J&E Davy Reports Major Transactions in Permanent TSB Shares Under Irish Takeover Panel Rule 38.5(a)

Permanent TSB Group Holdings and Regulatory Obligations

Permanent TSB Group Holdings PLC is an Irish-listed financial services provider governed by Irish Takeover Panel regulations and disclosure requirements. As a regulated entity within Ireland's financial markets, both the company and connected parties trading its securities must adhere to transparency standards set forth by the Irish Takeover Panel Act 1997. These rules promote fair trading and market integrity during potential takeover scenarios and routine market activity. Filing Form 38.5(a) disclosures is mandatory for exempt principal traders with recognised intermediary status engaging in relevant securities transactions.

This disclosure framework underscores Ireland's dedication to investor protection and market regulation. Connected exempt principal traders must publicly report dealings in securities of companies potentially subject to takeover offers or processes. Permanent TSB's listing on Irish exchanges subjects it to these comprehensive disclosure mandates. J&E Davy Unlimited Company's involvement, holding exemptions and recognised intermediary status, indicates these trades were executed in a client-serving capacity rather than proprietary trading.

J&E Davy's Acquisition of Permanent TSB Shares on 23 July 2026

On 23 July 2026, J&E Davy Unlimited Company purchased 577,183 ordinary shares of Permanent TSB Group Holdings PLC, each with a par value of EUR 0.50. Purchase prices ranged narrowly from EUR 3.00 to EUR 3.03 per share. The volume and net share acquisition reflect strong client demand or strategic positioning during that trading session.

The tight price range of EUR 0.03 suggests stable market conditions for Permanent TSB shares during these transactions. These prices represent actual executions by J&E Davy acting in a client-serving role, consistent with the firm’s market-making or client facilitation functions.

Simultaneous Sales and Net Shareholding Change

On the same day, J&E Davy also sold 552,343 ordinary shares in Permanent TSB at prices between EUR 3.01 and EUR 3.03 per share. This selling activity decreased holdings but, when combined with purchases, resulted in a net increase of 24,840 shares for the day. Such simultaneous buying and selling aligns with market-making or client-facilitation practices, where intermediaries manage multiple client orders and temporarily hold positions.

The close overlap in purchase and sale prices (EUR 3.00 to EUR 3.03) indicates efficient trade execution within a liquid market environment for Permanent TSB shares.

Disclosure Requirements and Connected Party Status

The Form 38.5(a) filing is mandated under Irish Takeover Panel rules for connected exempt principal traders with recognised intermediary status engaging in relevant securities dealings. J&E Davy Unlimited Company is identified as connected to Permanent TSB Group Holdings PLC. The disclosure confirms no concurrent filings were made for other parties involved in potential offers, with the firm answering "NO" to the relevant question on the form.

The regulatory framework differentiates market participants and provides exemptions for principal traders meeting specific criteria, including recognised intermediary status. These exemptions support efficient market-making and client services while maintaining transparency. The disclosure confirms no indemnity, option, or special agreements influenced the trades.

Transaction Pricing and Market Environment on 23 July 2026

Transaction prices for Permanent TSB shares ranged from EUR 3.00 to EUR 3.03 across purchases and sales, reflecting typical intraday price fluctuations without unusual volatility. The EUR 0.03 spread, about one percent of the mid-price, aligns with normal bid-ask spreads in liquid stocks.

The overlapping price ranges for buys and sells demonstrate stable market conditions during J&E Davy’s trading activity. These disclosed prices represent actual trade executions, not theoretical or mid-market valuations.

Ordinary Shares and Security Details

All disclosed transactions involved ordinary shares (ORD) of Permanent TSB Group Holdings PLC, each with a par value of EUR 0.50. Ordinary shares constitute the company’s primary equity class, carrying standard voting and economic rights. No dealings in other securities such as preference shares, warrants, convertible bonds, or derivatives were reported for 23 July 2026.

The focus on ordinary shares means the disclosed activity directly relates to the core equity capital of the company. The total volume of shares traded by J&E Davy on that day amounted to 1,129,526 shares, indicating substantial liquidity and market activity in this key security.

Client-Serving Role and Intermediary Status

The disclosure specifies that J&E Davy Unlimited Company acted "in a client-serving capacity" when executing purchases and sales of Permanent TSB shares on 23 July 2026. This means the firm was executing orders on behalf of clients, such as institutional investors or funds, rather than trading for its own account.

Holding recognised intermediary status permits J&E Davy to perform client facilitation with regulatory exemptions, provided transparency is maintained through timely disclosures. This regulatory approach supports liquidity provision and efficient order execution while informing the market about connected party activities. The client-serving nature of the trades does not reduce their importance for market transparency.

Irish Takeover Panel Disclosure Rules and Rule 38.5(a)

Rule 38.5(a) of the Irish Takeover Panel Act 1997 and Takeover Rules 2022 sets out disclosure obligations for connected exempt principal traders with recognised intermediary status. The rule ensures timely public reporting of transactions by parties connected to potential offerors or offerees in takeover contexts. These obligations apply even when no formal takeover offer is underway.

Disclosures must be submitted to a Regulatory Information Service for public dissemination. J&E Davy filed the Form 38.5(a) notice on 24 July 2026, one business day after the trades on 23 July 2026, consistent with equity market settlement practices. Helen Byrne is listed as the contact at J&E Davy for inquiries regarding the filing.

No Derivative or Complex Securities Transactions

The Form 38.5(a) filing confirms J&E Davy Unlimited Company executed no dealings in derivatives, options, warrants, or other complex securities related to Permanent TSB on 23 July 2026. Relevant sections of the disclosure are marked "N/A", indicating no activity in contracts for difference or other derivative instruments.

This absence of derivative transactions means all disclosed dealings were straightforward purchases and sales of ordinary shares settled on a spot basis, enhancing transparency and clarity for investors. There are no embedded exposures or contingent arrangements affecting these trades.

Regulatory Compliance and Disclosure Integrity

The disclosure form confirms compliance with regulatory requirements, stating no indemnity, option, or special agreements existed that might have influenced the transactions. The absence of such arrangements indicates trades were conducted on standard commercial terms without inducements.

Additionally, the form confirms no agreements related to voting rights or future share acquisitions or disposals exist between J&E Davy and other parties. This affirms that the transactions represent straightforward market dealings without collateral obligations. The embedded compliance statements provide assurance of the filing’s accuracy and completeness.