2026 08:28:25         75                                                959.50                       XLON           00395007197TRLO1
 20 May 2026 08:30:38         75                                                959.50                       XLON           00395008934TRLO1
 20 May 2026 08:38:47         159                                               962.50                       XLON           00395015717TRLO1
 20 May 2026 08:38:47         78                                                962.50                       XLON           00395015718TRLO1
 20 May 2026 08:52:10         78                                                963.00                       XLON           00395027156TRLO1
 20 May 2026 08:53:37         77                                                961.00                       XLON           00395028532TRLO1
 20 May 2026 08:53:37         3                                                 961.00                       XLON           00395028533TRLO1
 20 May 2026 08:56:20         77                                                961.00                       XLON           00395030853TRLO1
 20 May 2026 09:03:09         118                                               962.00                       XLON           00395037294TRLO1
 20 May 2026 09:03:28         149                                               962.00                       XLON           00395037694TRLO1
 20 May 2026 09:03:49         80                                                960.50                       XLON           00395037970TRLO1
 20 May 2026 09:13:33         80                                                966.50                       XLON           00395045448TRLO1
 20 May 2026 09:14:52         154                                               967.50                       XLON           00395046419TRLO1
 20 May 2026 09:14:52         43                                                967.50                       XLON           00395046420TRLO1
 20 May 2026 09:16:24         81                                                966.50                       XLON           00395047406TRLO1
 20 May 2026 09:24:42         335                                               968.50                       XLON           00395052211TRLO1
 20 May 2026 09:25:07         151                                               968.50                       XLON           00395052456TRLO1
 20 May 2026 09:25:07         149                                               968.00                       XLON           00395052457TRLO1
 20 May 2026 09:25:07         5                                                 968.00                       XLON           00395052458TRLO1
 20 May 2026 09:25:07         78                                                968.00                       XLON           00395052460TRLO1
 20 May 2026 09:28:26         77                                                965.50                       XLON           00395054451TRLO1
 20 May 2026 09:28:27         81                                                964.50                       XLON           00395054458TRLO1
 20 May 2026 09:28:29         81                                                964.00                       XLON           00395054469TRLO1
 20 May 2026 09:30:01         81                                                965.50                       XLON           00395055694TRLO1
 20 May 2026 09:32:05         21                                                965.00                       XLON           00395057717TRLO1
 20 May 2026 09:32:05         60                                                965.00                       XLON           00395057718TRLO1
 20 May 2026 09:33:28         75                                                964.50                       XLON           00395058828TRLO1
 20 May 2026 09:33:43         80                                                964.50                       XLON           00395058982TRLO1
 20 May 2026 09:33:43         76                                                964.50                       XLON           00395058983TRLO1
 20 May 2026 09:49:31         27                                                967.00                       XLON           00395072229TRLO1
 20 May 2026 09:49:31         29                                                967.00                       XLON           00395072230TRLO1
 20 May 2026 09:49:31         105                                               967.00                       XLON           00395072231TRLO1
 20 May 2026 09:49:31         160                                               967.00                       XLON           00395072232TRLO1
 20 May 2026 09:56:09         13                                                966.00                       XLON           00395077138TRLO1
 20 May 2026 09:56:09         15                                                966.00                       XLON           00395077139TRLO1
 20 May 2026 09:56:09         1                                                 966.00                       XLON           00395077140TRLO1
 20 May 2026 09:56:09         1                                                 966.00                       XLON           00395077141TRLO1
 20 May 2026 10:05:51         153                                               966.00                       XLON           00395083159TRLO1
 20 May 2026 10:09:31         162                                               965.00                       XLON           00395085564TRLO1
 20 May 2026 10:09:54         153                                               963.50                       XLON           00395085735TRLO1
 20 May 2026 10:10:00         157                                               962.50                       XLON           00395085786TRLO1
 20 May 2026 10:11:50         150                                               964.50                       XLON           00395086771TRLO1
 20 May 2026 10:11:56         163                                               965.00                       XLON           00395086854TRLO1
 20 May 2026 10:30:53         76                                                966.00                       XLON           00395096613TRLO1
 20 May 2026 10:30:53         87                                                966.00                       XLON           00395096614TRLO1
 20 May 2026 10:52:55         27                                                967.00                       XLON           00395108760TRLO1
 20 May 2026 10:53:35         47                                                967.00                       XLON           00395108999TRLO1
 20 May 2026 10:54:02         112                                               966.50                       XLON           00395109205TRLO1
 20 May 2026 10:54:02         14                                                966.50                       XLON           00395109206TRLO1
 20 May 2026 10:54:02         14                                                966.50                       XLON           00395109207TRLO1
