30th Jun 2025 10:37
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: | 27 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 | SALES | 1,701,620 | 6.2260 GBP | 6.1800 GBP |
32 17/19p ordinary | PURCHASES | 1,509,906 | 6.2280 GBP | 6.1860 GBP |
32 17/19p ordinary | PURCHASES | 18,524 | 7.2682 EUR | 7.2682 EUR |
32 17/19p ordinary | SALES | 5,511 | 8.5205 USD | 8.5205 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 | 14,554 | 6.1980 GBP |
32 17/19p ordinary | CFD | increasing a long position | 19 | 6.2028 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,141 | 6.2028 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,547 | 6.2061 GBP |
32 17/19p ordinary | CFD | increasing a long position | 77,380 | 6.2084 GBP |
32 17/19p ordinary | CFD | increasing a long position | 24,700 | 6.2086 GBP |
32 17/19p ordinary | CFD | increasing a long position | 46,100 | 6.2086 GBP |
32 17/19p ordinary | CFD | increasing a long position | 5,300 | 6.2086 GBP |
32 17/19p ordinary | CFD | increasing a long position | 182,700 | 6.2086 GBP |
32 17/19p ordinary | CFD | increasing a long position | 58,900 | 6.2086 GBP |
32 17/19p ordinary | CFD | increasing a long position | 8,740 | 6.2095 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,353 | 6.2098 GBP |
32 17/19p ordinary | CFD | increasing a long position | 846 | 6.2098 GBP |
32 17/19p ordinary | CFD | increasing a long position | 84,200 | 6.2102 GBP |
32 17/19p ordinary | CFD | increasing a long position | 10,874 | 6.2102 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,118 | 6.2102 GBP |
32 17/19p ordinary | CFD | increasing a long position | 10,699 | 6.2118 GBP |
32 17/19p ordinary | CFD | increasing a long position | 102 | 6.2119 GBP |
32 17/19p ordinary | CFD | increasing a long position | 6,134 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a long position | 30,947 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a long position | 336 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,540 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a long position | 1,634 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a long position | 2,126 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a long position | 383 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a long position | 3,722 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a long position | 275 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a long position | 7,046 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a long position | 32 | 6.2129 GBP |
32 17/19p ordinary | CFD | increasing a long position | 2 | 6.2140 GBP |
32 17/19p ordinary | CFD | increasing a long position | 2,390 | 6.2185 GBP |
32 17/19p ordinary | CFD | increasing a short position | 1,187 | 6.1900 GBP |
32 17/19p ordinary | CFD | increasing a short position | 3,820 | 6.2059 GBP |
32 17/19p ordinary | CFD | increasing a short position | 8,278 | 6.2068 GBP |
32 17/19p ordinary | CFD | increasing a short position | 6,524 | 6.2096 GBP |
32 17/19p ordinary | CFD | increasing a short position | 1,539 | 6.2098 GBP |
32 17/19p ordinary | CFD | increasing a short position | 385 | 6.2099 GBP |
32 17/19p ordinary | CFD | increasing a short position | 2,794 | 6.2100 GBP |
32 17/19p ordinary | CFD | increasing a short position | 24,261 | 6.2114 GBP |
32 17/19p ordinary | CFD | increasing a short position | 6,115 | 6.2114 GBP |
32 17/19p ordinary | CFD | increasing a short position | 2,146 | 6.2115 GBP |
32 17/19p ordinary | CFD | increasing a short position | 102,571 | 6.2120 GBP |
32 17/19p ordinary | CFD | increasing a short position | 35,682 | 6.2128 GBP |
32 17/19p ordinary | CFD | increasing a short position | 246 | 6.2220 GBP |
32 17/19p ordinary | CFD | reducing a long position | 153 | 6.1900 GBP |
32 17/19p ordinary | CFD | reducing a long position | 95 | 6.1900 GBP |
32 17/19p ordinary | CFD | reducing a long position | 6,647 | 6.1928 GBP |
32 17/19p ordinary | CFD | reducing a long position | 3,050 | 6.1998 GBP |
32 17/19p ordinary | CFD | reducing a long position | 22,040 | 6.2016 GBP |
