Merrill Lynch International, acting as a connected exempt principal trader, has filed a Form 8.3 dealing disclosure under Rule 38.5(a) of the Irish Takeover Panel Act 1997 in relation to Irish Residential Properties REIT PLC (0QT8). The disclosure, dated 9 November 2026 and covering dealings undertaken on 6 November 2026, details purchases, sales, and equity swap transactions in the REIT's €0.10 ordinary shares. Merrill Lynch International is connected to Baring International Investment Limited, which is a party to the offer for the Irish residential property company. Investors monitoring the ongoing offer process may note the range of derivative activity disclosed alongside outright share dealings.

Key Points

  • Bank of America Merrill Lynch / Merrill Lynch International (0QT8 — Irish Residential Properties REIT PLC)
  • Merrill Lynch International disclosed purchases of 6,225 and sales of 45,778 Irish Residential Properties REIT ordinary shares on 6 November 2026
  • Purchase prices ranged from €1.288 to €1.304 per share; sale prices ranged from €1.292 to €1.306 per share; multiple equity swap positions were also adjusted
  • Investors should watch for further Rule 38 disclosures as the offer involving Baring International Investment Limited progresses

Merrill Lynch International's Share Purchases and Sales in Irish Residential Properties REIT on 6 November 2026

The disclosure confirms that Merrill Lynch International purchased 6,225 €0.10 ordinary shares in Irish Residential Properties REIT PLC on 6 November 2026, at prices ranging from €1.288 to €1.304 per unit. In the same session, the firm sold a larger volume of 45,778 ordinary shares, with prices ranging from €1.292 to €1.306 per unit. These transactions were carried out in a client-serving capacity, as stated in the filing. The firm holds recognised intermediary status and is classified as a connected exempt principal trader under the Irish Takeover Rules 2022, with its connection arising through Baring International Investment Limited's role in the offer.

Equity Swap Activity Shows Mixed Short Position Adjustments Across Six Transactions

Beyond outright share dealings, the announcement details six separate cash-settled equity swap transactions referencing Irish Residential Properties REIT ordinary shares. Five of these transactions involved reducing a short position, covering reference security volumes of 3,731, 4,580, 2,193, 15,550, and 19,003 shares respectively, each priced at €1.299115 per unit. One transaction involved increasing a short position, covering 5,504 reference securities at €1.290230 per unit. The net effect of the swap activity reflects a broadly short-reducing posture on that date, though the announcement does not provide commentary on the rationale behind individual transactions.

Irish Residential Properties REIT and the Baring International Investment Limited Offer Context

Irish Residential Properties REIT PLC is an Irish-listed real estate investment trust focused on the residential property sector in Ireland. The dealing disclosure arises in the context of a formal offer process, with Baring International Investment Limited identified as the connected offeror party. Under Irish Takeover Panel rules, connected exempt principal traders are required to disclose dealings in relevant securities during an offer period. The announcement states that there are no indemnity or other dealing arrangements of the type required to be disclosed under Section 3(a) of the form, and no agreements relating to voting rights or derivatives under Section 3(b).