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: | 27 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 | 1,069,571 | 4.6602 GBP | 4.6040 GBP |
| 32 17/19p ordinary | PURCHASES | 1,494,091 | 4.6603 GBP | 4.6070 GBP |
| 32 17/19p ordinary | SALES | 10,668 | 5.6181 EUR | 5.6181 EUR |
| 32 17/19p ordinary | PURCHASES | 3,025 | 5.8620 USD | 5.8538 USD |
| 32 17/19p ordinary | SALES | 2,706 | 5.8620 USD | 5.8620 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 | 23,933 | 4.5842 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,183 | 4.6230 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,094 | 4.6346 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,513 | 4.6352 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,517 | 4.6367 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,419 | 4.6385 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,572 | 4.6388 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 55 | 4.6473 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1 | 4.6594 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 41,955 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 16,928 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 69,810 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,073 | 4.6096 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,931 | 4.6137 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,177 | 4.6145 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 12,795 | 4.6185 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 875 | 4.6201 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,778 | 4.6214 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 29,395 | 4.6249 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 37,955 | 4.6254 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 10,885 | 4.6255 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,615 | 4.6292 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 74,151 | 4.6292 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,367 | 4.6313 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,028 | 4.6315 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,592 | 4.6335 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 248,778 | 4.6429 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 31,961 | 4.6451 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,936 | 4.6451 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 13,052 | 4.6470 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 319 | 4.6511 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 69,555 | 4.6562 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,442 | 4.6597 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 805 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,881 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,143 | 4.6602 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 22,967 | 4.6603 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,664 | 4.6603 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,183 | 4.6139 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 35,313 | 4.6167 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,323 | 4.6200 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,133 | 4.6214 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,130 | 4.6232 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 228,000 | 4.6281 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,094 | 4.6301 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,879 | 4.6322 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 83 | 4.6322 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 764 | 4.6322 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,068 | 4.6322 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 512 | 4.6322 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 46 | 4.6322 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,572 | 4.6335 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,513 | 4.6339 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10 | 4.6370 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 14,427 | 4.6409 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,021 | 4.6409 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 86 | 4.6472 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11 | 4.6472 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 413 | 4.6472 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,991 | 4.6472 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 63 | 4.6472 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 469 | 4.6472 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 15,178 | 4.6489 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 30,187 | 4.6559 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,372 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 22,435 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 536 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 787 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 849 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,419 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,664 | 4.6601 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,691 | 4.6090 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 73,795 | 4.6265 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 21,230 | 4.6310 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 38 | 4.6330 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 21,210 | 4.6380 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 430 | 4.6436 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,062 | 4.6464 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 40,287 | 4.6464 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,063 | 4.6471 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,865 | 4.6523 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,114 | 4.6545 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,002 | 4.6548 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,668 | 4.6564 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13,053 | 4.6594 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,259 | 4.6594 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,959 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,667 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,250 | 4.6600 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 854 | 4.6600 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: | 30 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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