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: | 02 December 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 | PURCHASES | 6,437,837 | 4.8690 GBP | 4.7900 GBP |
| 32 17/19p ordinary | SALES | 2,875,013 | 4.8690 GBP | 4.7900 GBP |
| 32 17/19p ordinary | PURCHASES | 13,597 | 5.8238 EUR | 5.8238 EUR |
| 32 17/19p ordinary | PURCHASES | 8,109 | 6.1087 USD | 6.1087 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 |
| 32 17/19p ordinary | CFD | increasing a long position | 448 | 4.8120 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,281 | 4.8182 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,249 | 4.8216 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,177 | 4.8230 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 15,136 | 4.8257 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,134 | 4.8263 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,895 | 4.8319 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 45,868 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 125 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 29,211 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,686 | 4.8323 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 325 | 4.8324 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 12,038 | 4.8328 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 70,575 | 4.8328 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,367 | 4.8335 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,816 | 4.8336 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 41,364 | 4.8356 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,128 | 4.8438 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,335 | 4.8448 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,697 | 4.8486 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 13,728 | 4.8618 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,387 | 4.8659 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,311 | 4.8168 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,273 | 4.8203 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 67,945 | 4.8254 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 850 | 4.8264 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 82 | 4.8264 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,700 | 4.8285 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 278 | 4.8291 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 174 | 4.8301 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,803 | 4.8301 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,346 | 4.8316 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 584 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,002 | 4.8323 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 237,100 | 4.8331 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,328 | 4.8339 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,109 | 4.8345 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,263 | 4.8346 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 14,753 | 4.8348 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 15,535 | 4.8350 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 15,467 | 4.8355 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,921 | 4.8364 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,141 | 4.8364 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,290 | 4.8364 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 38,845 | 4.8368 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 268 | 4.8369 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 946 | 4.8369 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,818 | 4.8369 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,244 | 4.8369 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,043 | 4.8369 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 10,419 | 4.8376 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,006 | 4.8376 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,820 | 4.8435 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,070 | 4.8452 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 594 | 4.8479 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 26,028 | 4.8156 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,855 | 4.8199 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,803,620 | 4.8230 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 395 | 4.8267 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,750 | 4.8275 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 325 | 4.8280 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,697 | 4.8303 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 380 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 562 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 30,546 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 448 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 623 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 88,121 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,664 | 4.8323 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,911 | 4.8323 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 103,947 | 4.8323 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 13,597 | 4.8324 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,142 | 4.8324 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 47,887 | 4.8325 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,745 | 4.8327 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 28,553 | 4.8355 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 20,005 | 4.8355 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 19,020 | 4.8489 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,311 | 4.8170 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,525 | 4.8176 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,942 | 4.8177 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,508 | 4.8229 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,014 | 4.8230 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,789 | 4.8251 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,201 | 4.8257 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,111 | 4.8273 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,200 | 4.8314 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,900 | 4.8314 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 32,743 | 4.8319 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 366 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 135 | 4.8320 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,336 | 4.8328 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,221 | 4.8333 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,164 | 4.8341 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 45,339 | 4.8376 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,581 | 4.8408 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,205 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 74,451 | 4.8438 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 32,649 | 4.8515 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: | 03 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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