Merrill Lynch International, acting as a connected exempt principal trader, filed a Form 38.5(a) dealing disclosure with the Irish Takeover Panel on 13 November 2026, covering transactions in Irish Residential Properties REIT PLC (0QT8) ordinary shares conducted on 12 November 2026. The disclosure was made under Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, and relates to dealings undertaken in a client-serving capacity. Merrill Lynch International is connected to Baring International Investment Limited, a named party to the offer involving the Irish residential property trust. Investors monitoring the ongoing offer process may find the breadth of derivative and equity activity outlined in this filing noteworthy.

Key Points

  • Bank of America Merrill Lynch (connected entity: Merrill Lynch International) filing for Irish Residential Properties REIT PLC (0QT8)
  • Merrill Lynch International disclosed purchases, sales, equity swap transactions, and a share borrow in €0.10 ordinary shares of Irish Residential Properties REIT PLC on 12 November 2026
  • Purchases totalled 2,720 shares at €1.362000; sales totalled 125,362 shares at prices between €1.362000 and €1.364000; a borrow of 5,616 shares was also recorded at €1.360000
  • Investors should watch for further Rule 38.5(a) disclosures as the offer process involving Baring International Investment Limited develops

Merrill Lynch International's Equity Trades in Irish Residential Properties REIT on 12 November 2026

The disclosure confirms that Merrill Lynch International purchased 2,720 €0.10 ordinary shares in Irish Residential Properties REIT PLC at a fixed price of €1.362000 per unit, while selling a substantially larger volume of 125,362 shares at prices ranging from €1.362000 to €1.364000 per unit. Irish Residential Properties REIT PLC is a Dublin-listed real estate investment trust focused on the Irish residential property market. These trades were executed on 12 November 2026 in a client-serving capacity, meaning the exempt principal trader was acting on behalf of clients rather than on its own account, a distinction that carries regulatory significance under Irish takeover rules.

Extensive Equity Swap Activity Across Multiple Short and Long Positions

Beyond direct share transactions, the filing details a substantial number of cash-settled equity swap dealings referencing Irish Residential Properties REIT's €0.10 ordinary shares. These include an increase of a long position covering 22,740 reference securities at €1.362000, the opening of a new short position in 2,622 securities at €1.362109, and numerous reductions of existing short positions spanning individual tranches ranging from 98 to 16,160 reference securities. The announcement states prices for short position reductions were broadly consistent at approximately €1.361925 per unit. The scale and variety of these derivative transactions illustrates Merrill Lynch International's active risk-management activity during the offer period.

Share Borrow and Connection to Baring International Investment Limited

The disclosure also records a borrow of 5,616 ordinary shares at €1.360000 per unit, classified under other dealings. Merrill Lynch International is identified as connected to Baring International Investment Limited, the named offer party in this process. Under Irish Takeover Panel rules, connected exempt principal traders with recognised intermediary status are required to disclose dealings of this nature publicly via a Regulatory Information Service. The announcement states there are no indemnity arrangements, options, or agreements relating to voting rights or future acquisitions associated with the derivatives referenced in this filing. The contact named in the disclosure is Kamil Dziedzic, reachable via a Dublin telephone number.