{"success":true,"data":{"pressRelease":{"id":"144150","rtpr_id":"nBw7k4DzLa-20260915","ticker":"SPI","exchange":"LSE","all_tickers":["SPI"],"title":"REG-Sand Grove Capital Management LLP Form 8.3 SPI LN","author":"Business Wire","published_at":"2026-09-15T14:00:00.908Z","article_body":"Form 8.3 SPI LN\n\n \n\nFORM 8.3\n\nPUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY\n\nA PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE\n\nRule 8.3 of the Takeover Code (the “Code”)\n\n1. KEY INFORMATION\n (a) Full name of discloser:                                                          Sand Grove Capital Management LLP                                             \n (b) Owner or controller of interests and short positions disclosed, if               Fund(s) for whom Sand Grove Capital Management LLP is the Investment Manager  \n different from 1(a):                                                                                                                                               \n \n                                                                                                                                                                  \n \nThe naming of nominee or vehicle companies is insufficient. For a trust, the                                                                                      \n trustee(s), settlor and beneficiaries must be named.                                                                                                               \n (c) Name of offeror/offeree in relation to whose relevant securities this form       Spire Healthcare Group plc                                                    \n relates:                                                                                                                                                           \n \n                                                                                                                                                                  \n \nUse a separate form for each offeror/offeree                                                                                                                      \n (d) If an exempt fund manager connected with an offeror/offeree, state this                                                                                        \n and specify identity of offeror/offeree:                                                                                                                           \n (e) Date position held/dealing undertaken:                                           14 September 2026                                                             \n \n                                                                                                                                                                  \n \nFor an opening position disclosure, state the latest practicable date prior to                                                                                    \n the disclosure                                                                                                                                                     \n (f) In addition to the company in 1(c) above, is the discloser making                N/A                                                                           \n disclosures in respect of any other party to the offer?                                                                                                            \n \n                                                                                                                                                                  \n \nIf it is a cash offer or possible cash offer, state “N/A”                                                                                                         \n\n\n2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE\n\nIf there are positions or rights to subscribe to disclose in more than one\nclass of relevant securities of the offeror or offeree named in 1(c), copy\ntable 2(a) or (b) (as appropriate) for each additional class of relevant\nsecurity.\n\n(a) Interests and short positions in the relevant securities of the offeror or\nofferee to which the disclosure relates following the dealing (if any)\n Class of relevant security:                                              1p ordinary                                         \n \n                                                                                                                            \n \n                                                                                                                            \n                                                                          Interests                   Short positions         \n \n                                                                                                                            \n \n                                                                                                                            \n                                                                          Number           %          Number          %       \n (1) Relevant securities owned and/or controlled:                                                                             \n (2) Cash-settled derivatives:                                            3,608,451        0.90%                              \n (3) Stock-settled derivatives (including options) and agreements to                                                          \n purchase/sell:                                                                                                               \n TOTAL:                                                                   3,608,451        0.90%                              \n\n\nAll interests and all short positions should be disclosed.\n\nDetails of any open stock-settled derivative positions (including traded\noptions), or agreements to purchase or sell relevant securities, should be\ngiven on a Supplemental Form 8 (Open Positions).\n\n(b) Rights to subscribe for new securities (including directors’ and other\nemployee options)\n Class of relevant security in relation to which subscription right exists:           \n Details, including nature of the rights concerned and relevant percentages:          \n\n\n3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE\n\nWhere there have been dealings in more than one class of relevant securities\nof the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as\nappropriate) for each additional class of relevant security dealt in.\n\nThe currency of all prices and other monetary amounts should be stated.