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: | 06 January 2025 |
| (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 | 3,468,815 | 4.8584 GBP | 4.7450 GBP |
| 32 17/19p ordinary | SALES | 2,378,529 | 4.8587 GBP | 4.7650 GBP |
| 32 17/19p ordinary | SALES | 92,765 | 5.8405 EUR | 5.8405 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 | 109,021 | 4.7817 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 12,250 | 4.7817 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 698 | 4.7851 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 37,477 | 4.7872 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 53,147 | 4.7916 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 22,096 | 4.7952 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 49,215 | 4.7959 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,137 | 4.8001 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,054 | 4.8042 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 17,478 | 4.8096 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 692 | 4.8146 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 49,784 | 4.8242 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 92,765 | 4.8466 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 64,400 | 4.8512 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 372 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 906 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 130,628 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 91,869 | 4.7450 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 839 | 4.7650 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 275 | 4.7650 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,181 | 4.7722 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 55,072 | 4.7762 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,706 | 4.7785 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 12,217 | 4.7842 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 21,374 | 4.7862 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,852 | 4.7866 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 19,752 | 4.7897 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,415 | 4.7917 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,087 | 4.7923 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 34,967 | 4.7923 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 58,049 | 4.7946 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,994 | 4.7974 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,940 | 4.7983 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 20,193 | 4.7988 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 18,828 | 4.7989 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 12,971 | 4.8003 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 339 | 4.8111 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 97,094 | 4.8123 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 292,659 | 4.8179 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 297,700 | 4.8229 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,024 | 4.8267 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 149 | 4.8276 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 495 | 4.8438 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 18,982 | 4.8474 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 223,592 | 4.8486 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8 | 4.8575 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 16,358 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,602 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,783 | 4.7650 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 906 | 4.7650 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,054 | 4.7722 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,484 | 4.7785 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 325 | 4.7857 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 52 | 4.7857 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 108 | 4.7857 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 970 | 4.7857 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 137 | 4.7857 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,250 | 4.7896 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,492 | 4.7934 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,021 | 4.7934 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,167 | 4.7934 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 37,245 | 4.7934 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,296 | 4.7934 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,912 | 4.7954 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,225 | 4.7967 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 692 | 4.8117 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,918 | 4.8208 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,745 | 4.8208 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 26,083 | 4.8230 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 60,000 | 4.8230 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 83,521 | 4.8326 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,147 | 4.8427 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 54,108 | 4.8438 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 24,633 | 4.8499 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,756 | 4.8499 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,502 | 4.8499 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,262 | 4.8499 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,336 | 4.8499 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 120,000 | 4.8567 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 79,319 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 32 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 748 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,981 | 4.8581 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,957 | 4.8584 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 35,381 | 4.8584 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,866 | 4.8584 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,029 | 4.8584 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,919 | 4.8584 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,096 | 4.7669 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 442 | 4.7680 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,250 | 4.7772 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 602 | 4.7791 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 15,747 | 4.7872 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,348 | 4.7896 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 136 | 4.7900 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 48,069 | 4.7916 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 25,529 | 4.7985 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 78,087 | 4.7985 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,567 | 4.8001 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 955 | 4.8013 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 67,278 | 4.8042 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 110 | 4.8050 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 831 | 4.8051 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,377 | 4.8088 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 385 | 4.8127 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,132 | 4.8132 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17,883 | 4.8132 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 26,816 | 4.8219 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 18,500 | 4.8223 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 114,684 | 4.8234 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,026 | 4.8244 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 55,808 | 4.8258 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 509 | 4.8277 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 34,366 | 4.8457 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 51,865 | 4.8533 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,461 | 4.8576 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 71,616 | 4.8580 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: | 07 January 2025 |
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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