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: | 15 April 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 | 2,377,253 | 5.2470 GBP | 5.1420 GBP |
| 32 17/19p ordinary | SALES | 3,605,079 | 5.2540 GBP | 5.1420 GBP |
| 32 17/19p ordinary | SALES | 54,735 | 6.1210 EUR | 6.1210 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 | 383 | 5.1420 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,169 | 5.1420 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 32,002 | 5.2097 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 90 | 5.2140 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 744 | 5.2141 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 134,176 | 5.2174 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 22,363 | 5.2174 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 220,759 | 5.2174 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 361,528 | 5.2174 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 20,642 | 5.2174 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 100,632 | 5.2174 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 35,459 | 5.2184 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 17,860 | 5.2224 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 403 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 70,102 | 5.2265 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 30,700 | 5.2274 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,826 | 5.2284 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 16,349 | 5.2316 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,278 | 5.1760 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 44 | 5.2020 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 400 | 5.2047 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 999 | 5.2065 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,125 | 5.2131 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 105,217 | 5.2133 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,939 | 5.2156 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,132 | 5.2159 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,669 | 5.2166 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,827 | 5.2187 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,046 | 5.2213 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,071 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 26,347 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 53,043 | 5.2218 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 59,425 | 5.2228 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,379 | 5.2252 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 19,508 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 282,842 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 12,518 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 93,000 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,119 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,432 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 31,700 | 5.2262 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,423 | 5.2264 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6 | 5.2267 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 566 | 5.2291 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,265 | 5.2293 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,874 | 5.2313 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7 | 5.2343 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,097 | 5.2411 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 12,140 | 5.2426 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,160 | 5.2470 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 14,600 | 5.2047 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 13,163 | 5.2099 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,269 | 5.2193 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,724 | 5.2193 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,752 | 5.2199 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 493 | 5.2199 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,932 | 5.2199 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,234 | 5.2199 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,989 | 5.2246 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,609 | 5.2252 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 604 | 5.2257 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,923 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 149 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 70 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,125 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,096 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,036 | 5.2261 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 30,363 | 5.2262 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 21,087 | 5.2268 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 316 | 5.2271 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,629 | 5.2301 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,715 | 5.2301 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6 | 5.1933 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,278 | 5.2015 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 28,189 | 5.2016 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3 | 5.2033 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,416 | 5.2070 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 65,388 | 5.2157 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,027 | 5.2175 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,831 | 5.2184 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 172 | 5.2203 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,670 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,852 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,486 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,604 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,100 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,700 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,482 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,455 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 61,070 | 5.2214 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,805 | 5.2216 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 800 | 5.2217 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 300 | 5.2217 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 18,550 | 5.2230 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,675 | 5.2238 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,338 | 5.2250 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 282,842 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,041 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13,396 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,537 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,785 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 131,118 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 93,000 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13 | 5.2260 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,214 | 5.2262 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 43,953 | 5.2264 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 105,028 | 5.2266 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 60 | 5.2273 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 343 | 5.2273 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 14,425 | 5.2274 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 19,054 | 5.2274 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 54,735 | 5.2282 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,758 | 5.2383 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 566 | 5.2397 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,017 | 5.2403 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: | 16 April 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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