\n\n(a) Purchases and sales\n Class of relevant security      Purchase/sale      Number of securities      Price per unit  \n                                 \n                                                            \n                                 \n                                                            \n                                                                                              \n                                                                                              \n\n\n(b) Cash-settled derivative transactions\n Class of relevant security      Product description      Nature of dealing                                                                  Number of reference securities      Price per unit  \n                                 \n                        \n                                                                                                                                      \n                                 \ne.g. CFD                \ne.g. opening/closing a long/short position, increasing/reducing a long/short                                                          \n                                                          position                                                                                                                               \n 1p ordinary                     CFD                      Reducing a long position                                                           1,000,000                           246.00          \n                                                                                                                                                                                                 \n\n\n(c) Stock-settled derivative transactions (including options)\n\n(i) Writing, selling, purchasing or varying\n 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                               Expiry date      Option money paid/ received per unit  \n                                                                                                                                                                                                          \n                                                                                         \n                                                                                                                                                                                                          \ne.g. American, European etc.                                                             \n                                                                                                                                                                                                                                                                                                    \n\n\n(ii) Exercise\n Class of relevant security      Product description      Exercising/ exercised against      Number of securities      Exercise price per unit  \n                                 \n                                                                                                              \n                                 \ne.g. call option                                                                                              \n                                                                                                                                                \n                                                                                                                       \n                        \n                                                                                                                       \n                        \n\n\n(d) Other dealings (including subscribing for new securities)\n Class of relevant security      Nature of dealing                   Details      Price per unit (if applicable)  \n                                 \n                                                                                \n                                 \ne.g. subscription, conversion                                                   \n                                                                                                                  \n                                 \n                                                                                \n                                 \n                                                                                \n\n\n4. OTHER INFORMATION\n\n(a) Indemnity and other dealing arrangements\n Details of any indemnity or option arrangement, or any agreement or              \n understanding, formal or informal, relating to relevant securities which may     \n be an inducement to deal or refrain from dealing entered into by the person      \n making the disclosure and any party to the offer or any person acting in         \n concert with a party to the offer:                                               \n \n                                                                                \n \nIrrevocable commitments and letters of intent should not be included. If there  \n are no such agreements, arrangements or understandings, state “none”             \n                                                                                  \n \n                                                                                \n \nNone                                                                            \n \n                                                                                \n \n                                                                                \n\n\n(b) Agreements, arrangements or understandings relating to options or\nderivatives\n Details of any agreement, arrangement or understanding, formal or informal,  \n between the person making the disclosure and any other person relating to:   \n \n                                                                            \n \n(i) the voting rights of any relevant securities under any option; or       \n \n                                                                            \n \n(ii) the voting rights or future acquisition or disposal of any relevant    \n securities to which any derivative is referenced:                            \n \n                                                                            \n \nIf there are no such agreements, arrangements or understandings, state      \n “none”                                                                       \n                                                                              \n \n                                                                            \n \nNone                                                                        \n \n                                                                            \n \n                                                                            \n\n\n(c) Attachments\n Is a Supplemental Form 8 (Open Positions) attached?      