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UK and Irish Takeover Code Filings Reveal New Stakes, Derivatives and Client Trades

The latest Rule 8.3 and 8.5 disclosures update the market on institutional ownership and exposures without indicating takeover offers.

Overview

  • AXA Investment Managers reported a 1.91% holding in Empiric Student Property (12,677,525 shares) and noted no voting discretion on 4,217,358 of those shares, with sales recorded on 17 September and disclosure on 18 September.
  • Investec Bank, as an exempt principal trader, disclosed client-serving purchases and sales of 5,751 Dowlais Group shares on 17 September, with prices detailed in the filing published on 18 September.
  • Shore Capital Stockbrokers, acting as an exempt principal trader, reported buying and selling 66,567 Greencore Group shares on 17 September at around 241p per share, disclosed on 18 September.
  • Man Group disclosed cash‑settled equity swaps referencing 1,198,010 Spectris shares, representing 1.21% economic exposure based on an opening position dated 16 September and filed on 17 September.
  • Additional Rule 8.3 filings showed Downing LLP at 8.81% of Frenkel Topping, Vanguard at 7.47% of American Axle and 4.46% of Mural Oncology, and State Street at 1.06667% of Dalata Hotel Group.