26th Feb 2025 08:30
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: | 25 February 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 | 3,268,493 | 5.0900 GBP | 5.0000 GBP |
32 17/19p ordinary | SALES | 2,685,061 | 5.0904 GBP | 4.9940 GBP |
32 17/19p ordinary | SALES | 65,238 | 6.1167 EUR | 6.1167 EUR |
32 17/19p ordinary | SALES | 85,585 | 6.4140 USD | 6.4140 USD |
(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 | 180,621 | 5.0502 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,910 | 5.0569 GBP |
32 17/19p ordinary | CFD | increasing a long position | 12,432 | 5.0695 GBP |
32 17/19p ordinary | CFD | increasing a long position | 9,315 | 5.0749 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,189 | 5.0759 GBP |
32 17/19p ordinary | CFD | increasing a long position | 15,901 | 5.0770 GBP |
32 17/19p ordinary | CFD | increasing a long position | 39,228 | 5.0775 GBP |
32 17/19p ordinary | CFD | increasing a long position | 16,502 | 5.0775 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,045 | 5.0789 GBP |
32 17/19p ordinary | CFD | increasing a long position | 7,320 | 5.0819 GBP |
32 17/19p ordinary | CFD | increasing a short position | 596 | 5.0000 GBP |
32 17/19p ordinary | CFD | increasing a short position | 434 | 5.0100 GBP |
32 17/19p ordinary | CFD | increasing a short position | 156 | 5.0281 GBP |
32 17/19p ordinary | CFD | increasing a short position | 11,982 | 5.0359 GBP |
32 17/19p ordinary | CFD | increasing a short position | 4,495 | 5.0412 GBP |
32 17/19p ordinary | CFD | increasing a short position | 12,476 | 5.0559 GBP |
32 17/19p ordinary | CFD | increasing a short position | 6,852 | 5.0577 GBP |
32 17/19p ordinary | CFD | increasing a short position | 3,026 | 5.0614 GBP |
32 17/19p ordinary | CFD | increasing a short position | 107,537 | 5.0644 GBP |
32 17/19p ordinary | CFD | increasing a short position | 14,199 | 5.0652 GBP |
32 17/19p ordinary | CFD | increasing a short position | 91,480 | 5.0655 GBP |
32 17/19p ordinary | CFD | increasing a short position | 13,094 | 5.0677 GBP |
32 17/19p ordinary | CFD | increasing a short position | 3,313 | 5.0686 GBP |
32 17/19p ordinary | CFD | increasing a short position | 10,106 | 5.0686 GBP |
32 17/19p ordinary | CFD | increasing a short position | 56,796 | 5.0688 GBP |
32 17/19p ordinary | CFD | increasing a short position | 726 | 5.0689 GBP |
32 17/19p ordinary | CFD | increasing a short position | 537 | 5.0689 GBP |
32 17/19p ordinary | CFD | increasing a short position | 189 | 5.0689 GBP |
32 17/19p ordinary | CFD | increasing a short position | 200 | 5.0710 GBP |
32 17/19p ordinary | CFD | increasing a short position | 66,900 | 5.0713 GBP |
32 17/19p ordinary | CFD | increasing a short position | 1,951 | 5.0724 GBP |
32 17/19p ordinary | CFD | increasing a short position | 16,592 | 5.0724 GBP |
32 17/19p ordinary | CFD | increasing a short position | 352 | 5.0730 GBP |
32 17/19p ordinary | CFD | increasing a short position | 5,506 | 5.0739 GBP |
32 17/19p ordinary | CFD | increasing a short position | 35,266 | 5.0740 GBP |
32 17/19p ordinary | CFD | increasing a short position | 25,105 | 5.0742 GBP |
32 17/19p ordinary | CFD | increasing a short position | 92,542 | 5.0758 GBP |
32 17/19p ordinary | CFD | increasing a short position | 42,112 | 5.0758 GBP |
32 17/19p ordinary | CFD | increasing a short position | 88 | 5.0775 GBP |
32 17/19p ordinary | CFD | increasing a short position | 1,744 | 5.0783 GBP |
32 17/19p ordinary | CFD | increasing a short position | 225 | 5.0809 GBP |
32 17/19p ordinary | CFD | increasing a short position | 112 | 5.0820 GBP |
32 17/19p ordinary | CFD | increasing a short position | 772 | 5.0820 GBP |
32 17/19p ordinary | CFD | increasing a short position | 39,109 | 5.0820 GBP |
32 17/19p ordinary | CFD | increasing a short position | 15,051 | 5.0841 GBP |
32 17/19p ordinary | CFD | reducing a long position | 7,308 | 5.0349 GBP |
32 17/19p ordinary | CFD | reducing a long position | 12 | 5.0414 GBP |
