AMENDMENT(2(a), 2(b))
FORM 8.5 (EPT/RI)
PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the "Code")
1. KEY INFORMATION
| (a) Name of exempt principal trader: | Morgan Stanley & Co. International plc |
| (b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | Direct Line Insurance Group plc |
| (c) Name of the party to the offer with which exempt principal trader is connected: | Direct Line Insurance Group plc |
| (d) Date dealing undertaken: | 21 March 2024 |
| (e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state "N/A" | YES - Ageas SA NV |
2. DEALINGS 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 2(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
| Class of relevant security | Purchases/ sales
| Total number of securities | Highest price per unit paid/received | Lowest price per unit paid/received |
| Ordinary 10 10/11p | PURCHASES | 4,424,419 | 2.1940 GBP | 2.0570 GBP |
| Ordinary 10 10/11p | SALES | 13,605,612 | 2.1962 GBP | 2.0820 GBP |
| Ordinary 10 10/11p | SALES | 10,964 | 2.6811 USD | 2.6811 USD |
(b) Cash-settled derivative transactions
| Class of relevant security | Product description e.g. CFD | Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position | Number of reference securities | Price per unit |
| Ordinary 10 10/11p | CFD | increasing a long position | 10,447,340 | 2.1101 GBP |
| Ordinary 10 10/11p | CFD | increasing a long position | 119 | 2.1170 GBP |
| Ordinary 10 10/11p | CFD | increasing a long position | 2,801 | 2.1205 GBP |
| Ordinary 10 10/11p | CFD | increasing a long position | 1,550 | 2.1300 GBP |
| Ordinary 10 10/11p | CFD | increasing a long position | 2,576 | 2.1765 GBP |
| Ordinary 10 10/11p | CFD | increasing a long position | 2,994 | 2.1929 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 5,000 | 2.0790 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 399 | 2.0820 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 13,334 | 2.0953 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 108,393 | 2.0956 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 18,694 | 2.1063 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 19,873 | 2.1073 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 36,671 | 2.1096 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 12,706 | 2.1114 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 13,914 | 2.1130 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 316 | 2.1151 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 97,111 | 2.1170 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 94,952 | 2.1170 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 48,189 | 2.1170 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 40 | 2.1170 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 229,845 | 2.1173 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 165,133 | 2.1187 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 74 | 2.1188 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 28,972 | 2.1210 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 105,932 | 2.1219 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 128,531 | 2.1221 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 4,025 | 2.1222 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 6,958 | 2.1243 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 60,602 | 2.1243 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 12,008 | 2.1243 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 26,100 | 2.1246 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 13,773 | 2.1256 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 2,631 | 2.1258 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 641 | 2.1270 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 479 | 2.1270 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 80 | 2.1288 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 156,159 | 2.1302 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 285,669 | 2.1310 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 178,460 | 2.1322 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 30,000 | 2.1363 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 18,864 | 2.1388 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 224,221 | 2.1400 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 5,443 | 2.1401 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 131 | 2.1418 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 25 | 2.1426 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 7,500 | 2.1435 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 2,576 | 2.0534 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 21 | 2.1182 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 2,994 | 2.1199 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 45,332 | 2.1261 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 2,722 | 2.1363 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 16,322 | 2.1129 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 4,901 | 2.1140 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 170 | 2.1160 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 748,000 | 2.1165 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 40,429 | 2.1168 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 8,520 | 2.1170 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 10,964 | 2.1170 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 4,436 | 2.1175 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 1 | 2.1190 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 26,775 | 2.1190 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 11,519 | 2.1209 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 37 | 2.1220 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 35,000 | 2.1240 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 312,349 | 2.1242 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 3,113 | 2.1242 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 9,332 | 2.1242 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 75,324 | 2.1242 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 13,844 | 2.1242 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 5,137 | 2.1242 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 106 | 2.1256 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 21,491 | 2.1264 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 74,580 | 2.1264 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 36,908 | 2.1283 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 2,118 | 2.1288 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 362,140 | 2.1290 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 13,505 | 2.1314 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 44 | 2.1391 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 36,282 | 2.1406 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 757 | 2.1440 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 186 | 2.1441 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 624 | 2.1442 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 5,524 | 2.1449 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 5,443 | 2.1451 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 7,500 | 2.1814 GBP |
(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 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
(ii) Exercise
| Class of relevant security | Product description e.g. call option | Exercising/ exercised against | Number of securities | Exercise price per unit |
| N/A | N/A | N/A | N/A | N/A |
(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) |
| N/A | N/A | N/A | N/A |
3. 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
|
Date of disclosure: | 02 April 2024 |
Contact name: | Craig Horsley |
Telephone number: | +44 141 245-7736 |
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 dealing 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.
