16th Jun 2025 10:26
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 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 | 3,215,950 | 6.0592 GBP | 5.9860 GBP |
32 17/19p ordinary | SALES | 2,644,587 | 6.0600 GBP | 5.9880 GBP |
32 17/19p ordinary | PURCHASES | 24,544 | 7.1231 EUR | 7.1231 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 | 839 | 6.0103 GBP |
32 17/19p ordinary | CFD | increasing a long position | 389 | 6.0167 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,161 | 6.0167 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,005 | 6.0225 GBP |
32 17/19p ordinary | CFD | increasing a long position | 223 | 6.0251 GBP |
32 17/19p ordinary | CFD | increasing a long position | 11,063 | 6.0251 GBP |
32 17/19p ordinary | CFD | increasing a long position | 400 | 6.0289 GBP |
32 17/19p ordinary | CFD | increasing a long position | 800 | 6.0389 GBP |
32 17/19p ordinary | CFD | increasing a long position | 200 | 6.0390 GBP |
32 17/19p ordinary | CFD | increasing a long position | 700 | 6.0399 GBP |
32 17/19p ordinary | CFD | increasing a long position | 2,583 | 6.0412 GBP |
32 17/19p ordinary | CFD | increasing a long position | 32,762 | 6.0473 GBP |
32 17/19p ordinary | CFD | increasing a long position | 3,776 | 6.0480 GBP |
32 17/19p ordinary | CFD | increasing a long position | 4,646 | 6.0531 GBP |
32 17/19p ordinary | CFD | increasing a long position | 3,587 | 6.0554 GBP |
32 17/19p ordinary | CFD | increasing a long position | 6,480 | 6.0554 GBP |
32 17/19p ordinary | CFD | increasing a long position | 890 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 4 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 935 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 124 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 5,734 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 473 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a long position | 2 | 6.0600 GBP |
32 17/19p ordinary | CFD | increasing a short position | 1,786 | 6.0082 GBP |
32 17/19p ordinary | CFD | increasing a short position | 43,263 | 6.0111 GBP |
32 17/19p ordinary | CFD | increasing a short position | 4,046 | 6.0124 GBP |
32 17/19p ordinary | CFD | increasing a short position | 15,196 | 6.0131 GBP |
32 17/19p ordinary | CFD | increasing a short position | 49,406 | 6.0182 GBP |
32 17/19p ordinary | CFD | increasing a short position | 14,049 | 6.0188 GBP |
32 17/19p ordinary | CFD | increasing a short position | 3,822 | 6.0228 GBP |
32 17/19p ordinary | CFD | increasing a short position | 8,345 | 6.0310 GBP |
32 17/19p ordinary | CFD | increasing a short position | 11,326 | 6.0339 GBP |
32 17/19p ordinary | CFD | increasing a short position | 60 | 6.0413 GBP |
32 17/19p ordinary | CFD | increasing a short position | 236 | 6.0413 GBP |
32 17/19p ordinary | CFD | increasing a short position | 14,942 | 6.0413 GBP |
32 17/19p ordinary | CFD | increasing a short position | 15 | 6.0413 GBP |
32 17/19p ordinary | CFD | increasing a short position | 324 | 6.0433 GBP |
32 17/19p ordinary | CFD | increasing a short position | 369 | 6.0459 GBP |
32 17/19p ordinary | CFD | increasing a short position | 592 | 6.0459 GBP |
32 17/19p ordinary | CFD | increasing a short position | 554 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a short position | 5,051 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a short position | 15,894 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a short position | 1,581 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a short position | 104,400 | 6.0580 GBP |
32 17/19p ordinary | CFD | increasing a short position | 71,637 | 6.0580 GBP |
32 17/19p ordinary | CFD | reducing a long position | 28,670 | 5.9953 GBP |