32 17/19p ordinary | CFD | reducing a long position | 1,189 | 5.0559 GBP |
32 17/19p ordinary | CFD | reducing a long position | 8,880 | 5.0577 GBP |
32 17/19p ordinary | CFD | reducing a long position | 2,803 | 5.0577 GBP |
32 17/19p ordinary | CFD | reducing a long position | 5,726 | 5.0577 GBP |
32 17/19p ordinary | CFD | reducing a long position | 64,493 | 5.0577 GBP |
32 17/19p ordinary | CFD | reducing a long position | 17,327 | 5.0577 GBP |
32 17/19p ordinary | CFD | reducing a long position | 5,270 | 5.0723 GBP |
32 17/19p ordinary | CFD | reducing a long position | 222,959 | 5.0725 GBP |
32 17/19p ordinary | CFD | reducing a long position | 13,926 | 5.0739 GBP |
32 17/19p ordinary | CFD | reducing a long position | 2,253 | 5.0739 GBP |
32 17/19p ordinary | CFD | reducing a long position | 4,602 | 5.0739 GBP |
32 17/19p ordinary | CFD | reducing a long position | 51,834 | 5.0739 GBP |
32 17/19p ordinary | CFD | reducing a long position | 7,138 | 5.0739 GBP |
32 17/19p ordinary | CFD | reducing a long position | 19,803 | 5.0783 GBP |
32 17/19p ordinary | CFD | reducing a long position | 2,196 | 5.0836 GBP |
32 17/19p ordinary | CFD | reducing a long position | 8,113 | 5.0836 GBP |
32 17/19p ordinary | CFD | reducing a long position | 141,643 | 5.0841 GBP |
32 17/19p ordinary | CFD | reducing a long position | 38,057 | 5.0841 GBP |
32 17/19p ordinary | CFD | reducing a long position | 12,578 | 5.0841 GBP |
32 17/19p ordinary | CFD | reducing a long position | 6,158 | 5.0841 GBP |
32 17/19p ordinary | CFD | reducing a long position | 19,506 | 5.0841 GBP |
32 17/19p ordinary | CFD | reducing a short position | 578 | 5.0000 GBP |
32 17/19p ordinary | CFD | reducing a short position | 434 | 5.0256 GBP |
32 17/19p ordinary | CFD | reducing a short position | 4,495 | 5.0344 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,168 | 5.0349 GBP |
32 17/19p ordinary | CFD | reducing a short position | 68,733 | 5.0565 GBP |
32 17/19p ordinary | CFD | reducing a short position | 32,642 | 5.0565 GBP |
32 17/19p ordinary | CFD | reducing a short position | 489 | 5.0640 GBP |
32 17/19p ordinary | CFD | reducing a short position | 13,900 | 5.0684 GBP |
32 17/19p ordinary | CFD | reducing a short position | 108,196 | 5.0695 GBP |
32 17/19p ordinary | CFD | reducing a short position | 228 | 5.0704 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,390 | 5.0710 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,300 | 5.0720 GBP |
32 17/19p ordinary | CFD | reducing a short position | 600 | 5.0720 GBP |
32 17/19p ordinary | CFD | reducing a short position | 19,800 | 5.0720 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,700 | 5.0720 GBP |
32 17/19p ordinary | CFD | reducing a short position | 7,141 | 5.0754 GBP |
32 17/19p ordinary | CFD | reducing a short position | 14,780 | 5.0759 GBP |
32 17/19p ordinary | CFD | reducing a short position | 31,102 | 5.0764 GBP |
32 17/19p ordinary | CFD | reducing a short position | 76,000 | 5.0768 GBP |
32 17/19p ordinary | CFD | reducing a short position | 65,238 | 5.0777 GBP |
32 17/19p ordinary | CFD | reducing a short position | 17,616 | 5.0779 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,031 | 5.0784 GBP |
32 17/19p ordinary | CFD | reducing a short position | 33,241 | 5.0816 GBP |
32 17/19p ordinary | CFD | reducing a short position | 15,787 | 5.0816 GBP |
32 17/19p ordinary | CFD | reducing a short position | 30,907 | 5.0817 GBP |
32 17/19p ordinary | CFD | reducing a short position | 53,576 | 5.0819 GBP |
32 17/19p ordinary | CFD | reducing a short position | 596 | 5.0820 GBP |
32 17/19p ordinary | CFD | reducing a short position | 626 | 5.0820 GBP |
32 17/19p ordinary | CFD | reducing a short position | 456 | 5.0820 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,627 | 5.0820 GBP |
32 17/19p ordinary | CFD | reducing a short position | 629 | 5.0820 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: | 26 February 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.