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: | 20 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 | 714,751 | 33.5400 GBP | 32.8159 GBP |
| 5p ordinary | SALES | 516,717 | 33.5404 GBP | 32.8180 GBP |
| 5p ordinary | SALES | 242 | 44.2099 USD | 44.2099 USD |
(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 | 4,133 | 32.8200 GBP |
| 5p ordinary | CFD | increasing a long position | 5 | 32.8200 GBP |
| 5p ordinary | CFD | increasing a long position | 152 | 32.8200 GBP |
| 5p ordinary | CFD | increasing a long position | 429 | 32.8200 GBP |
| 5p ordinary | CFD | increasing a long position | 242 | 32.8200 GBP |
| 5p ordinary | CFD | increasing a long position | 23 | 32.8200 GBP |
| 5p ordinary | CFD | increasing a long position | 418 | 32.8405 GBP |
| 5p ordinary | CFD | increasing a long position | 232 | 32.8410 GBP |
| 5p ordinary | CFD | increasing a long position | 28,248 | 32.8655 GBP |
| 5p ordinary | CFD | increasing a long position | 566 | 32.8655 GBP |
| 5p ordinary | CFD | increasing a long position | 485 | 32.8655 GBP |
| 5p ordinary | CFD | increasing a long position | 2,561 | 32.9122 GBP |
| 5p ordinary | CFD | increasing a long position | 3,980 | 33.0091 GBP |
| 5p ordinary | CFD | increasing a long position | 409 | 33.0091 GBP |
| 5p ordinary | CFD | increasing a long position | 987 | 33.0377 GBP |
| 5p ordinary | CFD | increasing a long position | 2,629 | 33.1635 GBP |
| 5p ordinary | CFD | increasing a long position | 109 | 33.4583 GBP |
| 5p ordinary | CFD | increasing a long position | 125 | 33.4947 GBP |
| 5p ordinary | CFD | increasing a short position | 805 | 32.8200 GBP |
| 5p ordinary | CFD | increasing a short position | 404 | 32.8200 GBP |
| 5p ordinary | CFD | increasing a short position | 31 | 32.8200 GBP |
| 5p ordinary | CFD | increasing a short position | 39 | 32.8200 GBP |
| 5p ordinary | CFD | increasing a short position | 4,866 | 32.8207 GBP |
| 5p ordinary | CFD | increasing a short position | 8,431 | 32.8220 GBP |
| 5p ordinary | CFD | increasing a short position | 50 | 32.8249 GBP |
| 5p ordinary | CFD | increasing a short position | 950 | 32.8249 GBP |
| 5p ordinary | CFD | increasing a short position | 4,011 | 32.9257 GBP |
| 5p ordinary | CFD | increasing a short position | 17,077 | 32.9257 GBP |
| 5p ordinary | CFD | increasing a short position | 22,206 | 32.9257 GBP |
| 5p ordinary | CFD | increasing a short position | 3,496 | 32.9257 GBP |
| 5p ordinary | CFD | increasing a short position | 39,025 | 32.9257 GBP |
| 5p ordinary | CFD | increasing a short position | 63,666 | 32.9257 GBP |
| 5p ordinary | CFD | increasing a short position | 6,239 | 32.9289 GBP |
| 5p ordinary | CFD | increasing a short position | 5,000 | 33.0441 GBP |
| 5p ordinary | CFD | increasing a short position | 5,751 | 33.0620 GBP |
| 5p ordinary | CFD | increasing a short position | 5,000 | 33.1007 GBP |
| 5p ordinary | CFD | increasing a short position | 5,000 | 33.3998 GBP |
| 5p ordinary | CFD | increasing a short position | 33 | 33.4402 GBP |
| 5p ordinary | CFD | increasing a short position | 2,461 | 33.4574 GBP |
| 5p ordinary | CFD | increasing a short position | 500 | 33.4600 GBP |
| 5p ordinary | CFD | increasing a short position | 68 | 33.4685 GBP |
| 5p ordinary | CFD | increasing a short position | 264 | 33.4695 GBP |
