Key Takeaways
- • Graham Capital Management L.P. has disclosed a Form 8.3 position disclosure with Greenland Energy Company as of September 21, 2026, relating to relevant securities in connection with a proposed transaction involving 80 Mile PLC.
- • The disclosure follows an agreed indicative all-share merger between 80 Mile PLC and Greenland Energy Company, valuing 80 Mile at approximately £61.48 million.
- • Between August 25 and September 3, 2026, Greenland Energy acquired 246,765,352 80 Mile shares at prices ranging from 0.53p to 0.82p per share, representing a significant stake ahead of the formal merger announcement.
- • The transaction triggered a 7% share price increase for 80 Mile PLC following the public disclosure of Greenland Energy's acquisition proposal.
- • Graham Capital Management's Form 8.3 filing satisfies UK Takeover Code Rule 8.3 disclosure requirements for persons holding interests of 1% or more in relevant securities.
Summary
Graham Capital Management L.P. filed a Form 8.3 public opening position disclosure on September 21, 2026, in connection with Greenland Energy Company's proposed all-share merger with 80 Mile PLC. The Form 8.3 filing—required under Rule 8.3 of the UK Takeover Code—discloses positions in relevant securities representing 1% or more and applies to persons involved in or with interests in takeover transactions.
The underlying transaction values 80 Mile PLC at approximately £61.48 million through an all-share acquisition structure. Prior to the formal public announcement, Greenland Energy executed a significant share accumulation strategy between August 25 and September 3, 2026, acquiring 246,765,352 shares of 80 Mile at prices ranging from 0.53p to 0.82p per share. This pre-announcement accumulation positioned Greenland Energy as a substantial shareholder before the merger indicative terms were publicly disclosed.
Market reaction to the disclosed transaction was positive, with 80 Mile shares rising 7% following the announcement of Greenland Energy's acquisition proposal. The all-share structure of the deal means 80 Mile shareholders will receive consideration in the form of Greenland Energy shares rather than cash, a common mechanism in merger transactions where the acquirer seeks to preserve liquidity.
The Form 8.3 disclosure by Graham Capital Management represents standard regulatory compliance under UK takeover regulations and reflects the transparency requirements applicable to significant shareholdings and dealing activity during corporate transactions. The filing date of September 21, 2026, aligns with the formal public announcement of the merger indicative terms by the respective boards of 80 Mile and Greenland Energy.
The underlying transaction values 80 Mile PLC at approximately £61.48 million through an all-share acquisition structure. Prior to the formal public announcement, Greenland Energy executed a significant share accumulation strategy between August 25 and September 3, 2026, acquiring 246,765,352 shares of 80 Mile at prices ranging from 0.53p to 0.82p per share. This pre-announcement accumulation positioned Greenland Energy as a substantial shareholder before the merger indicative terms were publicly disclosed.
Market reaction to the disclosed transaction was positive, with 80 Mile shares rising 7% following the announcement of Greenland Energy's acquisition proposal. The all-share structure of the deal means 80 Mile shareholders will receive consideration in the form of Greenland Energy shares rather than cash, a common mechanism in merger transactions where the acquirer seeks to preserve liquidity.
The Form 8.3 disclosure by Graham Capital Management represents standard regulatory compliance under UK takeover regulations and reflects the transparency requirements applicable to significant shareholdings and dealing activity during corporate transactions. The filing date of September 21, 2026, aligns with the formal public announcement of the merger indicative terms by the respective boards of 80 Mile and Greenland Energy.
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