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: | Morgan Stanley & Co. International plc |
| (b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | Spectris plc |
| (c) Name of the party to the offer with which exempt principal trader is connected: | Advent International, L.P. |
| (d) Date dealing undertaken: | 24 June 2025 |
| (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" | N/A |
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 |
| 5p ordinary | PURCHASES | 308,751 | 38.2000 GBP | 37.9400 GBP |
| 5p ordinary | SALES | 288,239 | 38.2200 GBP | 37.9400 GBP |
(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 |
| 5p ordinary | CFD | increasing a long position | 100 | 38.0809 GBP |
| 5p ordinary | CFD | increasing a long position | 217 | 38.0837 GBP |
| 5p ordinary | CFD | increasing a long position | 12 | 38.0933 GBP |
| 5p ordinary | CFD | increasing a long position | 128 | 38.1209 GBP |
| 5p ordinary | CFD | increasing a long position | 8,151 | 38.1210 GBP |
| 5p ordinary | CFD | increasing a long position | 1,635 | 38.1210 GBP |
| 5p ordinary | CFD | increasing a long position | 146 | 38.1210 GBP |
| 5p ordinary | CFD | increasing a long position | 117 | 38.1210 GBP |
| 5p ordinary | CFD | increasing a long position | 2,180 | 38.1229 GBP |
| 5p ordinary | CFD | increasing a long position | 19,020 | 38.1322 GBP |
| 5p ordinary | CFD | increasing a long position | 3,815 | 38.1322 GBP |
| 5p ordinary | CFD | increasing a long position | 341 | 38.1322 GBP |
| 5p ordinary | CFD | increasing a long position | 297 | 38.1322 GBP |
| 5p ordinary | CFD | increasing a long position | 275 | 38.1322 GBP |
| 5p ordinary | CFD | increasing a long position | 1,117 | 38.1338 GBP |
| 5p ordinary | CFD | increasing a long position | 2,781 | 38.1346 GBP |
| 5p ordinary | CFD | increasing a long position | 121 | 38.1355 GBP |
| 5p ordinary | CFD | increasing a long position | 6,891 | 38.1395 GBP |
| 5p ordinary | CFD | increasing a long position | 82 | 38.1400 GBP |
| 5p ordinary | CFD | increasing a long position | 261 | 38.1575 GBP |
| 5p ordinary | CFD | increasing a short position | 5,000 | 33.3963 GBP |
| 5p ordinary | CFD | increasing a short position | 9,416 | 38.0982 GBP |
| 5p ordinary | CFD | increasing a short position | 597 | 38.0982 GBP |
| 5p ordinary | CFD | increasing a short position | 13,732 | 38.0982 GBP |
| 5p ordinary | CFD | increasing a short position | 2,037 | 38.0982 GBP |
| 5p ordinary | CFD | increasing a short position | 4,341 | 38.1308 GBP |
| 5p ordinary | CFD | increasing a short position | 1,943 | 38.1344 GBP |
| 5p ordinary | CFD | increasing a short position | 7 | 38.1382 GBP |
| 5p ordinary | CFD | increasing a short position | 2,767 | 38.1395 GBP |
| 5p ordinary | CFD | increasing a short position | 12,626 | 38.1397 GBP |
| 5p ordinary | CFD | increasing a short position | 1,757 | 38.1400 GBP |
| 5p ordinary | CFD | increasing a short position | 634 | 38.1400 GBP |
| 5p ordinary | CFD | increasing a short position | 54 | 38.1400 GBP |
| 5p ordinary | CFD | increasing a short position | 5,800 | 38.1579 GBP |
| 5p ordinary | CFD | increasing a short position | 4,606 | 38.1579 GBP |
| 5p ordinary | CFD | increasing a short position | 57,262 | 38.1579 GBP |
| 5p ordinary | CFD | increasing a short position | 6 | 38.1600 GBP |
| 5p ordinary | CFD | increasing a short position | 2,000 | 38.1700 GBP |
| 5p ordinary | CFD | reducing a long position | 970 | 38.1325 GBP |
| 5p ordinary | CFD | reducing a long position | 8,446 | 38.1344 GBP |
| 5p ordinary | CFD | reducing a long position | 3,375 | 38.1376 GBP |
| 5p ordinary | CFD | reducing a long position | 32,814 | 38.1376 GBP |
| 5p ordinary | CFD | reducing a long position | 53 | 38.1382 GBP |
| 5p ordinary | CFD | reducing a long position | 7 | 38.1386 GBP |
| 5p ordinary | CFD | reducing a long position | 791 | 38.1391 GBP |
| 5p ordinary | CFD | reducing a long position | 37 | 38.1400 GBP |
| 5p ordinary | CFD | reducing a long position | 7,163 | 38.1400 GBP |
