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: | 13 March 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 | 3,252,050 | 5.4560 GBP | 5.3780 GBP |
| 32 17/19p ordinary | SALES | 4,200,250 | 5.4560 GBP | 5.3780 GBP |
| 32 17/19p ordinary | SALES | 103,764 | 6.4805 EUR | 6.4805 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 | 42,883 | 5.4347 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 773 | 5.4387 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 293 | 5.4387 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,926 | 5.4387 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,022 | 5.4387 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 21,504 | 5.4394 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 20,379 | 5.4395 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,124 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 48,083 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 45,133 | 5.4405 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 171,064 | 5.4407 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,200 | 5.4420 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 300 | 5.4420 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,567 | 5.4420 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 37,027 | 5.4420 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 60,651 | 5.4421 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,375 | 5.4421 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 20,703 | 5.4421 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 478 | 5.4430 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 18,003 | 5.4433 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 30,358 | 5.4436 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 10,672 | 5.4445 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 20,908 | 5.4459 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 73,799 | 5.4470 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 419 | 5.4489 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,479 | 5.3876 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 17,420 | 5.4008 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,326 | 5.4050 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,153 | 5.4272 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,190 | 5.4335 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 29,588 | 5.4343 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 25,216 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 12,017 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 377,181 | 5.4412 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 92,092 | 5.4422 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 23,910 | 5.4428 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 54,787 | 5.4473 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 36,854 | 5.4343 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,732 | 5.4396 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 59,614 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,387 | 5.4454 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1 | 5.4480 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,209 | 5.3780 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,479 | 5.3946 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 22 | 5.4002 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 401 | 5.4225 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6 | 5.4233 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 498 | 5.4251 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 428 | 5.4251 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 496 | 5.4264 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 19,869 | 5.4338 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,538 | 5.4338 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,220 | 5.4377 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13,910 | 5.4388 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,640 | 5.4388 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 114 | 5.4388 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12 | 5.4388 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 46,580 | 5.4388 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 160 | 5.4388 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,686 | 5.4389 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 31,297 | 5.4389 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 395 | 5.4395 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 22,753 | 5.4396 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 83,739 | 5.4398 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 18,595 | 5.4398 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 23,941 | 5.4399 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 29,603 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 312 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 27,054 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,017 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 692 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 19,745 | 5.4400 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 103,764 | 5.4404 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 628 | 5.4405 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5 | 5.4406 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 69,400 | 5.4407 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,086 | 5.4410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 54,962 | 5.4410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 37,239 | 5.4419 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 34,903 | 5.4420 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,343 | 5.4421 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 29,588 | 5.4421 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 31,700 | 5.4429 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 22,381 | 5.4432 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 68,958 | 5.4440 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 67,566 | 5.4441 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 228 | 5.4442 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,731 | 5.4445 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,200 | 5.4450 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 310 | 5.4458 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 92,092 | 5.4463 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 176 | 5.4474 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17,779 | 5.4477 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 105 | 5.4480 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 87,947 | 5.4493 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 25,216 | 5.4500 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11 | 5.4533 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 March 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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
