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: | 28 November 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-Aviva plc |
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 |
| 10 10/11p ordinary | PURCHASES | 6,925,591 | 2.3000 GBP | 2.1020 GBP |
| 10 10/11p ordinary | SALES | 12,807,810 | 2.3000 GBP | 2.1508 GBP |
(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 |
| 10 10/11p ordinary | CFD | increasing a long position | 1,585,850 | 2.2418 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 829 | 2.1680 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 3,273 | 2.1715 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 5,000 | 2.1813 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 6,692 | 2.2247 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 1,401 | 2.2311 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 53,428 | 2.2326 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 7,305 | 2.2333 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 26,780 | 2.2340 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 2,249 | 2.2371 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 240 | 2.2378 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 6,072 | 2.2433 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 852 | 2.2433 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 526 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 7,451 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 802 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 68,973 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 88,104 | 2.2441 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 67,622 | 2.2464 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 727,436 | 2.2506 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 71,454 | 2.2621 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 41,822 | 2.2705 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 2,271 | 2.2723 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 2,067 | 2.2902 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 591 | 2.2921 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 157,422 | 2.1647 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 64,791 | 2.2418 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 4,532 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 3,088 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 34,468 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 48,876 | 2.2475 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 34,750 | 2.1534 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 22,499 | 2.1534 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 34,750 | 2.1543 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 22,499 | 2.1543 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 28,324 | 2.1745 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 5,000 | 2.1780 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 9,002 | 2.1893 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 27,800 | 2.1893 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 32,491 | 2.2068 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 69,170 | 2.2097 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 50,000 | 2.2280 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,100 | 2.2285 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 6,115 | 2.2288 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 19,124 | 2.2339 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 400 | 2.2340 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 181,556 | 2.2373 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 53,380 | 2.2416 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 92,444 | 2.2422 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 37,393 | 2.2429 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 2,873 | 2.2438 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 30,200 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 101,620 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 48,593 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 184,426 | 2.2440 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 2,653 | 2.2453 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 2,920,458 | 2.2494 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,279,542 | 2.2494 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 659,096 | 2.2505 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 375,183 | 2.2506 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 17,760 | 2.2507 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 67,827 | 2.2566 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 60,000 | 2.2567 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 300,000 | 2.2596 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 16,904 | 2.2665 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 222,206 | 2.2757 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 138,745 | 2.2800 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 246,143 | 2.2830 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,069 | 2.2875 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: | 29 November 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.
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