AMENDMENT(2(a), 2(b))
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: | 23 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 | 918,137 | 38.0200 GBP | 33.0441 GBP |
| 5p ordinary | SALES | 1,110,468 | 38.0400 GBP | 37.0905 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 | 1,226 | 37.8770 GBP |
| 5p ordinary | CFD | increasing a long position | 2,216 | 37.8770 GBP |
| 5p ordinary | CFD | increasing a long position | 612 | 37.8788 GBP |
| 5p ordinary | CFD | increasing a long position | 769 | 37.8801 GBP |
| 5p ordinary | CFD | increasing a long position | 6,898 | 37.8989 GBP |
| 5p ordinary | CFD | increasing a long position | 4,520 | 37.9258 GBP |
| 5p ordinary | CFD | increasing a long position | 430 | 37.9258 GBP |
| 5p ordinary | CFD | increasing a long position | 128 | 37.9259 GBP |
| 5p ordinary | CFD | increasing a long position | 152 | 37.9259 GBP |
| 5p ordinary | CFD | increasing a long position | 962 | 37.9365 GBP |
| 5p ordinary | CFD | increasing a long position | 198 | 37.9389 GBP |
| 5p ordinary | CFD | increasing a long position | 4,869 | 37.9584 GBP |
| 5p ordinary | CFD | increasing a long position | 170 | 37.9711 GBP |
| 5p ordinary | CFD | increasing a long position | 301 | 37.9714 GBP |
| 5p ordinary | CFD | increasing a long position | 358 | 37.9714 GBP |
| 5p ordinary | CFD | increasing a long position | 1,007 | 37.9714 GBP |
| 5p ordinary | CFD | increasing a long position | 10,540 | 37.9714 GBP |
| 5p ordinary | CFD | increasing a long position | 5,753 | 37.9794 GBP |
| 5p ordinary | CFD | increasing a long position | 21 | 37.9800 GBP |
| 5p ordinary | CFD | increasing a short position | 522 | 37.2200 GBP |
| 5p ordinary | CFD | increasing a short position | 47 | 37.2200 GBP |
| 5p ordinary | CFD | increasing a short position | 228 | 37.2200 GBP |
| 5p ordinary | CFD | increasing a short position | 297 | 37.2200 GBP |
| 5p ordinary | CFD | increasing a short position | 54 | 37.2200 GBP |
| 5p ordinary | CFD | increasing a short position | 852 | 37.2200 GBP |
| 5p ordinary | CFD | increasing a short position | 269 | 37.3000 GBP |
| 5p ordinary | CFD | increasing a short position | 2,616 | 37.4497 GBP |
| 5p ordinary | CFD | increasing a short position | 379 | 37.4497 GBP |
| 5p ordinary | CFD | increasing a short position | 610 | 37.4497 GBP |
| 5p ordinary | CFD | increasing a short position | 486 | 37.4497 GBP |
| 5p ordinary | CFD | increasing a short position | 1,834 | 37.4497 GBP |
| 5p ordinary | CFD | increasing a short position | 9,000 | 37.5375 GBP |
| 5p ordinary | CFD | increasing a short position | 1,432 | 37.5800 GBP |
| 5p ordinary | CFD | increasing a short position | 39 | 37.6223 GBP |
| 5p ordinary | CFD | increasing a short position | 30 | 37.6600 GBP |
| 5p ordinary | CFD | increasing a short position | 99 | 37.7375 GBP |
| 5p ordinary | CFD | increasing a short position | 219 | 37.7774 GBP |
| 5p ordinary | CFD | increasing a short position | 8,317 | 37.7975 GBP |
| 5p ordinary | CFD | increasing a short position | 30 | 37.7982 GBP |
| 5p ordinary | CFD | increasing a short position | 5,190 | 37.8186 GBP |
| 5p ordinary | CFD | increasing a short position | 14,072 | 37.8265 GBP |
| 5p ordinary | CFD | increasing a short position | 34,694 | 37.8265 GBP |
| 5p ordinary | CFD | increasing a short position | 11,238 | 37.8319 GBP |
| 5p ordinary | CFD | increasing a short position | 7,604 | 37.8432 GBP |
