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 | Aviva 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: | 29 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-Direct Line Insurance Group 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 |
| 32 17/19p ordinary | SALES | 4,337,703 | 4.8372 GBP | 4.7750 GBP |
| 32 17/19p ordinary | PURCHASES | 3,204,789 | 4.8373 GBP | 4.7790 GBP |
| 32 17/19p ordinary | PURCHASES | 4,724 | 5.8152 EUR | 5.8152 EUR |
(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 |
| 32 17/19p ordinary | CFD | increasing a long position | 1,000 | 4.7753 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,885 | 4.7918 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,177 | 4.7940 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 11,157 | 4.8002 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 59,380 | 4.8009 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 451 | 4.8010 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 23,380 | 4.8101 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,579 | 4.8114 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,058 | 4.8114 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 56,639 | 4.8114 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 18,915 | 4.8114 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,146 | 4.8114 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,885 | 4.8122 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 573 | 4.8135 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 36,034 | 4.8173 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 30,543 | 4.8272 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,679 | 4.8286 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,858 | 4.8286 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 98,382 | 4.8296 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,073 | 4.8343 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 19,847 | 4.8349 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 36,644 | 4.8358 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 20,341 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 27,919 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,014 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,142 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 946 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 83 | 4.7855 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 645 | 4.7855 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,689 | 4.7864 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,900 | 4.7959 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 40,695 | 4.8042 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 30,486 | 4.8053 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,506 | 4.8055 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,021 | 4.8062 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 77,004 | 4.8100 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,949 | 4.8145 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 16 | 4.8200 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,709 | 4.8246 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 236,600 | 4.8249 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,757 | 4.8273 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,222 | 4.8303 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,935 | 4.8303 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 56,362 | 4.8303 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 10,906 | 4.8303 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 404 | 4.8303 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 196,293 | 4.8303 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,788 | 4.8303 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,636 | 4.8303 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,133 | 4.8346 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,786 | 4.8349 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 41,344 | 4.8367 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 889 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 732 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,275 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 279 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 621 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,625 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 167 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,285 | 4.8372 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,571 | 4.8373 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,800 | 4.7911 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,885 | 4.7921 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,171 | 4.7929 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,733 | 4.7971 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,934 | 4.8055 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 50 | 4.8059 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,073 | 4.8062 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,885 | 4.8068 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 14,270 | 4.8100 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 126,107 | 4.8100 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,148 | 4.8100 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 21,859 | 4.8100 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 42,218 | 4.8100 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,986 | 4.8100 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 263 | 4.8241 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,006 | 4.8298 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,724 | 4.8309 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,475 | 4.8346 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,008 | 4.8357 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 20,792 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 376 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 725 | 4.7940 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 451 | 4.7982 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 70,498 | 4.8004 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17,001 | 4.8081 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,914 | 4.8094 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 30,572 | 4.8155 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,397 | 4.8235 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,157 | 4.8272 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 32,371 | 4.8289 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 113,307 | 4.8294 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,336 | 4.8299 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 26,389 | 4.8299 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,803 | 4.8328 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,751 | 4.8337 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,426 | 4.8337 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 46 | 4.8343 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,021 | 4.8358 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 105 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,625 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,949 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 890 | 4.8370 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 December 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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