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: | 20 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 | SALES | 4,536,324 | 4.5880 GBP | 4.5250 GBP |
| 32 17/19p ordinary | PURCHASES | 4,201,738 | 4.5900 GBP | 4.5210 GBP |
| 32 17/19p ordinary | PURCHASES | 16,082 | 5.5197 EUR | 5.5197 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 | 783 | 4.5472 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1 | 4.5524 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 50,219 | 4.5544 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 186,549 | 4.5544 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 65,075 | 4.5591 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 17,518 | 4.5591 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 150,000 | 4.5592 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,268 | 4.5627 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,915 | 4.5627 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 13,207 | 4.5662 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 760 | 4.5691 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 104 | 4.5700 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 10,081 | 4.5717 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 689,766 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 372 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 13,719 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,508 | 4.5726 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,114 | 4.5415 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 61,673 | 4.5442 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 68,239 | 4.5474 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 23,163 | 4.5477 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 116 | 4.5481 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 28,354 | 4.5493 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,000 | 4.5504 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 201 | 4.5510 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 42,758 | 4.5521 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 47,276 | 4.5539 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,857 | 4.5553 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,908 | 4.5555 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2 | 4.5590 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,600 | 4.5593 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 375 | 4.5613 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 85 | 4.5613 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 87 | 4.5613 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 61,843 | 4.5621 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 59,541 | 4.5625 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 19,431 | 4.5625 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 110,191 | 4.5628 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,900 | 4.5632 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 17,055 | 4.5640 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,100 | 4.5640 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,419 | 4.5661 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 26,410 | 4.5671 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,972 | 4.5694 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 844 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 354 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 19,927 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 33,439 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 65 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 10,914 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,343 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,499 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 15,158 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,432 | 4.5721 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 63,886 | 4.5722 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 348 | 4.5729 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 16,082 | 4.5730 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,410 | 4.5732 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,789 | 4.5767 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 47 | 4.5770 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 247 | 4.5798 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 48 | 4.5810 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 222 | 4.5817 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,298 | 4.5845 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 183 | 4.5878 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 14,469 | 4.5410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 82,335 | 4.5410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,645 | 4.5410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,107 | 4.5410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 27,816 | 4.5410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 199 | 4.5453 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 390 | 4.5453 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,193 | 4.5453 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 620 | 4.5453 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,533 | 4.5453 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,830 | 4.5462 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,444 | 4.5462 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,646 | 4.5462 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,497 | 4.5462 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 25,594 | 4.5462 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 51,189 | 4.5503 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,661 | 4.5503 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,887 | 4.5503 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,994 | 4.5503 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,292 | 4.5503 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,844 | 4.5504 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 21,882 | 4.5504 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,419 | 4.5504 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,391 | 4.5504 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,234 | 4.5504 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,469 | 4.5519 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,839 | 4.5519 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 43,762 | 4.5519 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 14,783 | 4.5519 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,689 | 4.5519 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 27,651 | 4.5548 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,059 | 4.5548 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,561 | 4.5548 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,342 | 4.5548 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,861 | 4.5548 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,528 | 4.5554 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 41,700 | 4.5629 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 421 | 4.5660 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 140 | 4.5660 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 47 | 4.5660 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 24 | 4.5660 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 86 | 4.5660 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 372 | 4.5700 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 105 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 15,000 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 25,117 | 4.5342 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,981 | 4.5425 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,648 | 4.5425 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 35,915 | 4.5435 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 201 | 4.5475 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,303 | 4.5487 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,176 | 4.5505 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,917 | 4.5515 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8 | 4.5524 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 50,578 | 4.5586 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 131 | 4.5587 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 51,800 | 4.5593 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 358,354 | 4.5594 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 73,242 | 4.5597 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 23,163 | 4.5604 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 22,072 | 4.5628 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17,295 | 4.5634 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,150 | 4.5646 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,720 | 4.5688 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 20,011 | 4.5702 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,479 | 4.5717 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 24,249 | 4.5718 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,129 | 4.5719 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 80,755 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,793 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,250 | 4.5720 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,499 | 4.5720 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: | 23 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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