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: | 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-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 | 11,939,969 | 2.3660 GBP | 2.2982 GBP |
| 10 10/11p ordinary | SALES | 3,578,770 | 2.3697 GBP | 2.2960 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 | 22,402 | 2.3134 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 195,191 | 2.3159 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 712 | 2.3184 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 9,412 | 2.3190 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 192 | 2.3192 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 1,779 | 2.3192 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 700 | 2.3192 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 5,777 | 2.3192 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 2,249 | 2.3192 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 1,153 | 2.3192 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 38,611 | 2.3195 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 1,183 | 2.3195 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 47,674 | 2.3199 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 455 | 2.3200 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 364,685 | 2.3200 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 418 | 2.2982 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 301 | 2.3035 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 5,130 | 2.3076 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 53,085 | 2.3105 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 4,014 | 2.3117 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 213 | 2.3147 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 108,964 | 2.3168 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 529 | 2.3187 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 548 | 2.3193 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 9,212 | 2.3194 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 14,791 | 2.3194 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 2,816 | 2.3197 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 17,159 | 2.3197 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 3,587 | 2.3200 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 580 | 2.3200 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 1,627 | 2.3200 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 57,551 | 2.3202 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 37,852 | 2.3204 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 10,119 | 2.3212 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 8,662 | 2.3215 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 1,390 | 2.3216 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 7,787 | 2.3229 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 94,852 | 2.3274 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 803 | 2.3446 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 260 | 2.3500 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 41,971 | 2.3540 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 71,408 | 2.3551 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 633 | 2.3660 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 7,738 | 2.3165 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 19,909 | 2.3170 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 166,515 | 2.3198 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 21,780 | 2.3199 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 18,509 | 2.3199 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 38,611 | 2.3200 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 1 | 2.3240 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 27 | 2.3248 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 59,292 | 2.3270 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 2,252 | 2.3297 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 5,605,089 | 2.3500 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 4,373,312 | 2.3500 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 712 | 2.3621 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,522 | 2.3010 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 10,119 | 2.3086 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,332 | 2.3134 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 142,774 | 2.3143 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 236,570 | 2.3147 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 28,428 | 2.3148 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 41,892 | 2.3168 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 5,289 | 2.3169 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,587 | 2.3180 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 98 | 2.3180 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 9,961 | 2.3186 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 593,796 | 2.3188 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 30,462 | 2.3188 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 4,045 | 2.3192 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 6,226 | 2.3192 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 24,091 | 2.3193 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 318,399 | 2.3194 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 29,748 | 2.3194 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 37,812 | 2.3198 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 65,943 | 2.3200 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 4,790 | 2.3200 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 161,700 | 2.3200 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 70 | 2.3200 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,300 | 2.3202 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,700 | 2.3202 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 2,484 | 2.3204 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 260 | 2.3420 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 14,550 | 2.3510 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,839 | 2.3697 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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