| 5p ordinary | CFD | reducing a long position | 29 | 38.1400 GBP |
| 5p ordinary | CFD | reducing a long position | 6 | 38.1400 GBP |
| 5p ordinary | CFD | reducing a long position | 10,730 | 38.1428 GBP |
| 5p ordinary | CFD | reducing a long position | 166 | 38.1445 GBP |
| 5p ordinary | CFD | reducing a long position | 30 | 38.1445 GBP |
| 5p ordinary | CFD | reducing a long position | 1,694 | 38.1445 GBP |
| 5p ordinary | CFD | reducing a long position | 365 | 38.1445 GBP |
| 5p ordinary | CFD | reducing a long position | 76 | 38.1445 GBP |
| 5p ordinary | CFD | reducing a long position | 34 | 38.1445 GBP |
| 5p ordinary | CFD | reducing a long position | 22 | 38.1445 GBP |
| 5p ordinary | CFD | reducing a long position | 220 | 38.1445 GBP |
| 5p ordinary | CFD | reducing a long position | 90 | 38.1445 GBP |
| 5p ordinary | CFD | reducing a long position | 867 | 38.1445 GBP |
| 5p ordinary | CFD | reducing a long position | 7 | 38.1459 GBP |
| 5p ordinary | CFD | reducing a long position | 236 | 38.1542 GBP |
| 5p ordinary | CFD | reducing a long position | 658 | 38.1560 GBP |
| 5p ordinary | CFD | reducing a long position | 657 | 38.1560 GBP |
| 5p ordinary | CFD | reducing a long position | 566 | 38.1560 GBP |
| 5p ordinary | CFD | reducing a long position | 876 | 38.1560 GBP |
| 5p ordinary | CFD | reducing a long position | 3,606 | 38.1560 GBP |
| 5p ordinary | CFD | reducing a long position | 469 | 38.1560 GBP |
| 5p ordinary | CFD | reducing a long position | 528 | 38.1560 GBP |
| 5p ordinary | CFD | reducing a long position | 806 | 38.1560 GBP |
| 5p ordinary | CFD | reducing a long position | 145 | 38.1560 GBP |
| 5p ordinary | CFD | reducing a long position | 588 | 38.1560 GBP |
| 5p ordinary | CFD | reducing a short position | 86 | 37.9774 GBP |
| 5p ordinary | CFD | reducing a short position | 1,387 | 38.0600 GBP |
| 5p ordinary | CFD | reducing a short position | 1,280 | 38.0812 GBP |
| 5p ordinary | CFD | reducing a short position | 6,190 | 38.0812 GBP |
| 5p ordinary | CFD | reducing a short position | 8,832 | 38.0812 GBP |
| 5p ordinary | CFD | reducing a short position | 1,640 | 38.0812 GBP |
| 5p ordinary | CFD | reducing a short position | 2,058 | 38.0812 GBP |
| 5p ordinary | CFD | reducing a short position | 147 | 38.0850 GBP |
| 5p ordinary | CFD | reducing a short position | 20,000 | 38.1253 GBP |
| 5p ordinary | CFD | reducing a short position | 4,291 | 38.1277 GBP |
| 5p ordinary | CFD | reducing a short position | 21,810 | 38.1312 GBP |
| 5p ordinary | CFD | reducing a short position | 156 | 38.1312 GBP |
| 5p ordinary | CFD | reducing a short position | 202 | 38.1312 GBP |
| 5p ordinary | CFD | reducing a short position | 636 | 38.1312 GBP |
| 5p ordinary | CFD | reducing a short position | 153 | 38.1355 GBP |
| 5p ordinary | CFD | reducing a short position | 39,037 | 38.1365 GBP |
| 5p ordinary | CFD | reducing a short position | 12,626 | 38.1400 GBP |
| 5p ordinary | CFD | reducing a short position | 1,997 | 38.1400 GBP |
| 5p ordinary | CFD | reducing a short position | 299 | 38.1400 GBP |
| 5p ordinary | CFD | reducing a short position | 608 | 38.1400 GBP |
| 5p ordinary | CFD | reducing a short position | 121 | 38.1412 GBP |
| 5p ordinary | CFD | reducing a short position | 12 | 38.1600 GBP |
| 5p ordinary | CFD | reducing a short position | 15,000 | 38.1668 GBP |
(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 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
(ii) Exercise
| Class of relevant security | Product description e.g. call option | Exercising/ exercised against | Number of securities | Exercise price per unit |
| N/A | N/A | N/A | N/A | N/A |
(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) |
| N/A | N/A | N/A | N/A |
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: | 25 June 2025 |
Contact name: | Craig Horsley |
Telephone number: | +44 141 245-7736 |
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 dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
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