No  \n\n Date of disclosure:      15 September 2026  \n Contact name:            James Evans        \n Telephone number:        +44 20 3161 0743   \n\n\nPublic disclosures under Rule 8 of the Code must be made to a Regulatory\nInformation Service.\n\nThe Panel’s Market Surveillance Unit is available for consultation in\nrelation to the Code’s disclosure requirements on +44 (0)20 7638 0129.\n\n*If the discloser is a natural person, a telephone number does not need to be\nincluded, provided contact information has been provided to the Panel’s\nMarket Surveillance Unit.\n\nThe Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.thetakeoverpanel.org.uk%2F&esheet=54604360&newsitemid=20260915990781&lan=en-US&anchor=www.thetakeoverpanel.org.uk&index=1&md5=fb91fcfe18fdd6114709dd8ad41ebe4d)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260915990781/en/\n(https://www.businesswire.com/news/home/20260915990781/en/)\n\nSand Grove Capital Management LLP\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw7k4DzLa-20260915","title":"REG-Sand Grove Capital Management LLP Form 8.3 SPI LN","author":"Business Wire","ticker":"SPI","created":"2026-09-15T14:00:00.908Z","tickers":["SPI"],"exchange":"LSE","article_body":"Form 8.3 SPI LN\n\n \n\nFORM 8.3\n\nPUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY\n\nA PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE\n\nRule 8.3 of the Takeover Code (the “Code”)\n\n1. KEY INFORMATION\n (a) Full name of discloser:                                                          Sand Grove Capital Management LLP                                             \n (b) Owner or controller of interests and short positions disclosed, if               Fund(s) for whom Sand Grove Capital Management LLP is the Investment Manager  \n different from 1(a):                                                                                                                                               \n \n                                                                                                                                                                  \n \nThe naming of nominee or vehicle companies is insufficient. For a trust, the                                                                                      \n trustee(s), settlor and beneficiaries must be named.                                                                                                               \n (c) Name of offeror/offeree in relation to whose relevant securities this form       Spire Healthcare Group plc                                                    \n relates:                                                                                                                                                           \n \n                                                                                                                                                                  \n \nUse a separate form for each offeror/offeree                                                                                                                      \n (d) If an exempt fund manager connected with an offeror/offeree, state this                                                                                        \n and specify identity of offeror/offeree:                                                                                                                           \n (e) Date position held/dealing undertaken:                                           14 September 2026                                                             \n \n                                                                                                                                                                  \n \nFor an opening position disclosure, state the latest practicable date prior to                                                                                    \n the disclosure                                                                                                                                                     \n (f) In addition to the company in 1(c) above, is the discloser making                N/A                                                                           \n disclosures in respect of any other party to the offer?                                                                                                            \n \n                                                                                                                                                                  \n \nIf it is a cash offer or possible cash offer, state “N/A”                                                                                                         \n\n\n2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE\n\nIf there are positions or rights to subscribe to disclose in more than one\nclass of relevant securities of the offeror or offeree named in 1(c), copy\ntable 2(a) or (b) (as appropriate) for each additional class of relevant\nsecurity.\n\n(a) Interests and short positions in the relevant securities of the offeror or\nofferee to which the disclosure relates following the dealing (if any)\n Class of relevant security:                                              1p ordinary                                         \n \n                                                                                                                            \n \n                                                                                                                            \n                                                                          Interests                   Short positions         \n \n                                                                                                                            \n \n                                                                                                                            \n                                                                          Number           %          Number          %       \n (1) Relevant securities owned and/or controlled:                                                                             \n (2) Cash-settled derivatives:                                            3,608,451        0.90%                              \n (3) Stock-settled derivatives (including options) and agreements to                                                          \n purchase/sell:                                                                                                               \n TOTAL:                                                                   3,608,451        0.90%                              \n\n\nAll interests and all short positions should be disclosed.\n\nDetails of any open stock-settled derivative positions (including traded\noptions), or agreements to purchase or sell relevant securities, should be\ngiven on a Supplemental Form 8 (Open Positions).