| 5p ordinary | CFD | increasing a short position | 255 | 33.4780 GBP |
| 5p ordinary | CFD | increasing a short position | 1 | 33.4800 GBP |
| 5p ordinary | CFD | increasing a short position | 330 | 33.4815 GBP |
| 5p ordinary | CFD | increasing a short position | 4,506 | 33.4815 GBP |
| 5p ordinary | CFD | increasing a short position | 3,478 | 33.4815 GBP |
| 5p ordinary | CFD | increasing a short position | 6,200 | 33.4815 GBP |
| 5p ordinary | CFD | increasing a short position | 800 | 33.4815 GBP |
| 5p ordinary | CFD | increasing a short position | 2,072 | 33.4815 GBP |
| 5p ordinary | CFD | increasing a short position | 44 | 33.4820 GBP |
| 5p ordinary | CFD | increasing a short position | 532 | 33.4834 GBP |
| 5p ordinary | CFD | increasing a short position | 1,968 | 33.4834 GBP |
| 5p ordinary | CFD | increasing a short position | 103 | 33.4867 GBP |
| 5p ordinary | CFD | increasing a short position | 51 | 33.4894 GBP |
| 5p ordinary | CFD | increasing a short position | 2,368 | 33.5026 GBP |
| 5p ordinary | CFD | increasing a short position | 3,976 | 33.5026 GBP |
| 5p ordinary | CFD | increasing a short position | 378 | 33.5026 GBP |
| 5p ordinary | CFD | increasing a short position | 5,148 | 33.5026 GBP |
| 5p ordinary | CFD | increasing a short position | 7,382 | 33.5026 GBP |
| 5p ordinary | CFD | increasing a short position | 914 | 33.5026 GBP |
| 5p ordinary | CFD | increasing a short position | 112 | 33.5129 GBP |
| 5p ordinary | CFD | increasing a short position | 58 | 33.5131 GBP |
| 5p ordinary | CFD | increasing a short position | 2,500 | 33.5159 GBP |
| 5p ordinary | CFD | increasing a short position | 25,073 | 33.5284 GBP |
| 5p ordinary | CFD | increasing a short position | 34,927 | 33.5284 GBP |
| 5p ordinary | CFD | reducing a long position | 703 | 32.8200 GBP |
| 5p ordinary | CFD | reducing a long position | 4,133 | 32.8200 GBP |
| 5p ordinary | CFD | reducing a long position | 5,790 | 32.8200 GBP |
| 5p ordinary | CFD | reducing a long position | 86 | 32.8200 GBP |
| 5p ordinary | CFD | reducing a long position | 28 | 33.3004 GBP |
| 5p ordinary | CFD | reducing a long position | 118 | 33.3004 GBP |
| 5p ordinary | CFD | reducing a long position | 274 | 33.3004 GBP |
| 5p ordinary | CFD | reducing a long position | 76 | 33.3004 GBP |
| 5p ordinary | CFD | reducing a long position | 295 | 33.3004 GBP |
| 5p ordinary | CFD | reducing a long position | 31 | 33.3007 GBP |
| 5p ordinary | CFD | reducing a long position | 111 | 33.4316 GBP |
| 5p ordinary | CFD | reducing a short position | 186 | 32.8180 GBP |
| 5p ordinary | CFD | reducing a short position | 602 | 32.8200 GBP |
| 5p ordinary | CFD | reducing a short position | 48 | 32.8200 GBP |
| 5p ordinary | CFD | reducing a short position | 9,452 | 32.8358 GBP |
| 5p ordinary | CFD | reducing a short position | 886 | 33.4400 GBP |
| 5p ordinary | CFD | reducing a short position | 3,448 | 33.4492 GBP |
| 5p ordinary | CFD | reducing a short position | 453 | 33.4553 GBP |
| 5p ordinary | CFD | reducing a short position | 34,675 | 33.4733 GBP |
| 5p ordinary | CFD | reducing a short position | 5,348 | 33.4733 GBP |
| 5p ordinary | CFD | reducing a short position | 92 | 33.5172 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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