19th Jun 2025 10:27
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: | 18 June 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 | 2,907,805 | 6.1800 GBP | 6.0459 GBP |
32 17/19p ordinary | SALES | 1,437,052 | 6.1820 GBP | 6.0540 GBP |
32 17/19p ordinary | SALES | 34,209 | 7.2009 EUR | 7.2009 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 | 148 | 6.0719 GBP |
32 17/19p ordinary | CFD | increasing a long position | 2,181 | 6.0968 GBP |
32 17/19p ordinary | CFD | increasing a long position | 11,263 | 6.1111 GBP |
32 17/19p ordinary | CFD | increasing a long position | 7,563 | 6.1122 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,430 | 6.1189 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,841 | 6.1246 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,324 | 6.1300 GBP |
32 17/19p ordinary | CFD | increasing a long position | 897 | 6.1335 GBP |
32 17/19p ordinary | CFD | increasing a long position | 49,046 | 6.1434 GBP |
32 17/19p ordinary | CFD | increasing a long position | 19,901 | 6.1519 GBP |
32 17/19p ordinary | CFD | increasing a long position | 31,831 | 6.1519 GBP |
32 17/19p ordinary | CFD | increasing a long position | 28,026 | 6.1556 GBP |
32 17/19p ordinary | CFD | increasing a long position | 22,219 | 6.1576 GBP |
32 17/19p ordinary | CFD | increasing a long position | 91,727 | 6.1580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 5,425 | 6.1580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 150 | 6.1580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 107,576 | 6.1580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 3,392 | 6.1580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 19,365 | 6.1580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 579 | 6.1580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 6,041 | 6.1580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 10,005 | 6.1580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 61 | 6.1583 GBP |
32 17/19p ordinary | CFD | increasing a long position | 2,666 | 6.1592 GBP |
32 17/19p ordinary | CFD | increasing a long position | 34,209 | 6.1595 GBP |
32 17/19p ordinary | CFD | increasing a long position | 46,983 | 6.1608 GBP |
32 17/19p ordinary | CFD | increasing a long position | 41,133 | 6.1609 GBP |
32 17/19p ordinary | CFD | increasing a long position | 2,804 | 6.1633 GBP |
32 17/19p ordinary | CFD | increasing a long position | 5,066 | 6.1633 GBP |
32 17/19p ordinary | CFD | increasing a long position | 3 | 6.1633 GBP |
32 17/19p ordinary | CFD | increasing a long position | 33,754 | 6.1636 GBP |
32 17/19p ordinary | CFD | increasing a long position | 10,640 | 6.1645 GBP |
32 17/19p ordinary | CFD | increasing a long position | 18 | 6.1769 GBP |
32 17/19p ordinary | CFD | increasing a short position | 6,089 | 6.0903 GBP |
32 17/19p ordinary | CFD | increasing a short position | 2,597 | 6.0908 GBP |
32 17/19p ordinary | CFD | increasing a short position | 83 | 6.0961 GBP |
32 17/19p ordinary | CFD | increasing a short position | 2 | 6.1000 GBP |
32 17/19p ordinary | CFD | increasing a short position | 154 | 6.1140 GBP |
32 17/19p ordinary | CFD | increasing a short position | 48 | 6.1150 GBP |
32 17/19p ordinary | CFD | increasing a short position | 6,900 | 6.1261 GBP |
32 17/19p ordinary | CFD | increasing a short position | 27,000 | 6.1269 GBP |
32 17/19p ordinary | CFD | increasing a short position | 157,694 | 6.1342 GBP |
32 17/19p ordinary | CFD | increasing a short position | 633 | 6.1403 GBP |
32 17/19p ordinary | CFD | increasing a short position | 731 | 6.1422 GBP |
32 17/19p ordinary | CFD | increasing a short position | 1 | 6.1484 GBP |
32 17/19p ordinary | CFD | increasing a short position | 783 | 6.1501 GBP |
32 17/19p ordinary | CFD | increasing a short position | 5,758 | 6.1531 GBP |