 20 May 2026 10:54:02         88                                                966.50                       XLON           00395109208TRLO1
 20 May 2026 10:54:02         100                                               966.50                       XLON           00395109209TRLO1
 20 May 2026 10:59:15         12                                                966.50                       XLON           00395111503TRLO1
 20 May 2026 10:59:15         35                                                966.50                       XLON           00395111504TRLO1
 20 May 2026 10:59:15         1                                                 966.50                       XLON           00395111505TRLO1
 20 May 2026 10:59:15         3                                                 966.50                       XLON           00395111506TRLO1
 20 May 2026 11:00:21         1                                                 966.50                       XLON           00395111646TRLO1
 20 May 2026 11:00:26         1                                                 966.50                       XLON           00395111650TRLO1
 20 May 2026 11:01:13         10                                                972.50                       XLON           00395111734TRLO1
 20 May 2026 11:01:27         2                                                 972.50                       XLON           00395111750TRLO1
 20 May 2026 11:01:42         5                                                 972.50                       XLON           00395111757TRLO1
 20 May 2026 11:03:26         232                                               974.50                       XLON           00395111842TRLO1
 20 May 2026 11:03:26         20                                                973.50                       XLON           00395111843TRLO1
 20 May 2026 11:03:26         1                                                 973.50                       XLON           00395111844TRLO1
 20 May 2026 11:03:37         211                                               973.50                       XLON           00395111855TRLO1
 20 May 2026 11:03:59         234                                               971.50                       XLON           00395111861TRLO1
 20 May 2026 11:03:59         43                                                970.50                       XLON           00395111870TRLO1
 20 May 2026 11:03:59         17                                                970.50                       XLON           00395111871TRLO1
 20 May 2026 11:03:59         91                                                970.50                       XLON           00395111872TRLO1
 20 May 2026 11:10:25         60                                                970.00                       XLON           00395112383TRLO1
 20 May 2026 11:10:25         12                                                970.00                       XLON           00395112384TRLO1
 20 May 2026 11:10:25         23                                                970.00                       XLON           00395112385TRLO1
 20 May 2026 11:10:25         23                                                970.00                       XLON           00395112386TRLO1
 20 May 2026 11:10:25         1                                                 970.00                       XLON           00395112387TRLO1
 20 May 2026 11:12:54         226                                               971.00                       XLON           00395112498TRLO1
 20 May 2026 11:16:29         319                                               971.00                       XLON           00395112664TRLO1
 20 May 2026 11:21:17         160                                               973.00                       XLON           00395112803TRLO1
 20 May 2026 11:27:14         80                                                972.00                       XLON           00395113085TRLO1
 20 May 2026 11:27:14         80                                                972.00                       XLON           00395113086TRLO1
 20 May 2026 11:29:10         152                                               971.50                       XLON           00395113126TRLO1
 20 May 2026 11:31:59         228                                               975.00                       XLON           00395113242TRLO1
 20 May 2026 11:32:54         158                                               974.00                       XLON           00395113292TRLO1
 20 May 2026 11:33:50         159                                               973.00                       XLON           00395113326TRLO1
 20 May 2026 11:42:03         23                                                972.50                       XLON           00395113694TRLO1
 20 May 2026 11:42:03         22                                                972.50                       XLON           00395113695TRLO1
 20 May 2026 11:42:03         141                                               972.50                       XLON           00395113696TRLO1
 20 May 2026 11:42:03         22                                                972.50                       XLON           00395113697TRLO1
 20 May 2026 11:45:33         76                                                972.50                       XLON           00395113894TRLO1
 20 May 2026 11:58:10         77                                                970.50                       XLON           00395114420TRLO1
 20 May 2026 11:58:10         78                                                970.50                       XLON           00395114421TRLO1
 20 May 2026 11:58:10         78                                                970.50                       XLON           00395114422TRLO1
 20 May 2026 11:58:10         77                                                970.50                       XLON           00395114423TRLO1
 20 May 2026 12:11:09         230                                               967.00                       XLON           00395115023TRLO1
 20 May 2026 12:18:42         160                                               968.00                       XLON           00395115332TRLO1
 20 May 2026 12:20:03         77                                                967.00                       XLON           00395115409TRLO1
 20 May 2026 12:20:03         77                                                967.00                       XLON           00395115410TRLO1
 20 May 2026 12:39:00         244                                               966.00                       XLON           00395116515TRLO1
 20 May 2026 12:39:53         151                                               967.00                       XLON           00395116551TRLO1
 20 May 2026 12:49:19         75                                                966.00                       XLON           00395117131TRLO1
 20 May 2026 12:49:19         76                                                966.00                       XLON           00395117132TRLO1
