AMENDMENT(2(a), 2(b))
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: | 10 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 | 3,549,895 | 4.7953 GBP | 4.7150 GBP |
| 32 17/19p ordinary | PURCHASES | 4,128,062 | 4.7968 GBP | 4.7170 GBP |
| 32 17/19p ordinary | PURCHASES | 22,610 | 5.6300 EUR | 5.6300 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 | 37,494 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,152 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 38,686 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 30 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 12,257 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,769 | 4.7198 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 11,168 | 4.7379 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 34,161 | 4.7379 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 45,260 | 4.7474 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,639 | 4.7507 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,271 | 4.7511 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 10,805 | 4.7548 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 15,018 | 4.7557 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,303 | 4.7570 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 68,641 | 4.7592 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 29,976 | 4.7604 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 19,860 | 4.7688 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,937 | 4.7712 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,539 | 4.7760 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,544 | 4.7770 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 215,025 | 4.7771 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,512 | 4.7804 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 622 | 4.7860 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 16,872 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,075 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 408 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 300 | 4.7184 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 486 | 4.7190 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,865 | 4.7209 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 47,937 | 4.7225 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 27,800 | 4.7246 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 23 | 4.7254 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,442 | 4.7279 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 50,401 | 4.7348 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 345,300 | 4.7417 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 36,691 | 4.7423 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,189 | 4.7430 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 228 | 4.7430 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 164 | 4.7430 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 24,433 | 4.7469 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 27,891 | 4.7475 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,063 | 4.7483 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 377,130 | 4.7484 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 14,425 | 4.7506 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,697 | 4.7525 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 107,888 | 4.7531 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 939 | 4.7550 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,200 | 4.7598 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 15,900 | 4.7629 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 22,651 | 4.7635 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,084 | 4.7651 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 15,840 | 4.7651 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,049 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 54 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 171,321 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 14,212 | 4.7192 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 22,610 | 4.7198 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,576 | 4.7209 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,417 | 4.7355 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,865 | 4.7417 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,720 | 4.7417 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 50,984 | 4.7417 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,238 | 4.7417 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,157 | 4.7417 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 19,860 | 4.7423 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 15,201 | 4.7447 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 36,031 | 4.7447 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 107,066 | 4.7447 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,013 | 4.7447 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,016 | 4.7447 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 172 | 4.7449 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 288 | 4.7454 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 334 | 4.7466 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,807 | 4.7531 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,460 | 4.7570 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,603 | 4.7593 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 45,260 | 4.7600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,544 | 4.7663 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,645 | 4.7968 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,600 | 4.7176 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 203,098 | 4.7180 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,027 | 4.7182 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,783 | 4.7189 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 52,804 | 4.7359 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,647 | 4.7384 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 38,618 | 4.7414 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,602 | 4.7414 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,158 | 4.7515 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 107,888 | 4.7548 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 31,854 | 4.7576 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,990 | 4.7598 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,519 | 4.7699 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,984 | 4.7718 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,327 | 4.7760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17 | 4.7780 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 711 | 4.7864 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: | 14 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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