32 17/19p ordinary | CFD | reducing a long position | 988 | 5.9983 GBP |
32 17/19p ordinary | CFD | reducing a long position | 359 | 6.0120 GBP |
32 17/19p ordinary | CFD | reducing a long position | 3,778 | 6.0129 GBP |
32 17/19p ordinary | CFD | reducing a long position | 4,593 | 6.0131 GBP |
32 17/19p ordinary | CFD | reducing a long position | 1,615 | 6.0145 GBP |
32 17/19p ordinary | CFD | reducing a long position | 925 | 6.0154 GBP |
32 17/19p ordinary | CFD | reducing a long position | 707 | 6.0155 GBP |
32 17/19p ordinary | CFD | reducing a long position | 133 | 6.0165 GBP |
32 17/19p ordinary | CFD | reducing a long position | 501 | 6.0210 GBP |
32 17/19p ordinary | CFD | reducing a long position | 29,058 | 6.0265 GBP |
32 17/19p ordinary | CFD | reducing a long position | 2,140 | 6.0292 GBP |
32 17/19p ordinary | CFD | reducing a long position | 20,814 | 6.0292 GBP |
32 17/19p ordinary | CFD | reducing a long position | 510 | 6.0294 GBP |
32 17/19p ordinary | CFD | reducing a long position | 287 | 6.0363 GBP |
32 17/19p ordinary | CFD | reducing a long position | 8,421 | 6.0404 GBP |
32 17/19p ordinary | CFD | reducing a long position | 8,016 | 6.0404 GBP |
32 17/19p ordinary | CFD | reducing a long position | 119,900 | 6.0434 GBP |
32 17/19p ordinary | CFD | reducing a long position | 17,190 | 6.0435 GBP |
32 17/19p ordinary | CFD | reducing a long position | 2,535 | 6.0459 GBP |
32 17/19p ordinary | CFD | reducing a long position | 4,055 | 6.0459 GBP |
32 17/19p ordinary | CFD | reducing a long position | 7 | 6.0466 GBP |
32 17/19p ordinary | CFD | reducing a long position | 15,351 | 6.0475 GBP |
32 17/19p ordinary | CFD | reducing a long position | 1,784 | 6.0475 GBP |
32 17/19p ordinary | CFD | reducing a long position | 7,241 | 6.0524 GBP |
32 17/19p ordinary | CFD | reducing a long position | 5,478 | 6.0534 GBP |
32 17/19p ordinary | CFD | reducing a long position | 53,520 | 6.0544 GBP |
32 17/19p ordinary | CFD | reducing a long position | 24,544 | 6.0554 GBP |
32 17/19p ordinary | CFD | reducing a long position | 5 | 6.0580 GBP |
32 17/19p ordinary | CFD | reducing a long position | 5,453 | 6.0580 GBP |
32 17/19p ordinary | CFD | reducing a long position | 4,384 | 6.0584 GBP |
32 17/19p ordinary | CFD | reducing a long position | 100 | 6.0585 GBP |
32 17/19p ordinary | CFD | reducing a long position | 13,100 | 6.0585 GBP |
32 17/19p ordinary | CFD | reducing a long position | 4,200 | 6.0585 GBP |
32 17/19p ordinary | CFD | reducing a long position | 38 | 6.0587 GBP |
32 17/19p ordinary | CFD | reducing a long position | 21 | 6.0590 GBP |
32 17/19p ordinary | CFD | reducing a long position | 11 | 6.0591 GBP |
32 17/19p ordinary | CFD | reducing a short position | 188 | 6.0240 GBP |
32 17/19p ordinary | CFD | reducing a short position | 117 | 6.0241 GBP |
32 17/19p ordinary | CFD | reducing a short position | 586 | 6.0267 GBP |
32 17/19p ordinary | CFD | reducing a short position | 275 | 6.0286 GBP |
32 17/19p ordinary | CFD | reducing a short position | 27,106 | 6.0292 GBP |
32 17/19p ordinary | CFD | reducing a short position | 5,981 | 6.0294 GBP |
32 17/19p ordinary | CFD | reducing a short position | 3,854 | 6.0349 GBP |
32 17/19p ordinary | CFD | reducing a short position | 4,967 | 6.0422 GBP |
32 17/19p ordinary | CFD | reducing a short position | 14,711 | 6.0508 GBP |
32 17/19p ordinary | CFD | reducing a short position | 8,345 | 6.0580 GBP |
32 17/19p ordinary | CFD | reducing a short position | 5,304 | 6.0580 GBP |
32 17/19p ordinary | CFD | reducing a short position | 225 | 6.0580 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 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