\n\n(b) Rights to subscribe for new securities (including directors’ and other\nemployee options)\n Class of relevant security in relation to which subscription right exists:           \n Details, including nature of the rights concerned and relevant percentages:          \n\n\n3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE\n\nWhere there have been dealings in more than one class of relevant securities\nof the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as\nappropriate) for each additional class of relevant security dealt in.\n\nThe currency of all prices and other monetary amounts should be stated.\n\n(a) Purchases and sales\n Class of relevant security      Purchase/sale      Number of securities      Price per unit  \n                                 \n                                                            \n                                 \n                                                            \n                                                                                              \n                                                                                              \n\n\n(b) Cash-settled derivative transactions\n Class of relevant security      Product description      Nature of dealing                                                                  Number of reference securities      Price per unit  \n                                 \n                        \n                                                                                                                                      \n                                 \ne.g. CFD                \ne.g. opening/closing a long/short position, increasing/reducing a long/short                                                          \n                                                          position                                                                                                                               \n 1p ordinary                     CFD                      Reducing a long position                                                           1,000,000                           246.00          \n                                                                                                                                                                                                 \n\n\n(c) Stock-settled derivative transactions (including options)\n\n(i) Writing, selling, purchasing or varying\n 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                               Expiry date      Option money paid/ received per unit  \n                                                                                                                                                                                                          \n                                                                                         \n                                                                                                                                                                                                          \ne.g. American, European etc.                                                             \n                                                                                                                                                                                                                                                                                                    \n\n\n(ii) Exercise\n Class of relevant security      Product description      Exercising/ exercised against      Number of securities      Exercise price per unit  \n                                 \n                                                                                                              \n                                 \ne.g. call option                                                                                              \n                                                                                                                                                \n                                                                                                                       \n                        \n                                                                                                                       \n                        \n\n\n(d) Other dealings (including subscribing for new securities)\n Class of relevant security      Nature of dealing                   Details      Price per unit (if applicable)  \n                                 \n                                                                                \n                                 \ne.g. subscription, conversion                                                   \n                                                                                                                  \n                                 \n                                                                                \n                                 \n                                                                                \n\n\n4. OTHER INFORMATION\n\n(a) Indemnity and other dealing arrangements\n Details of any indemnity or option arrangement, or any agreement or              \n understanding, formal or informal, relating to relevant securities which may     \n be an inducement to deal or refrain from dealing entered into by the person      \n making the disclosure and any party to the offer or any person acting in         \n concert with a party to the offer:                                               \n \n                                                                                \n \nIrrevocable commitments and letters of intent should not be included. If there  \n are no such agreements, arrangements or understandings, state “none”             \n                                                                                  \n \n                                                                                \n \nNone                                                                            \n \n                                                                                \n \n                                                                                \n\n\n(b) Agreements, arrangements or understandings relating to options or\nderivatives\n Details of any agreement, arrangement or understanding, formal or informal,  \n between the person making the disclosure and any other person relating to:   \n \n                                                                            \n \n(i) the voting rights of any relevant securities under any option; or       \n \n                                                                            \n \n(ii) the voting rights or future acquisition or disposal of any relevant    \n securities to which any derivative is referenced:                            \n \n                                                                            \n \nIf there are no such agreements, arrangements or understandings, state      \n “none”                                                                       \n                                                                              \n \n                                                                            \n \nNone                                                                        \n \n                                                                            \n \n                                                                            \n\n\n(c) Attachments\n Is a Supplemental Form 8 (Open Positions) attached?      