 20 May 2026 13:11:42         162                                               965.50                       XLON           00395117995TRLO1
 20 May 2026 13:11:42         153                                               965.50                       XLON           00395117996TRLO1
 20 May 2026 13:11:42         318                                               965.00                       XLON           00395118000TRLO1
 20 May 2026 13:12:01         240                                               963.50                       XLON           00395118125TRLO1
 20 May 2026 13:12:01         80                                                963.50                       XLON           00395118126TRLO1
 20 May 2026 13:12:36         304                                               965.00                       XLON           00395118169TRLO1
 20 May 2026 13:18:39         243                                               966.50                       XLON           00395118515TRLO1
 20 May 2026 13:18:59         224                                               966.00                       XLON           00395118521TRLO1
 20 May 2026 13:19:11         234                                               965.50                       XLON           00395118537TRLO1
 20 May 2026 13:24:30         23                                                965.00                       XLON           00395119120TRLO1
 20 May 2026 13:24:40         228                                               965.00                       XLON           00395119132TRLO1
 20 May 2026 13:24:56         235                                               964.50                       XLON           00395119186TRLO1
 20 May 2026 13:29:39         159                                               963.00                       XLON           00395119671TRLO1
 20 May 2026 13:29:39         240                                               963.00                       XLON           00395119672TRLO1
 20 May 2026 13:29:39         79                                                963.00                       XLON           00395119673TRLO1
 20 May 2026 13:29:39         80                                                963.00                       XLON           00395119674TRLO1
 20 May 2026 13:29:39         80                                                963.00                       XLON           00395119675TRLO1
 20 May 2026 13:29:39         80                                                963.00                       XLON           00395119676TRLO1
 20 May 2026 13:37:27         242                                               964.00                       XLON           00395120083TRLO1
 20 May 2026 13:46:55         77                                                965.00                       XLON           00395120423TRLO1
 20 May 2026 13:49:32         78                                                964.00                       XLON           00395120473TRLO1
 20 May 2026 13:49:32         78                                                964.00                       XLON           00395120474TRLO1
 20 May 2026 14:00:47         64                                                966.00                       XLON           00395121226TRLO1
 20 May 2026 14:02:59         162                                               966.50                       XLON           00395121452TRLO1
 20 May 2026 14:04:53         158                                               967.50                       XLON           00395121492TRLO1
 20 May 2026 14:04:53         158                                               967.00                       XLON           00395121493TRLO1
 20 May 2026 14:10:11         80                                                966.00                       XLON           00395121931TRLO1
 20 May 2026 14:10:11         79                                                966.00                       XLON           00395121932TRLO1
 20 May 2026 14:15:51         86                                                963.00                       XLON           00395122354TRLO1
 20 May 2026 14:15:51         80                                                963.00                       XLON           00395122355TRLO1
 20 May 2026 14:15:51         74                                                963.00                       XLON           00395122356TRLO1
 20 May 2026 14:15:58         157                                               962.00                       XLON           00395122363TRLO1
 20 May 2026 14:26:32         152                                               960.00                       XLON           00395122725TRLO1
 20 May 2026 14:30:05         156                                               959.50                       XLON           00395122892TRLO1
 20 May 2026 14:30:05         78                                                959.50                       XLON           00395122893TRLO1
 20 May 2026 14:31:34         159                                               959.50                       XLON           00395123043TRLO1
 20 May 2026 14:32:54         46                                                959.00                       XLON           00395123160TRLO1
 20 May 2026 14:32:54         63                                                959.00                       XLON           00395123161TRLO1
 20 May 2026 14:32:54         45                                                959.00                       XLON           00395123162TRLO1
 20 May 2026 14:35:52         159                                               959.00                       XLON           00395123563TRLO1
 20 May 2026 14:42:34         372                                               961.00                       XLON           00395124208TRLO1
 20 May 2026 14:42:35         302                                               961.00                       XLON           00395124215TRLO1
 20 May 2026 14:45:04         244                                               962.00                       XLON           00395124364TRLO1
 20 May 2026 14:49:44         152                                               961.50                       XLON           00395124888TRLO1
 20 May 2026 14:49:44         76                                                961.50                       XLON           00395124889TRLO1
 20 May 2026 14:52:51         60                                                960.50                       XLON           00395125412TRLO1
 20 May 2026 14:53:08         101                                               960.50                       XLON           00395125433TRLO1
 20 May 2026 14:53:08         45                                                960.50                       XLON           00395125434TRLO1
 20 May 2026 14:53:11         1                                                 960.50                       XLON           00395125436TRLO1
