{"success":true,"data":{"pressRelease":{"id":"148243","rtpr_id":"nBw171zHXa-20260921","ticker":"GAMA","exchange":"LSE","all_tickers":["GAMA"],"title":"REG-Qube Research & Technologies LTD Form 8.3","author":"Business Wire","published_at":"2026-09-21T10:54:00.125Z","article_body":"Form 8.3\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: Qube Research & Technologies Limited \n (b) Owner or controller of interests and short positions disclosed, if   \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 Gamma Communications 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: 18-09-2026 \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 \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: 0.25p ordinary \n   Interests Short positions \n \n \n \n  \n Number % Number % \n (1) Relevant securities owned and/or controlled: 0 0.00 0 0.00 \n (2) Cash-settled derivatives: 999,566 1.12 6,943 0.00 \n (3) Stock-settled derivatives (including options) and agreements to 0 0.00 0 0.00 \n purchase/sell: \n   999,566 1.12 6,943 0.00 \n \n \n \nTOTAL: \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: 0 \n Details, including nature of the rights concerned and relevant percentages: 0 \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 (CCY0) \n \n \n \n  \n\n\n(b) Cash-settled derivative transactions\n Class of relevant security Product description Nature of dealing Number of securities Exercise price per unit (GBp) \n \n \n \n \ne.g. call option \ne.g. opening/closing a long/short position, increasing/reducing a long/short \n position \n 0.25p ordinary equity swap decreasing a long position 843 1,123.00 \n 0.25p ordinary equity swap decreasing a long position 1499 1,123.50 \n 0.25p ordinary equity swap decreasing a long position 5831 1,124.00 \n 0.25p ordinary equity swap decreasing a long position 558 1,124.50 \n 0.25p ordinary equity swap decreasing a long position 3868 1,125.00 \n 0.25p ordinary equity swap decreasing a long position 17925 1,127.00 \n 0.25p ordinary equity swap decreasing a short position 1579 1,124.00 \n 0.25p ordinary equity swap decreasing a short position 38 1,124.50 \n 0.25p ordinary equity swap decreasing a short position 1541 1,125.00 \n 0.25p ordinary equity swap decreasing a short position 25 1,125.50 \n 0.25p ordinary equity swap decreasing a short position 347 1,127.00 \n 0.25p ordinary equity swap decreasing a short position 1 1,128.00 \n 0.25p ordinary equity swap increasing a long position 622 1,123.50 \n 0.25p ordinary equity swap increasing a long position 10981 1,124.00 \n 0.25p ordinary equity swap increasing a long position 1890 1,125.00 \n 0.25p ordinary equity swap increasing a long position 2049 1,127.00 \n 0.25p ordinary equity swap increasing a short position 6722 1,124.00 \n 0.25p ordinary equity swap increasing a short position 63 1,124.50 \n 0.25p ordinary equity swap increasing a short position 38 1,125.00 \n 0.25p ordinary equity swap increasing a short position 142 1,127.00 \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 (CCY0) Type Expiry date Option money paid/ received per unit \n \n \n \n \ne.g. American, European etc. \n(CCY0) \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 0 0 0 0   \n \n \n \n0 \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 0   0 0 \n \n \n \n0 \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: 21-09-2026 \n Contact name: Janice Falcao \n Telephone number: 00442033140679 \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. The\nCode 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=54607866&newsitemid=20260921799342&lan=en-US&anchor=www.thetakeoverpanel.org.uk&index=1&md5=1263d04c9bbf591b1360c23a4bc3dbb0)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260921799342/en/\n(https://www.businesswire.com/news/home/20260921799342/en/)\n\nQube Research & Technologies LTD\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw171zHXa-20260921","title":"REG-Qube Research & Technologies LTD Form 8.3","author":"Business Wire","ticker":"GAMA","created":"2026-09-21T10:54:00.125Z","tickers":["GAMA"],"exchange":"LSE","article_body":"Form 8.3\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: Qube Research & Technologies Limited \n (b) Owner or controller of interests and short positions disclosed, if   \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 Gamma Communications 