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: | 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-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 | 4,479,105 | 2.3482 GBP | 2.2660 GBP |
| 10 10/11p ordinary | SALES | 6,678,685 | 2.3500 GBP | 2.2530 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 | 96,706 | 2.2530 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 105,232 | 2.2530 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 671,602 | 2.2530 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 68,192 | 2.2530 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 1,618 | 2.2530 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 7,394 | 2.2530 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 62,505 | 2.2883 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 166,515 | 2.2898 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 13,653 | 2.3153 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 9,497 | 2.3243 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 1,459 | 2.3243 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 617 | 2.3243 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 3,483 | 2.3271 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 16,793 | 2.3372 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 116,911 | 2.3392 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 10,752 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 10,752 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 99,839 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 67 | 2.2721 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 4,356 | 2.2728 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 254 | 2.2745 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 885 | 2.2862 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 54,011 | 2.2887 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 1,118 | 2.2891 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 601,650 | 2.2914 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 1,728 | 2.2976 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 329 | 2.3098 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 628 | 2.3120 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 35,000 | 2.3156 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 41,223 | 2.3179 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 239 | 2.3179 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 11,549 | 2.3189 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 8,513 | 2.3249 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 154 | 2.3252 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 22 | 2.3356 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 596 | 2.3362 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 154,164 | 2.3431 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 5,398 | 2.3446 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 23,653 | 2.3464 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 2,377 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 285 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 1 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 80,767 | 2.3481 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 11,083 | 2.3482 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 8,667 | 2.2989 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 40,196 | 2.3132 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 502 | 2.3298 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 34,330 | 2.3305 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 9,006 | 2.3361 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 10,455 | 2.3361 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 68,192 | 2.3426 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 1,618 | 2.3426 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 671,602 | 2.3426 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 105,232 | 2.3426 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 7,394 | 2.3426 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 96,706 | 2.3426 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 28,699 | 2.3449 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 237 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 3,483 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 10,752 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 11 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 789 | 2.3482 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 15,621 | 2.2681 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,471 | 2.2792 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 7,972 | 2.2857 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,541 | 2.2878 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,607 | 2.2900 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 154,164 | 2.2912 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 243 | 2.2960 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 277,468 | 2.2964 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 604,191 | 2.2965 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,400 | 2.2986 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 108,300 | 2.3014 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 157,290 | 2.3023 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 189,516 | 2.3027 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 8,486 | 2.3040 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 12,000 | 2.3044 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 30,257 | 2.3072 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 513,806 | 2.3077 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 618 | 2.3109 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 137,715 | 2.3142 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 957 | 2.3166 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 822 | 2.3178 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 56,028 | 2.3185 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 196,259 | 2.3222 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 2,540 | 2.3243 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,663 | 2.3243 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 19,327 | 2.3243 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 572 | 2.3243 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,502 | 2.3244 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,663 | 2.3271 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 5,078 | 2.3292 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 12,301 | 2.3300 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 39,991 | 2.3332 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 226,460 | 2.3408 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 11,152 | 2.3446 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 17,944 | 2.3446 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 22,287 | 2.3467 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 862 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 23,654 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 9,938 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 7,348 | 2.3480 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 628 | 2.3480 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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