Yomiuri: SMFG Deepens Partnership With Jefferies, Mulls Reorganizing Securities Business

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS (OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.         KEY INFORMATION

2.         POSITIONS OF THE EXEMPT PRINCIPAL TRADER

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)        Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)        Rights to subscribe for new securities (including directors' and other employee options)

• Class of relevant security in relation to which subscription right exists:

• Details, including nature of the rights concerned and relevant percentages:

3.         DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

(b)        Cash-settled derivative transactions

(c)        Stock-settled derivative transactions (including options)

(i)         Writing, selling, purchasing or varying

• Class of relevant security

• Product description e.g. call option

• Writing, purchasing, selling, varying etc.

• Number of securities to which option relates

• Exercise price per unit

• Type

  e.g. American, European etc.

• Expiry date

• Option money paid/ received per unit

(ii)        Exercise

• Class of relevant security

• Product description

  e.g. call option

• Exercising/ exercised against

• Number of securities

• Exercise price per unit

(d)        Other dealings (including subscribing for new securities)

• Class of relevant security

• Nature of dealing

  e.g. subscription, conversion

• Details

• Price per unit (if applicable)

4.         OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

• Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

  Irrevocable commitments and letters of intent should not be included.  If there are no such agreements, arrangements or understandings, state "none"

• None

(b)        Agreements, arrangements or understandings relating to options or derivatives

• Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:

  (i)  the voting rights of any relevant securities under any option; or

  (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

  If there are no such agreements, arrangements or understandings, state "none"

• None

(c)        Attachments

• Is a Supplemental Form 8 (Open Positions) attached?

• NO

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.  END  FEOPPUCPBUPAGUP

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS (OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.         KEY INFORMATION

2.         POSITIONS OF THE EXEMPT PRINCIPAL TRADER

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)        Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)        Rights to subscribe for new securities (including directors' and other employee options)

• Class of relevant security in relation to which subscription right exists:

• Details, including nature of the rights concerned and relevant percentages:

3.         DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

(b)        Cash-settled derivative transactions

(c)        Stock-settled derivative transactions (including options)

(i)         Writing, selling, purchasing or varying

• Class of relevant security

• Product description e.g. call option

• Writing, purchasing, selling, varying etc.

• Number of securities to which option relates

• Exercise price per unit

• Type

  e.g. American, European etc.

• Expiry date

• Option money paid/ received per unit

(ii)        Exercise

• Class of relevant security

• Product description

  e.g. call option

• Exercising/ exercised against

• Number of securities

• Exercise price per unit

(d)        Other dealings (including subscribing for new securities)

• Class of relevant security

• Nature of dealing

  e.g. subscription, conversion

• Details

• Price per unit (if applicable)

4.         OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

• Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

  Irrevocable commitments and letters of intent should not be included.  If there are no such agreements, arrangements or understandings, state "none"

• None

(b)        Agreements, arrangements or understandings relating to options or derivatives

• Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:

  (i)  the voting rights of any relevant securities under any option; or

  (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

  If there are no such agreements, arrangements or understandings, state "none"

• None

(c)        Attachments

• Is a Supplemental Form 8 (Open Positions) attached?

• NO

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.  END  FEOMZGZLGZVGKZM

0926 GMT - Expectations of more interest rate cuts from the U.S. Federal Reserve are likely to boost bond markets, analysts at Edmond de Rothschild Asset Management say in a note. Markets price in a high probability of the Fed cutting interest rates two more times by the end of 2025, LSEG data show. The Fed cut interest rates by 25 basis points last week, marking its first rate reduction in 2025. (miriam.mukuru@wsj.com)

0926 GMT - The 10-year U.S. Treasury yield is unlikely to fall much below 4%, Mohit Kumar at Jefferies says in a note. The 10-year Treasury yield hit 4% last week but has since rebounded. "Last week we argued that we should not see 10-year U.S. Treasurys rally much below the 4% level. Our view remains the same," the global economist says. Jefferies sees a range-bound environment for yields for the rest of the year, with no obvious catalyst to cause the move in either direction. The 10-year Treasury yield declines 1.4 basis points to 4.124%, according to LSEG data. (emese.bartha@wsj.com)

0859 GMT - The Riksbank will probably keep its policy unchanged at 2.0% at its meeting Tuesday, Nordea chief analyst Torbjorn Isaksson writes. Concerns about the economic cycle prompted the Riksbank to lower its interest rate to 2.0% in June. It also left the door ajar for another rate cut in the second half of the year, despite inflation being clearly above target, Nordea says. Since then, worries about the economy have eased while inflation has remained persistently high, which weakens the case for easing monetary policy. "We stick to our view that the Riksbank is done cutting rates." (dominic.chopping@wsj.com)

0855 GMT - ING rates strategists remain neutral on U.S. Treasurys near term. Core PCE data on Friday could show a relatively benign 0.2% month-on-month increase, which could play into the more bullish camp in the near term, implying lower yields, they say in a note. However, they anticipate the 10-year Treasury yield at 4.5% in 2026. "We're eyeing an opportunity to rotate to a more bearish positioning for 10-year U.S. Treasurys," they say. The Fed didn't express much concern about the growth outlook and claims data suggests not all job numbers are doom and gloom from here, while inflation numbers should start coming in higher and supply pressures are lingering, all pointing to higher yields instead, they say. The 10-year Treasury yield eases 1.4 basis points to 4.124%, according to Tradeweb. ( emese.bartha@wsj.com )