| 5p ordinary | CFD | increasing a short position | 18,750 | 37.8432 GBP |
| 5p ordinary | CFD | increasing a short position | 22 | 37.8599 GBP |
| 5p ordinary | CFD | increasing a short position | 159 | 37.8758 GBP |
| 5p ordinary | CFD | increasing a short position | 34,694 | 37.8765 GBP |
| 5p ordinary | CFD | increasing a short position | 14,072 | 37.8765 GBP |
| 5p ordinary | CFD | increasing a short position | 172 | 37.8926 GBP |
| 5p ordinary | CFD | increasing a short position | 146 | 37.8966 GBP |
| 5p ordinary | CFD | increasing a short position | 447 | 37.9132 GBP |
| 5p ordinary | CFD | increasing a short position | 31 | 37.9174 GBP |
| 5p ordinary | CFD | increasing a short position | 11,258 | 37.9265 GBP |
| 5p ordinary | CFD | increasing a short position | 27,755 | 37.9265 GBP |
| 5p ordinary | CFD | increasing a short position | 3,004 | 37.9324 GBP |
| 5p ordinary | CFD | increasing a short position | 215 | 37.9357 GBP |
| 5p ordinary | CFD | increasing a short position | 2,506 | 37.9382 GBP |
| 5p ordinary | CFD | increasing a short position | 11,587 | 37.9382 GBP |
| 5p ordinary | CFD | increasing a short position | 735 | 37.9382 GBP |
| 5p ordinary | CFD | increasing a short position | 16,898 | 37.9382 GBP |
| 5p ordinary | CFD | increasing a short position | 640 | 37.9400 GBP |
| 5p ordinary | CFD | increasing a short position | 4,416 | 37.9400 GBP |
| 5p ordinary | CFD | increasing a short position | 1,029 | 37.9400 GBP |
| 5p ordinary | CFD | increasing a short position | 3,095 | 37.9400 GBP |
| 5p ordinary | CFD | increasing a short position | 820 | 37.9400 GBP |
| 5p ordinary | CFD | increasing a short position | 40 | 37.9423 GBP |
| 5p ordinary | CFD | increasing a short position | 148 | 37.9482 GBP |
| 5p ordinary | CFD | increasing a short position | 712 | 37.9482 GBP |
| 5p ordinary | CFD | increasing a short position | 422 | 37.9482 GBP |
| 5p ordinary | CFD | increasing a short position | 1,304 | 37.9482 GBP |
| 5p ordinary | CFD | increasing a short position | 15,000 | 37.9579 GBP |
| 5p ordinary | CFD | increasing a short position | 10,000 | 37.9674 GBP |
| 5p ordinary | CFD | increasing a short position | 379 | 37.9800 GBP |
| 5p ordinary | CFD | increasing a short position | 2,473 | 37.9823 GBP |
| 5p ordinary | CFD | increasing a short position | 5,221 | 37.9928 GBP |
| 5p ordinary | CFD | increasing a short position | 2,853 | 37.9928 GBP |
| 5p ordinary | CFD | increasing a short position | 1,689 | 37.9928 GBP |
| 5p ordinary | CFD | increasing a short position | 594 | 37.9928 GBP |
| 5p ordinary | CFD | reducing a long position | 42 | 37.5949 GBP |
| 5p ordinary | CFD | reducing a long position | 37 | 37.7375 GBP |
| 5p ordinary | CFD | reducing a long position | 5,421 | 37.7672 GBP |
| 5p ordinary | CFD | reducing a long position | 557 | 37.7672 GBP |
| 5p ordinary | CFD | reducing a long position | 33 | 37.8667 GBP |
| 5p ordinary | CFD | reducing a long position | 126 | 37.9258 GBP |
| 5p ordinary | CFD | reducing a long position | 15 | 37.9259 GBP |
| 5p ordinary | CFD | reducing a long position | 138 | 37.9259 GBP |
| 5p ordinary | CFD | reducing a long position | 885 | 37.9259 GBP |
| 5p ordinary | CFD | reducing a long position | 918 | 37.9259 GBP |
| 5p ordinary | CFD | reducing a long position | 47 | 37.9259 GBP |
| 5p ordinary | CFD | reducing a long position | 26 | 37.9263 GBP |
| 5p ordinary | CFD | reducing a long position | 662 | 37.9342 GBP |