32 17/19p ordinary | CFD | reducing a long position | 1,182 | 6.2023 GBP |
32 17/19p ordinary | CFD | reducing a long position | 76,168 | 6.2051 GBP |
32 17/19p ordinary | CFD | reducing a long position | 33,415 | 6.2059 GBP |
32 17/19p ordinary | CFD | reducing a long position | 276 | 6.2060 GBP |
32 17/19p ordinary | CFD | reducing a long position | 7,676 | 6.2077 GBP |
32 17/19p ordinary | CFD | reducing a long position | 5,443 | 6.2077 GBP |
32 17/19p ordinary | CFD | reducing a long position | 4,813 | 6.2093 GBP |
32 17/19p ordinary | CFD | reducing a long position | 3,010 | 6.2093 GBP |
32 17/19p ordinary | CFD | reducing a long position | 31,191 | 6.2098 GBP |
32 17/19p ordinary | CFD | reducing a long position | 2,543 | 6.2099 GBP |
32 17/19p ordinary | CFD | reducing a long position | 7,631 | 6.2099 GBP |
32 17/19p ordinary | CFD | reducing a long position | 42,992 | 6.2099 GBP |
32 17/19p ordinary | CFD | reducing a long position | 13,175 | 6.2103 GBP |
32 17/19p ordinary | CFD | reducing a long position | 23,800 | 6.2103 GBP |
32 17/19p ordinary | CFD | reducing a long position | 18,524 | 6.2104 GBP |
32 17/19p ordinary | CFD | reducing a long position | 37 | 6.2117 GBP |
32 17/19p ordinary | CFD | reducing a long position | 8,699 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a long position | 1,245 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a long position | 123 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a long position | 1,221 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a long position | 12 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a long position | 10,699 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a long position | 333 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a long position | 1,953 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a long position | 5,949 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a long position | 309 | 6.2125 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,313 | 6.1926 GBP |
32 17/19p ordinary | CFD | reducing a short position | 7,989 | 6.1926 GBP |
32 17/19p ordinary | CFD | reducing a short position | 36,814 | 6.1929 GBP |
32 17/19p ordinary | CFD | reducing a short position | 53,958 | 6.1929 GBP |
32 17/19p ordinary | CFD | reducing a short position | 287 | 6.2006 GBP |
32 17/19p ordinary | CFD | reducing a short position | 3 | 6.2033 GBP |
32 17/19p ordinary | CFD | reducing a short position | 344 | 6.2038 GBP |
32 17/19p ordinary | CFD | reducing a short position | 182 | 6.2039 GBP |
32 17/19p ordinary | CFD | reducing a short position | 505 | 6.2045 GBP |
32 17/19p ordinary | CFD | reducing a short position | 273 | 6.2051 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,040 | 6.2051 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,297 | 6.2051 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,255 | 6.2051 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,527 | 6.2053 GBP |
32 17/19p ordinary | CFD | reducing a short position | 210 | 6.2079 GBP |
32 17/19p ordinary | CFD | reducing a short position | 75 | 6.2079 GBP |
32 17/19p ordinary | CFD | reducing a short position | 11,993 | 6.2079 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,397 | 6.2090 GBP |
32 17/19p ordinary | CFD | reducing a short position | 142,691 | 6.2090 GBP |
32 17/19p ordinary | CFD | reducing a short position | 5,313 | 6.2090 GBP |
32 17/19p ordinary | CFD | reducing a short position | 5,511 | 6.2101 GBP |
32 17/19p ordinary | CFD | reducing a short position | 18,489 | 6.2104 GBP |
32 17/19p ordinary | CFD | reducing a short position | 495 | 6.2115 GBP |
32 17/19p ordinary | CFD | reducing a short position | 37,195 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a short position | 193 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a short position | 3,820 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,187 | 6.2120 GBP |
32 17/19p ordinary | CFD | reducing a short position | 245 | 6.2124 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: | 30 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.