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: | 08 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 | 8,262,205 | 4.8390 GBP | 4.6530 GBP |
| 32 17/19p ordinary | SALES | 3,396,981 | 4.8392 GBP | 4.6580 GBP |
| 32 17/19p ordinary | PURCHASES | 34,353 | 5.6602 EUR | 5.6602 EUR |
| 32 17/19p ordinary | SALES | 91,555 | 5.6610 EUR | 5.6610 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 | 64,913 | 4.7076 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 14,752 | 4.7167 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,782 | 4.7185 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,200 | 4.7199 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 91,555 | 4.7208 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 40 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 18 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 266 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,515 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 124,482 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 14,012 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,339 | 4.7235 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,157 | 4.7235 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,313 | 4.7235 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,962 | 4.7235 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 17 | 4.7244 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 37,968 | 4.7309 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 12,413 | 4.7309 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,467 | 4.7314 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 29,736 | 4.7323 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 25,875 | 4.7918 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 65,924 | 4.8005 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,135 | 4.8223 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,074 | 4.8390 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,248 | 4.6679 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,026 | 4.6679 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 415 | 4.6827 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,135 | 4.6964 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,903 | 4.7039 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 13,506 | 4.7178 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 22,661 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,667 | 4.7216 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 509,200 | 4.7232 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 37,862 | 4.7327 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 85 | 4.7337 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 22,417 | 4.7337 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 66 | 4.7337 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 17 | 4.7337 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 66,203 | 4.7382 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 18,018 | 4.7405 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 436 | 4.7752 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 30,621 | 4.8032 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 458 | 4.8110 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,800 | 4.8230 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,700 | 4.8276 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 983,088 | 4.8390 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,490,184 | 4.8390 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,681 | 4.6794 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,324 | 4.6821 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 29,630 | 4.6821 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,664 | 4.6821 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,971 | 4.6821 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,205 | 4.6821 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 37,482 | 4.6925 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,481 | 4.6954 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 64,913 | 4.6996 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,930 | 4.7109 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 228 | 4.7165 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,862 | 4.7189 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,683 | 4.7191 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 770 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 118,310 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 20,896 | 4.7211 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 23,812 | 4.7213 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 64,400 | 4.7216 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,659 | 4.7228 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 15,784 | 4.7228 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,635 | 4.7228 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 46,906 | 4.7228 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,262 | 4.7228 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 24,166 | 4.7234 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,371 | 4.7326 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,420 | 4.7326 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 20,228 | 4.7382 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 25,875 | 4.7638 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 914 | 4.8205 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,583 | 4.8211 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 25,508 | 4.8211 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,862 | 4.8211 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,433 | 4.8211 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,620 | 4.8211 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 266 | 4.8390 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,005 | 4.6850 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,969 | 4.6891 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 32,689 | 4.6902 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,610 | 4.6997 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 34 | 4.6997 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 232 | 4.7055 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 65,790 | 4.7065 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 710,239 | 4.7166 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 488 | 4.7167 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,564 | 4.7173 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 231 | 4.7185 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,982 | 4.7202 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,800 | 4.7206 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 600 | 4.7206 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 15,597 | 4.7209 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,824 | 4.7209 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 91,764 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 711 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 232 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,720 | 4.7247 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,628 | 4.7248 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 105,960 | 4.7248 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 155,234 | 4.7274 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,577 | 4.7303 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 29,325 | 4.7309 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,587 | 4.7309 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 66,203 | 4.7314 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 60,879 | 4.7330 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 49,141 | 4.7332 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 223 | 4.8200 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 52 | 4.8206 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 115 | 4.8206 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 343 | 4.8390 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 113 | 4.8390 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: | 09 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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