32 17/19p ordinary | CFD | increasing a short position | 337,113 | 6.1546 GBP |
32 17/19p ordinary | CFD | increasing a short position | 359,288 | 6.1580 GBP |
32 17/19p ordinary | CFD | increasing a short position | 49,866 | 6.1585 GBP |
32 17/19p ordinary | CFD | increasing a short position | 47 | 6.1585 GBP |
32 17/19p ordinary | CFD | increasing a short position | 821 | 6.1585 GBP |
32 17/19p ordinary | CFD | increasing a short position | 232 | 6.1585 GBP |
32 17/19p ordinary | CFD | increasing a short position | 38,008 | 6.1633 GBP |
32 17/19p ordinary | CFD | increasing a short position | 6,148 | 6.1633 GBP |
32 17/19p ordinary | CFD | increasing a short position | 12,951 | 6.1633 GBP |
32 17/19p ordinary | CFD | increasing a short position | 23,893 | 6.1633 GBP |
32 17/19p ordinary | CFD | increasing a short position | 143,691 | 6.1633 GBP |
32 17/19p ordinary | CFD | reducing a long position | 523 | 6.1136 GBP |
32 17/19p ordinary | CFD | reducing a long position | 23,200 | 6.1398 GBP |
32 17/19p ordinary | CFD | reducing a long position | 550,200 | 6.1398 GBP |
32 17/19p ordinary | CFD | reducing a long position | 4,903 | 6.1409 GBP |
32 17/19p ordinary | CFD | reducing a long position | 21,991 | 6.1422 GBP |
32 17/19p ordinary | CFD | reducing a long position | 404 | 6.1464 GBP |
32 17/19p ordinary | CFD | reducing a long position | 2,275 | 6.1473 GBP |
32 17/19p ordinary | CFD | reducing a long position | 1,365 | 6.1484 GBP |
32 17/19p ordinary | CFD | reducing a long position | 12,075 | 6.1493 GBP |
32 17/19p ordinary | CFD | reducing a long position | 27,128 | 6.1501 GBP |
32 17/19p ordinary | CFD | reducing a long position | 26,576 | 6.1534 GBP |
32 17/19p ordinary | CFD | reducing a long position | 2,733 | 6.1534 GBP |
32 17/19p ordinary | CFD | reducing a long position | 296,200 | 6.1547 GBP |
32 17/19p ordinary | CFD | reducing a long position | 11,349 | 6.1580 GBP |
32 17/19p ordinary | CFD | reducing a long position | 6,186 | 6.1591 GBP |
32 17/19p ordinary | CFD | reducing a long position | 5,698 | 6.1593 GBP |
32 17/19p ordinary | CFD | reducing a long position | 22,345 | 6.1623 GBP |
32 17/19p ordinary | CFD | reducing a long position | 6,805 | 6.1633 GBP |
32 17/19p ordinary | CFD | reducing a long position | 1 | 6.1740 GBP |
32 17/19p ordinary | CFD | reducing a short position | 922 | 6.1178 GBP |
32 17/19p ordinary | CFD | reducing a short position | 821 | 6.1188 GBP |
32 17/19p ordinary | CFD | reducing a short position | 73 | 6.1259 GBP |
32 17/19p ordinary | CFD | reducing a short position | 7,237 | 6.1324 GBP |
32 17/19p ordinary | CFD | reducing a short position | 35,420 | 6.1408 GBP |
32 17/19p ordinary | CFD | reducing a short position | 24,166 | 6.1408 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,518 | 6.1408 GBP |
32 17/19p ordinary | CFD | reducing a short position | 5,245 | 6.1408 GBP |
32 17/19p ordinary | CFD | reducing a short position | 783 | 6.1434 GBP |
32 17/19p ordinary | CFD | reducing a short position | 5,823 | 6.1496 GBP |
32 17/19p ordinary | CFD | reducing a short position | 11,885 | 6.1509 GBP |
32 17/19p ordinary | CFD | reducing a short position | 75,936 | 6.1526 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,444 | 6.1538 GBP |
32 17/19p ordinary | CFD | reducing a short position | 55,285 | 6.1555 GBP |
32 17/19p ordinary | CFD | reducing a short position | 378 | 6.1575 GBP |
32 17/19p ordinary | CFD | reducing a short position | 147 | 6.1580 GBP |
32 17/19p ordinary | CFD | reducing a short position | 34,162 | 6.1585 GBP |
32 17/19p ordinary | CFD | reducing a short position | 3,575 | 6.1586 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: | 19 June 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.
Related Shares:
Aviva