Merrill Lynch International, acting as a connected exempt principal trader, has filed a Form 38.5(a) dealing disclosure under the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, in relation to Irish Residential Properties REIT PLC (0QT8). The disclosure, dated 4 November 2026 and covering dealings undertaken on 3 November 2026, was filed via RNS to satisfy regulatory transparency obligations during an active offer period. Merrill Lynch International is connected to Baring International Investment Limited, identified as a party to the offer. Investors monitoring the REIT takeover situation may note the range and nature of transactions disclosed across both outright share dealings and equity swap positions.

Key Points

  • Irish Residential Properties REIT PLC (0QT8) — dealing disclosure filed by Merrill Lynch International under Rule 38.5(a)
  • Merrill Lynch International disclosed purchases of 15,651 ordinary shares and sales of 54,856 ordinary shares on 3 November 2026
  • Purchase prices ranged between €1.296 and €1.300 per share; sale prices ranged between €1.294 and €1.304 per share
  • Investors should watch for further Rule 38 disclosures as the offer period involving Baring International Investment Limited continues

Merrill Lynch International's Share Purchases and Sales in Irish Residential Properties REIT on 3 November 2026

The disclosure reveals that Merrill Lynch International purchased a total of 15,651 ordinary €0.10 shares in Irish Residential Properties REIT PLC, with the highest price paid per unit recorded at €1.300 and the lowest at €1.296. On the same date, the firm sold 54,856 ordinary shares, with prices ranging from a high of €1.304 to a low of €1.294 per share. These transactions were executed in a client-serving capacity, consistent with the firm's status as a recognised intermediary and exempt principal trader under the Irish Takeover Rules.

Equity Swap Activity Across Multiple Positions in Irish Residential Properties REIT Ordinary Shares

Alongside outright share transactions, the announcement details a series of cash-settled equity swap dealings referencing Irish Residential Properties REIT ordinary shares. These included multiple transactions reducing short positions — covering reference securities of 12,990, 2,256, 4,225, 11,225, 22,485, and 1,467 shares respectively — as well as one transaction reducing a long position of 6,439 shares and one increasing a short position of 4,634 shares. Prices per unit across the swap transactions ranged between approximately €1.299 and €1.302, as stated in the disclosure.

Merrill Lynch International's Connection to Baring International Investment Limited and Offer Period Context

The disclosure confirms that Merrill Lynch International is connected to Baring International Investment Limited, which is identified as a party to the offer for Irish Residential Properties REIT PLC. Irish Residential Properties REIT is a Dublin-listed real estate investment trust focused on the Irish residential property sector. Regulatory obligations under Rule 38.5(a) of the Irish Takeover Rules require connected exempt principal traders to publicly disclose their dealings during an offer period, ensuring market transparency. The form notes that no indemnity arrangements or option agreements relating to offer parties were in place at the time of the disclosure.