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: 18-09-2026 \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 \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: 0.25p ordinary \n   Interests Short positions \n \n \n \n  \n Number % Number % \n (1) Relevant securities owned and/or controlled: 0 0.00 0 0.00 \n (2) Cash-settled derivatives: 999,566 1.12 6,943 0.00 \n (3) Stock-settled derivatives (including options) and agreements to 0 0.00 0 0.00 \n purchase/sell: \n   999,566 1.12 6,943 0.00 \n \n \n \nTOTAL: \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: 0 \n Details, including nature of the rights concerned and relevant percentages: 0 \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 (CCY0) \n \n \n \n  \n\n\n(b) Cash-settled derivative transactions\n Class of relevant security Product description Nature of dealing Number of securities Exercise price per unit (GBp) \n \n \n \n \ne.g. call option \ne.g. opening/closing a long/short position, increasing/reducing a long/short \n position \n 0.25p ordinary equity swap decreasing a long position 843 1,123.00 \n 0.25p ordinary equity swap decreasing a long position 1499 1,123.50 \n 0.25p ordinary equity swap decreasing a long position 5831 1,124.00 \n 0.25p ordinary equity swap decreasing a long position 558 1,124.50 \n 0.25p ordinary equity swap decreasing a long position 3868 1,125.00 \n 0.25p ordinary equity swap decreasing a long position 17925 1,127.00 \n 0.25p ordinary equity swap decreasing a short position 1579 1,124.00 \n 0.25p ordinary equity swap decreasing a short position 38 1,124.50 \n 0.25p ordinary equity swap decreasing a short position 1541 1,125.00 \n 0.25p ordinary equity swap decreasing a short position 25 1,125.50 \n 0.25p ordinary equity swap decreasing a short position 347 1,127.00 \n 0.25p ordinary equity swap decreasing a short position 1 1,128.00 \n 0.25p ordinary equity swap increasing a long position 622 1,123.50 \n 0.25p ordinary equity swap increasing a long position 10981 1,124.00 \n 0.25p ordinary equity swap increasing a long position 1890 1,125.00 \n 0.25p ordinary equity swap increasing a long position 2049 1,127.00 \n 0.25p ordinary equity swap increasing a short position 6722 1,124.00 \n 0.25p ordinary equity swap increasing a short position 63 1,124.50 \n 0.25p ordinary equity swap increasing a short position 38 1,125.00 \n 0.25p ordinary equity swap increasing a short position 142 1,127.00 \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 (CCY0) Type Expiry date Option money paid/ received per unit \n \n \n \n \ne.g. American, European etc. \n(CCY0) \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 0 0 0 0   \n \n \n \n0 \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 0   0 0 \n \n \n \n0 \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: 21-09-2026 \n Contact name: Janice Falcao \n Telephone number: 00442033140679 \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. The\nCode 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=54607866&newsitemid=20260921799342&lan=en-US&anchor=www.thetakeoverpanel.org.uk&index=1&md5=1263d04c9bbf591b1360c23a4bc3dbb0)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260921799342/en/\n(https://www.businesswire.com/news/home/20260921799342/en/)\n\nQube Research & Technologies LTD\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-21T10:54:00.180061152Z","server_sent_at_ms":1789988040180},"received_at":"2026-09-21T10:54:00.342Z","source_url":"https://www.businesswire.com/news/home/20260921799342/en/"},"analysis":{"id":"136997","press_release_id":"148243","analysis_json":{"industry":{"label":"Alternative Carriers","sector":"Communication Services"},"redFlags":["Rule 8.3 filing implies Gamma Communications is in a Takeover Code offer period, but no offeror is identified in this disclosure","Entire 1.12% position is synthetic (cash-settled equity swaps), not outright shares, with heavy two-way swap trading that gives no clear directional signal"],"eventType":"regulatory","narrative":"Qube Research & Technologies Limited filed a Rule 8.3 Takeover Code disclosure relating to Gamma Communications plc, covering positions and dealings dated 18 September 2026.\n\nThe fund holds 999,566 Gamma shares (1.12%) through cash-settled derivatives, alongside a short position of 6,943 shares (0.00%), with no outright share ownership disclosed.