0855 GMT - The Canadian dollar could rise against the U.S. dollar over the medium term given the prospect of more aggressive interest-rate cuts by the Federal Reserve, Monex Europe says in a note. "Our medium-term view remains that the Bank of Canada will cut again later this year if labor-market weakness persists, but with the Fed likely to ease faster and further, the path is now clear for the [U.S. dollar to grind lower versus the Canadian dollar]." For now, the exchange rate is likely to track broader risk sentiment and U.S. data given a light Canadian calendar this week, they say. The U.S. dollar rises 0.2% to 1.3803 Canadian dollars. (renae.dyer@wsj.com)

0838 GMT - China's exports are likely to maintain solid momentum, BNP Paribas's Jacqueline Rong says. "The hit from higher U.S. tariffs to exports has been and will continue to be more than offset by resilient exports to non-U.S. markets, in our view, thanks to the strong competitiveness of China's products and currency," the economist says. BNP expects China's exports to grow by 4.1% in dollar terms and 7.6% in volume terms in 2025, remaining the primary growth engine of the Chinese economy. (tracy.qu@wsj.com)

0834 GMT - The Bank of Japan's move to gradually unload its ETF and Japanese REIT holdings isn't likely to pose a lasting drag on the country's equities market, say Julius Baer's Magdalene Teo and Louis Chua in commentary. While the news triggered falls in Japan's Nikkei Stock Average and Topix on Friday, the analysts note that the central bank's equity stake is modest compared with domestic and foreign investors'. At the current pace, it could take the BOJ around 120 years to fully unwind its holdings, they add. Investors could take advantage of near-term weakness to build positions in companies with unchanged fundamentals, they say. Julius Baer sets a 46000 target for the Nikkei Stock Average, which closed 1% higher at 45493.66. (megan.cheah@wsj.com)

0824 GMT - Singapore's CPI likely rose 0.7% from a year earlier in August, according to the median estimate of 11 economists surveyed by The Wall Street Journal. That would be slightly higher than July's 0.6% increase. Headline inflation likely rose, due to a recent increase in certificate of entitlement premiums for cars, Barclays economists write in a note. Core CPI likely rose 0.5% in August, unchanged from July, according to nine polled economists. The CPI data are due Tuesday. (amanda.lee@wsj.com)

0817 GMT - Taiwan's remarkable macro resilience in 3Q so far prompts Citi to raise its 2025 and 2026 growth forecast for the island economy to 4.4% and 2.7%, respectively. Taiwan's August exports rose 34.1% on year with a record-high trade surplus of $16.8 million. Resilient tech exports during the current quarter is likely due the exemption of consumer electronics from U.S. tariffs, economist Adrienne Lui writes in a note. Taiwan's central bank kept rates unchanged in September, but Citi expects more dovish monetary policy in the coming quarters to support non-AI companies as well as small and medium-size enterprises. (amanda.lee@wsj.com)

0812 GMT - The Czech central bank has greater potential to support its currency than the Hungarian central bank in policy decisions later this week, ING analyst Frantisek Taborsky says in a note. The Czech and Hungarian central banks are both likely to leave interest rates unchanged and sound cautious about the prospect of future rate cuts, he says. Given the long position already in the forint, or bets on it rising, the Czech koruna has more scope to rise, he says. Hungary's rate decision is on Tuesday followed by the Czech decision on Wednesday. The euro falls 0.2% to 389.55 forint and is flat against the koruna at 24.267. (renae.dyer@wsj.com)

0750 GMT - Gold has surged to a fresh record on fears that the U.S. Federal Reserve will begin loosening its monetary policy even as its economy remains resilient, research director at XTB Kathleen Brooks writes. Spot gold prices trade up 0.8% at $3,713.45 a troy ounce. Demand for gold looks set to remain well supported in the coming months, Brooks writes. The precious metal is the world's oldest inflation hedge and its appeal looks set to grow as the Federal Reserve appears poised to start another monetary policy loosening cycle, Brooks adds.(adam.whittaker@wsj.com)

0749 GMT - South Korea's export growth likely accelerated in September after slowing in August, Citi economist Jin-Wook Kim says. He expects exports to have risen 6.2% on year in September, following a revised 1.2% gain in August. The anticipated pickup may have been largely led by more working days for September this year, he says, noting the country's Chuseok holiday is pushed back from September to October this year. Early September trade data show exports to the U.S. and China continued to decline, as U.S. President Trump's higher tariffs weighed on global trade. Shipments of cars, steel and petrochemicals fell while those of semiconductors rose, the data show. (kwanwoo.jun@wsj.com)

By Kelly Cloonan

MapLight Therapeutics has filed for an initial public offering.

The biopharmaceutical company intends to apply to have its units listed on Nasdaq under the ticker MPLT, according to a filing with the Securities and Exchange Commission on Friday.

MapLight did not disclose the number of shares it expects to offer or a price range.

The company has granted underwriters a 30-day option to purchase an undisclosed number of additional units to cover over-allotments. Morgan Stanley, Jefferies, Leerink Partners and Stifel are listed as the offering's underwriters.

MapLight is focused on treatments for patients with debilitating central nervous system disorders. It currently has no product candidates approved for commercial sale and has not generated any revenue from the sale of products.

The company recorded a loss of $77.6 million, or $6.27 a share, in 2024, compared to a loss of $55.7 million, or $5.03 a share, the year prior.

MapLight most recently raised $372.5 million in Series D financing, led by Forbion and Goldman Sachs Alternatives, it said in July.

The company expects to use the proceeds from the offering to fund the clinical development of treatments for schizophrenia, Alzheimer's disease psychosis, autism spectrum disorder and other research and development activities.

Write to Kelly Cloonan at kelly.cloonan@wsj.com