 20 May 2026 14:58:50         21                                                960.50                       XLON           00395126103TRLO1
 20 May 2026 14:58:50         14                                                960.50                       XLON           00395126104TRLO1
 20 May 2026 14:58:50         125                                               960.50                       XLON           00395126105TRLO1
 20 May 2026 14:58:50         82                                                960.50                       XLON           00395126106TRLO1
 20 May 2026 15:00:48         78                                                960.00                       XLON           00395126283TRLO1
 20 May 2026 15:03:07         43                                                959.50                       XLON           00395126459TRLO1
 20 May 2026 15:03:07         107                                               959.50                       XLON           00395126460TRLO1
 20 May 2026 15:09:47         150                                               960.50                       XLON           00395127042TRLO1
 20 May 2026 15:14:38         150                                               961.00                       XLON           00395127841TRLO1
 20 May 2026 15:15:32         374                                               962.00                       XLON           00395128082TRLO1
 20 May 2026 15:17:29         183                                               965.00                       XLON           00395128794TRLO1
 20 May 2026 15:21:04         155                                               967.50                       XLON           00395129623TRLO1
 20 May 2026 15:21:04         78                                                967.50                       XLON           00395129624TRLO1
 20 May 2026 15:22:16         231                                               968.50                       XLON           00395129798TRLO1
 20 May 2026 15:24:38         151                                               968.50                       XLON           00395129998TRLO1
 20 May 2026 15:30:36         230                                               968.50                       XLON           00395130611TRLO1
 20 May 2026 15:34:37         162                                               966.50                       XLON           00395131016TRLO1
 20 May 2026 15:34:37         81                                                966.50                       XLON           00395131017TRLO1
 20 May 2026 15:34:37         80                                                966.50                       XLON           00395131018TRLO1
 20 May 2026 15:38:49         97                                                967.00                       XLON           00395131305TRLO1
 20 May 2026 15:43:59         158                                               968.50                       XLON           00395131715TRLO1
 20 May 2026 15:44:04         161                                               968.00                       XLON           00395131721TRLO1
 20 May 2026 15:45:11         152                                               968.00                       XLON           00395131877TRLO1
 20 May 2026 15:48:50         228                                               968.50                       XLON           00395132153TRLO1
 20 May 2026 15:49:53         154                                               968.50                       XLON           00395132273TRLO1
 20 May 2026 15:49:53         77                                                968.50                       XLON           00395132274TRLO1
 20 May 2026 15:57:19         121                                               969.50                       XLON           00395132805TRLO1
 20 May 2026 15:57:19         28                                                969.50                       XLON           00395132806TRLO1
 20 May 2026 15:57:19         75                                                969.50                       XLON           00395132807TRLO1
 20 May 2026 15:58:16         149                                               969.00                       XLON           00395132853TRLO1
 20 May 2026 16:00:39         54                                                969.00                       XLON           00395133027TRLO1
 20 May 2026 16:03:53         4                                                 970.00                       XLON           00395133235TRLO1
 20 May 2026 16:03:53         223                                               970.00                       XLON           00395133236TRLO1
 20 May 2026 16:05:19         138                                               970.50                       XLON           00395133312TRLO1
 20 May 2026 16:05:19         21                                                970.50                       XLON           00395133313TRLO1
 20 May 2026 16:07:49         223                                               970.00                       XLON           00395133508TRLO1
 20 May 2026 16:09:59         101                                               970.00                       XLON           00395133682TRLO1
 20 May 2026 16:10:20         24                                                969.50                       XLON           00395133707TRLO1
 20 May 2026 16:11:58         224                                               970.50                       XLON           00395133796TRLO1
 20 May 2026 16:11:58         150                                               970.50                       XLON           00395133797TRLO1
 20 May 2026 16:14:19         133                                               970.50                       XLON           00395133995TRLO1
 20 May 2026 16:15:23         242                                               970.50                       XLON           00395134083TRLO1
 20 May 2026 16:15:34         80                                                973.00                       XLON           00395134341TRLO1
 20 May 2026 16:15:53         231                                               977.50                       XLON           00395134662TRLO1
 20 May 2026 16:15:58         78                                                976.50                       XLON           00395134688TRLO1
 20 May 2026 16:16:02         78                                                977.50                       XLON           00395134734TRLO1
 20 May 2026 16:16:11         81                                                979.50                       XLON           00395134843TRLO1
 20 May 2026 16:16:26         79                                                978.50                       XLON           00395134927TRLO1
 20 May 2026 16:16:53         79                                                977.50                       XLON           00395135083TRLO1
 20 May 2026 16:17:49         56                                                976.00                       XLON           00395135229TRLO1