| 5p ordinary | CFD | reducing a long position | 32,593 | 37.9528 GBP |
| 5p ordinary | CFD | reducing a long position | 1,136 | 37.9690 GBP |
| 5p ordinary | CFD | reducing a long position | 1 | 37.9700 GBP |
| 5p ordinary | CFD | reducing a long position | 5,753 | 37.9800 GBP |
| 5p ordinary | CFD | reducing a long position | 6 | 37.9800 GBP |
| 5p ordinary | CFD | reducing a long position | 1,772 | 37.9800 GBP |
| 5p ordinary | CFD | reducing a long position | 1,168 | 37.9812 GBP |
| 5p ordinary | CFD | reducing a long position | 2,111 | 37.9812 GBP |
| 5p ordinary | CFD | reducing a long position | 906 | 37.9842 GBP |
| 5p ordinary | CFD | reducing a short position | 1,179 | 37.0905 GBP |
| 5p ordinary | CFD | reducing a short position | 12,424 | 37.0905 GBP |
| 5p ordinary | CFD | reducing a short position | 20,089 | 37.0905 GBP |
| 5p ordinary | CFD | reducing a short position | 2,858 | 37.0905 GBP |
| 5p ordinary | CFD | reducing a short position | 16,150 | 37.0905 GBP |
| 5p ordinary | CFD | reducing a short position | 7,401 | 37.0905 GBP |
| 5p ordinary | CFD | reducing a short position | 100 | 37.3902 GBP |
| 5p ordinary | CFD | reducing a short position | 1,900 | 37.3902 GBP |
| 5p ordinary | CFD | reducing a short position | 10,078 | 37.5611 GBP |
| 5p ordinary | CFD | reducing a short position | 157 | 37.5915 GBP |
| 5p ordinary | CFD | reducing a short position | 583 | 37.6187 GBP |
| 5p ordinary | CFD | reducing a short position | 274 | 37.6713 GBP |
| 5p ordinary | CFD | reducing a short position | 310 | 37.7305 GBP |
| 5p ordinary | CFD | reducing a short position | 158 | 37.7400 GBP |
| 5p ordinary | CFD | reducing a short position | 86 | 37.7477 GBP |
| 5p ordinary | CFD | reducing a short position | 213,123 | 37.7478 GBP |
| 5p ordinary | CFD | reducing a short position | 32,869 | 37.7478 GBP |
| 5p ordinary | CFD | reducing a short position | 9,300 | 37.7600 GBP |
| 5p ordinary | CFD | reducing a short position | 9,000 | 37.7636 GBP |
| 5p ordinary | CFD | reducing a short position | 150 | 37.7681 GBP |
| 5p ordinary | CFD | reducing a short position | 65,235 | 37.7801 GBP |
| 5p ordinary | CFD | reducing a short position | 10,059 | 37.7801 GBP |
| 5p ordinary | CFD | reducing a short position | 104 | 37.7852 GBP |
| 5p ordinary | CFD | reducing a short position | 41 | 37.8034 GBP |
| 5p ordinary | CFD | reducing a short position | 266 | 37.8500 GBP |
| 5p ordinary | CFD | reducing a short position | 129 | 37.8788 GBP |
| 5p ordinary | CFD | reducing a short position | 3,819 | 37.9172 GBP |
| 5p ordinary | CFD | reducing a short position | 1,001 | 37.9533 GBP |
| 5p ordinary | CFD | reducing a short position | 3,699 | 37.9533 GBP |
| 5p ordinary | CFD | reducing a short position | 21,181 | 37.9555 GBP |
| 5p ordinary | CFD | reducing a short position | 38,472 | 37.9646 GBP |
| 5p ordinary | CFD | reducing a short position | 818 | 37.9716 GBP |
| 5p ordinary | CFD | reducing a short position | 5,190 | 37.9792 GBP |
| 5p ordinary | CFD | reducing a short position | 17 | 37.9800 GBP |
| 5p ordinary | CFD | reducing a short position | 98 | 37.9800 GBP |
| 5p ordinary | CFD | reducing a short position | 1 | 37.9800 GBP |
| 5p ordinary | CFD | reducing a short position | 66 | 37.9800 GBP |
| 5p ordinary | CFD | reducing a short position | 1 | 37.9900 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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