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: | 09 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 | SALES | 4,094,533 | 4.7951 GBP | 4.6740 GBP |
| 32 17/19p ordinary | PURCHASES | 3,592,349 | 4.7954 GBP | 4.6810 GBP |
| 32 17/19p ordinary | PURCHASES | 64,791 | 5.7221 EUR | 5.7221 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 | 13,212 | 4.7015 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 11,515 | 4.7522 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,807 | 4.7531 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 647 | 4.7550 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,047 | 4.7550 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,629 | 4.7550 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,429 | 4.7550 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 21,016 | 4.7604 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 47,466 | 4.7666 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 15,518 | 4.7666 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,159 | 4.7691 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,909 | 4.7695 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,855 | 4.7719 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,638 | 4.7720 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 18,937 | 4.7745 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,422 | 4.7904 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 321 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,611 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 182 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,488 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 260 | 4.6885 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 703 | 4.7090 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 875,476 | 4.7147 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 13,283 | 4.7220 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 400 | 4.7475 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 300 | 4.7483 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 10,224 | 4.7485 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,335 | 4.7523 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 49,900 | 4.7547 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,729 | 4.7552 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 116,537 | 4.7559 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 41,848 | 4.7593 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,578 | 4.7604 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 51,452 | 4.7639 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 23,008 | 4.7639 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,296 | 4.7647 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,673 | 4.7662 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 15,890 | 4.7756 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 120 | 4.7767 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,573 | 4.7773 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 120 | 4.7831 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 18 | 4.7834 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 12,860 | 4.7900 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 21,999 | 4.7907 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,389 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 700 | 4.7954 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,614 | 4.7090 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,638 | 4.7220 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 13,212 | 4.7278 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 19,049 | 4.7467 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 113,483 | 4.7467 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,467 | 4.7559 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,475 | 4.7564 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,352 | 4.7648 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 30,654 | 4.7648 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,439 | 4.7648 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,315 | 4.7648 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,722 | 4.7648 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,855 | 4.7678 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,130 | 4.7691 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 54,141 | 4.7708 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,687 | 4.7708 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,075 | 4.7708 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 18,220 | 4.7708 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,042 | 4.7708 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,473 | 4.7734 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,066 | 4.7734 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 70,000 | 4.7822 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,939 | 4.7830 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1 | 4.7840 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,931 | 4.7887 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,468 | 4.7887 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,709 | 4.7887 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,792 | 4.7887 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 182 | 4.7887 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 26,126 | 4.7887 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,159 | 4.7907 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,744 | 4.7916 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 64,791 | 4.7923 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 598 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 422,938 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 30,781 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,480 | 4.7953 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,265 | 4.7953 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,161 | 4.7953 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 37,088 | 4.7953 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,084 | 4.7953 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5 | 4.6800 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 252 | 4.6826 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 163 | 4.6833 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 105 | 4.6835 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 354 | 4.7085 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 352 | 4.7212 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,496 | 4.7491 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 40,792 | 4.7503 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 116,537 | 4.7531 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,812 | 4.7595 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,007 | 4.7597 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,280 | 4.7626 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13,058 | 4.7665 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 109,571 | 4.7665 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,844 | 4.7665 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 28,049 | 4.7674 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13,283 | 4.7691 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17,078 | 4.7795 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,648 | 4.7799 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 79 | 4.7840 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,482 | 4.7841 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,056 | 4.7878 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 233 | 4.7900 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 171,774 | 4.7940 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 36,235 | 4.7945 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 589 | 4.7947 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,358 | 4.7948 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 18,899 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 415,456 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,131 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 40 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 703 | 4.7950 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: | 10 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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