 

 

 Enquiries:   

 Gamma Communications plc                                      +44 (0) 33 3006 5972

 Martin Hellawell, Chair

 Andrew Belshaw, Chief Executive Officer

 Rachael Matzopoulos, Company Secretary

 Barclays Bank PLC, acting through its Investment Bank         +44 (0) 20 7623 2323

 (Lead Financial Adviser)

 Alastair Blackman / Alex Evans / Callum West / Michael Hart

 Q Advisors (Joint Financial Adviser)                          +1 720 837 3214

 Michael Quinn / Kristian MacCarter

 Investec (Joint Financial Adviser and Joint Broker)           +44 (0) 20 7597 5970

 Patrick Robb / Virginia Bull 

 Peel Hunt (Joint Financial Adviser and Joint Broker)          +44 (0) 20 7418 8900

 Neil Patel / Alice Lane / Benjamin Cryer

  
 Teneo (Financial PR Adviser)                                  +44 (0) 20 7260 2700

 James Macey White / Matt Low

  

Disclaimer

Barclays Bank PLC, acting through its Investment Bank ("Barclays"), which is
authorised by the Prudential Regulation Authority and regulated in the United
Kingdom by the Financial Conduct Authority and the Prudential Regulation
Authority, is acting exclusively for Gamma and no one else in connection with
the matters set out in this announcement and will not be responsible to anyone
other than Gamma for providing the protections afforded to clients of Barclays
nor for providing advice in relation to any matter referred to in this
announcement.

Investec Bank plc ("Investec"), which is authorised by the Prudential
Regulation Authority (the "PRA") and regulated by the Financial Conduct
Authority and PRA in the United Kingdom, is acting exclusively for Gamma and
for no one else in connection with the matters set out in this announcement
and will not be responsible to any person other than Gamma for providing the
protections afforded to clients of Investec, nor for providing advice in
relation to any matter referred to in this announcement. Neither Investec nor
any of its subsidiaries, branches or affiliates owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect, whether in
contract, in tort, under statute or otherwise) to any person who is not a
client of Investec in connection with this announcement, any statement
contained herein or otherwise.

Peel Hunt LLP is authorised and regulated in the United Kingdom by the
Financial Conduct Authority and is acting exclusively for Gamma and no one
else in connection with the matters set out in this announcement and will not
be responsible to anyone other than Gamma for providing the protections
afforded to clients of Peel Hunt LLP nor for providing advice in relation to
any matter referred to in this announcement.

In accordance with the Code, normal United Kingdom market practice and Rule
14e-5(b) of the Securities Exchange Act 1934 of the United States, Barclays,
Investec, Peel Hunt and its affiliates will continue to act as exempt
principal traders in Gamma securities on the London Stock Exchange. These
purchases and activities by exempt principal traders which are required to be
made public in the United Kingdom pursuant to the Code will be reported to a
Regulatory Information Service and will be available on the London Stock
Exchange website at www.londonstockexchange.com. This information will also be
publicly disclosed in the United States to the extent that such information is
made public in the United Kingdom.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of
any class of relevant securities of an offeree company or of any securities
exchange offeror (being any offeror other than an offeror in respect of which
it has been announced that its offer is, or is likely to be, solely in cash)
must make an Opening Position Disclosure following the commencement of the
offer period and, if later, following the announcement in which any securities
exchange offeror is first identified. An Opening Position Disclosure must
contain details of the person's interests and short positions in, and rights
to subscribe for, any relevant securities of each of (i) the offeree company
and (ii) any securities exchange offeror(s). An Opening Position Disclosure by
a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm
(London time) on the 10th business day following the commencement of the offer
period and, if appropriate, by no later than 3.30 pm (London time) on the 10th
business day following the announcement in which any securities exchange
offeror is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead make a
Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
securities exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree company and
(ii) any securities exchange offeror(s), save to the extent that these details
have previously been disclosed under Rule 8. A Dealing Disclosure by a person
to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London
time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule 8.3.Opening Position
Disclosures must also be made by the offeree company and by any offeror and
Dealing Disclosures must also be made by the offeree company, by any offeror
and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made
can be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. You should contact the Panel's Market Surveillance Unit on
+44 (0) 20 7638 0129 if you are in any doubt as to whether you are required to
make an Opening Position Disclosure or a Dealing Disclosure.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

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