\n\nOn the dealing date the fund executed dozens of two-way equity swap transactions at prices between 1,123.00 and 1,128.00 GBp, simultaneously increasing and decreasing long and short exposures.\n\nRule 8.3 disclosures are required only during a Takeover Code offer period, so the filing confirms active takeover-related dealing around Gamma, though the form names no offeror and states no offer terms.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Routine Rule 8.3 position disclosure by QRT on Gamma -- the only signal is that it confirms takeover-period dealing; watch for a named offeror."},"keyFigures":{"customDimensions":{"dealing_date":"18-09-2026","disclosure_date":"2026-09-21","position_vehicle":"cash-settled derivatives (equity swaps)","swap_price_range":"1,123.00-1,128.00 GBp","long_position_shares":999566,"long_position_percent":"1.12%","short_position_shares":6943,"short_position_percent":"0.00%"}},"quotedText":"","namedEntities":{"people":[{"name":"Janice Falcao","role":"disclosure contact for Qube Research & Technologies Limited"}],"products":[],"companies":[{"name":"Gamma Communications plc","ticker":"GAMA","relationship":"subject company (offeror/offeree to whose securities the disclosure relates)"},{"name":"Qube Research & Technologies Limited","relationship":"disclosing derivatives holder (hedge fund)"}],"dollarAmounts":[{"amount":"1,123.00","context":"lowest equity swap price per unit disclosed (GBp)"},{"amount":"1,128.00","context":"highest equity swap price per unit disclosed (GBp)"}]},"materialImpact":{"score":2,"reasoning":"Routine Rule 8.3 Takeover Code position disclosure by a third-party fund (Qube Research & Technologies), not an issuer action. It contains no new offer terms, but the filing only occurs during an offer period, confirming live takeover-related dealing around Gamma Communications."},"tickerRelevance":{"others":[],"primary":"GAMA"},"globalImportance":22,"audienceRelevance":15,"eventTypeSecondary":["m_and_a"],"importanceComponents":{"tickerTier":"UK mid-cap (FTSE 250)","eventGravity":"routine-takeover-code-position-disclosure","sectorWeight":"telecom services","issuerAuthored":false,"offerPeriodContext":true,"retailFavoriteBoost":0}},"event_type":"regulatory","event_type_secondary":["m_and_a"],"sentiment":"neutral","material_impact_score":2,"narrative":"Qube Research & Technologies Limited filed a Rule 8.3 Takeover Code disclosure relating to Gamma Communications plc, covering positions and dealings dated 18 September 2026.\n\nThe fund holds 999,566 Gamma shares (1.12%) through cash-settled derivatives, alongside a short position of 6,943 shares (0.00%), with no outright share ownership disclosed.\n\nOn the dealing date the fund executed dozens of two-way equity swap transactions at prices between 1,123.00 and 1,128.00 GBp, simultaneously increasing and decreasing long and short exposures.\n\nRule 8.3 disclosures are required only during a Takeover Code offer period, so the filing confirms active takeover-related dealing around Gamma, though the form names no offeror and states no offer terms.","key_figures":{"customDimensions":{"dealing_date":"18-09-2026","disclosure_date":"2026-09-21","position_vehicle":"cash-settled derivatives (equity swaps)","swap_price_range":"1,123.00-1,128.00 GBp","long_position_shares":999566,"long_position_percent":"1.12%","short_position_shares":6943,"short_position_percent":"0.00%"}},"named_entities":{"people":[{"name":"Janice Falcao","role":"disclosure contact for Qube Research & Technologies Limited"}],"products":[],"companies":[{"name":"Gamma Communications plc","ticker":"GAMA","relationship":"subject company (offeror/offeree to whose securities the disclosure relates)"},{"name":"Qube Research & Technologies Limited","relationship":"disclosing derivatives holder (hedge fund)"}],"dollarAmounts":[{"amount":"1,123.00","context":"lowest equity swap price per unit disclosed (GBp)"},{"amount":"1,128.00","context":"highest equity swap price per unit disclosed (GBp)"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-21T10:56:24.792Z","global_importance":22,"audience_relevance":15,"importance_components":{"tickerTier":"UK mid-cap (FTSE 250)","eventGravity":"routine-takeover-code-position-disclosure","sectorWeight":"telecom services","issuerAuthored":false,"offerPeriodContext":true,"retailFavoriteBoost":0}},"durationMs":144437,"modelName":"glm-5.3-flash"}}