No  \n\n Date of disclosure:      15 September 2026  \n Contact name:            James Evans        \n Telephone number:        +44 20 3161 0743   \n\n\nPublic disclosures under Rule 8 of the Code must be made to a Regulatory\nInformation Service.\n\nThe Panel’s Market Surveillance Unit is available for consultation in\nrelation to the Code’s disclosure requirements on +44 (0)20 7638 0129.\n\n*If the discloser is a natural person, a telephone number does not need to be\nincluded, provided contact information has been provided to the Panel’s\nMarket Surveillance Unit.\n\nThe Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.thetakeoverpanel.org.uk%2F&esheet=54604360&newsitemid=20260915990781&lan=en-US&anchor=www.thetakeoverpanel.org.uk&index=1&md5=fb91fcfe18fdd6114709dd8ad41ebe4d)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260915990781/en/\n(https://www.businesswire.com/news/home/20260915990781/en/)\n\nSand Grove Capital Management LLP\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-15T14:00:01.001342554Z","server_sent_at_ms":1789480801001},"received_at":"2026-09-15T14:00:02.041Z","source_url":"https://www.businesswire.com/news/home/20260915990781/en/"},"analysis":{"id":"132982","press_release_id":"144150","analysis_json":{"industry":{"label":"Health Care Providers & Services","sector":"Health Care"},"redFlags":["Discloser's interest has fallen to 0.90%, below the 1% disclosure threshold, indicating continued position reduction during an offer period","Entire exposure is via cash-settled derivatives (CFDs), not underlying shares — an event-driven trading position rather than a strategic stake"],"eventType":"regulatory","narrative":"Sand Grove Capital Management LLP filed a Form 8.3 under Rule 8.3 of the UK Takeover Code disclosing that on 14 September 2026 it reduced a long CFD position in Spire Healthcare Group plc by 1,000,000 reference securities at a price of 246.00.\n\nAfter the dealing, Sand Grove held cash-settled derivatives referencing 3,608,451 Spire 1p ordinary shares, or 0.90% — falling below the 1% threshold that triggers opening position disclosures, implying its position was larger previously.\n\nThe fund reported no indemnity, voting, or derivative-related arrangements and attached no Supplemental Form 8. That an offer-period disclosure regime is active for Spire means further 8.3 filings from other holders are likely as any offer situation develops.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Event-driven fund Sand Grove trims its Spire Healthcare CFD stake below 1% during an offer period — monitor subsequent 8.3 filings for direction of smart-money positioning."},"keyFigures":{"customDimensions":{"trade_price":"246.00","dealing_date":"14 September 2026","position_type":"cash-settled derivatives (CFD)","shares_traded":1000000,"interest_shares":3608451,"interest_percent":"0.90%"}},"quotedText":"","namedEntities":{"people":[{"name":"James Evans","role":"disclosure contact for Sand Grove Capital Management LLP"}],"products":[],"companies":[{"name":"Sand Grove Capital Management LLP","relationship":"discloser / investment manager reducing long position"},{"name":"Spire Healthcare Group plc","ticker":"SPI","relationship":"offeree company whose securities are the subject of the disclosure"}],"dollarAmounts":[{"amount":"246.00","context":"price per unit for the 1,000,000 CFD reference securities sold to reduce the long position (currency not stated in the form)"}]},"materialImpact":{"score":2,"reasoning":"Routine Rule 8.3 Takeover Code position disclosure by a third-party fund, not an issuer announcement. It is mildly notable because it confirms an offer-period disclosure regime applies to Spire and shows an event-driven fund trimming its CFD exposure below the 1% threshold."},"tickerRelevance":{"others":[],"primary":"SPI"},"globalImportance":18,"audienceRelevance":12,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap UK LSE-listed","eventGravity":"routine takeover-code position disclosure","issuerAuthored":false,"offerPeriodSignal":true,"householdBrandBoost":0,"retailFavoriteBoost":0}},"event_type":"regulatory","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"Sand Grove Capital Management LLP filed a Form 8.3 under Rule 8.3 of the UK Takeover Code disclosing that on 14 September 2026 it reduced a long CFD position in Spire Healthcare Group plc by 1,000,000 reference securities at a price of 246.00.\n\nAfter the dealing, Sand Grove held cash-settled derivatives referencing 3,608,451 Spire 1p ordinary shares, or 0.90% — falling below the 1% threshold that triggers opening position disclosures, implying its position was larger previously.\n\nThe fund reported no indemnity, voting, or derivative-related arrangements and attached no Supplemental Form 8. That an offer-period disclosure regime is active for Spire means further 8.3 filings from other holders are likely as any offer situation develops.","key_figures":{"customDimensions":{"trade_price":"246.00","dealing_date":"14 September 2026","position_type":"cash-settled derivatives (CFD)","shares_traded":1000000,"interest_shares":3608451,"interest_percent":"0.90%"}},"named_entities":{"people":[{"name":"James Evans","role":"disclosure contact for Sand Grove Capital Management LLP"}],"products":[],"companies":[{"name":"Sand Grove Capital Management LLP","relationship":"discloser / investment manager reducing long position"},{"name":"Spire Healthcare Group plc","ticker":"SPI","relationship":"offeree company whose securities are the subject of the disclosure"}],"dollarAmounts":[{"amount":"246.00","context":"price per unit for the 1,000,000 CFD reference securities sold to reduce the long position (currency not stated in the form)"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-15T14:00:39.016Z","global_importance":18,"audience_relevance":12,"importance_components":{"tickerTier":"mid-cap UK LSE-listed","eventGravity":"routine takeover-code position disclosure","issuerAuthored":false,"offerPeriodSignal":true,"householdBrandBoost":0,"retailFavoriteBoost":0}},"durationMs":36962,"modelName":"glm-5.3-flash"}}