28th Feb 2025 10:01
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 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 | SALES | 7,323,726 | 5.4800 GBP | 5.2500 GBP |
32 17/19p ordinary | PURCHASES | 8,202,353 | 5.4806 GBP | 5.2060 GBP |
32 17/19p ordinary | SALES | 184,047 | 6.6309 EUR | 6.6304 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 | 8 | 5.3440 GBP |
32 17/19p ordinary | CFD | increasing a long position | 446 | 5.3542 GBP |
32 17/19p ordinary | CFD | increasing a long position | 16,576 | 5.3568 GBP |
32 17/19p ordinary | CFD | increasing a long position | 134,567 | 5.3636 GBP |
32 17/19p ordinary | CFD | increasing a long position | 78 | 5.3786 GBP |
32 17/19p ordinary | CFD | increasing a long position | 65,068 | 5.3874 GBP |
32 17/19p ordinary | CFD | increasing a long position | 2,900 | 5.3969 GBP |
32 17/19p ordinary | CFD | increasing a long position | 4,900 | 5.3969 GBP |
32 17/19p ordinary | CFD | increasing a long position | 4,000 | 5.3969 GBP |
32 17/19p ordinary | CFD | increasing a long position | 300 | 5.3969 GBP |
32 17/19p ordinary | CFD | increasing a long position | 25,760 | 5.3969 GBP |
32 17/19p ordinary | CFD | increasing a long position | 151 | 5.3969 GBP |
32 17/19p ordinary | CFD | increasing a long position | 19,801 | 5.4005 GBP |
32 17/19p ordinary | CFD | increasing a long position | 60,403 | 5.4005 GBP |
32 17/19p ordinary | CFD | increasing a long position | 44,352 | 5.4164 GBP |
32 17/19p ordinary | CFD | increasing a long position | 25,458 | 5.4520 GBP |
32 17/19p ordinary | CFD | increasing a long position | 57,369 | 5.4535 GBP |
32 17/19p ordinary | CFD | increasing a long position | 47,762 | 5.4671 GBP |
32 17/19p ordinary | CFD | increasing a long position | 66,922 | 5.4677 GBP |
32 17/19p ordinary | CFD | increasing a long position | 41,634 | 5.4680 GBP |
32 17/19p ordinary | CFD | increasing a long position | 11,946 | 5.4701 GBP |
32 17/19p ordinary | CFD | increasing a short position | 1,228,384 | 5.2060 GBP |
32 17/19p ordinary | CFD | increasing a short position | 117,980 | 5.3155 GBP |
32 17/19p ordinary | CFD | increasing a short position | 2,801 | 5.3466 GBP |
32 17/19p ordinary | CFD | increasing a short position | 6,400 | 5.3746 GBP |
32 17/19p ordinary | CFD | increasing a short position | 1,926 | 5.3800 GBP |
32 17/19p ordinary | CFD | increasing a short position | 6,400 | 5.3806 GBP |
32 17/19p ordinary | CFD | increasing a short position | 658 | 5.3988 GBP |
32 17/19p ordinary | CFD | increasing a short position | 9,028 | 5.4028 GBP |
32 17/19p ordinary | CFD | increasing a short position | 3,405 | 5.4050 GBP |
32 17/19p ordinary | CFD | increasing a short position | 83 | 5.4160 GBP |
32 17/19p ordinary | CFD | increasing a short position | 2,455 | 5.4187 GBP |
32 17/19p ordinary | CFD | increasing a short position | 338,458 | 5.4196 GBP |
32 17/19p ordinary | CFD | increasing a short position | 3,165 | 5.4200 GBP |
32 17/19p ordinary | CFD | increasing a short position | 258 | 5.4224 GBP |
32 17/19p ordinary | CFD | increasing a short position | 53,404 | 5.4228 GBP |
32 17/19p ordinary | CFD | increasing a short position | 6,279 | 5.4228 GBP |
32 17/19p ordinary | CFD | increasing a short position | 517,400 | 5.4331 GBP |
32 17/19p ordinary | CFD | increasing a short position | 3,692 | 5.4386 GBP |
32 17/19p ordinary | CFD | increasing a short position | 597 | 5.4450 GBP |
32 17/19p ordinary | CFD | increasing a short position | 9,282 | 5.4559 GBP |
32 17/19p ordinary | CFD | increasing a short position | 478 | 5.4680 GBP |
32 17/19p ordinary | CFD | increasing a short position | 259 | 5.4680 GBP |
32 17/19p ordinary | CFD | increasing a short position | 3,223 | 5.4680 GBP |
32 17/19p ordinary | CFD | increasing a short position | 2,950 | 5.4681 GBP |
32 17/19p ordinary | CFD | reducing a long position | 446 | 5.3378 GBP |
32 17/19p ordinary | CFD | reducing a long position | 1,380 | 5.3401 GBP |
32 17/19p ordinary | CFD | reducing a long position | 16,576 | 5.3689 GBP |
32 17/19p ordinary | CFD | reducing a long position | 28,670 | 5.4057 GBP |
32 17/19p ordinary | CFD | reducing a long position | 2,170 | 5.4323 GBP |
32 17/19p ordinary | CFD | reducing a long position | 5,716 | 5.4498 GBP |
32 17/19p ordinary | CFD | reducing a long position | 3,452 | 5.4506 GBP |
32 17/19p ordinary | CFD | reducing a long position | 29,863 | 5.4506 GBP |
32 17/19p ordinary | CFD | reducing a long position | 349,159 | 5.4506 GBP |
32 17/19p ordinary | CFD | reducing a long position | 102,494 | 5.4510 GBP |
32 17/19p ordinary | CFD | reducing a long position | 6,187 | 5.4537 GBP |
32 17/19p ordinary | CFD | reducing a long position | 143,350 | 5.4638 GBP |
32 17/19p ordinary | CFD | reducing a long position | 170,507 | 5.4681 GBP |
32 17/19p ordinary | CFD | reducing a long position | 6,439 | 5.4683 GBP |
32 17/19p ordinary | CFD | reducing a long position | 75,290 | 5.4683 GBP |
32 17/19p ordinary | CFD | reducing a long position | 744 | 5.4683 GBP |
32 17/19p ordinary | CFD | reducing a long position | 3,227 | 5.4687 GBP |
32 17/19p ordinary | CFD | reducing a long position | 297 | 5.4734 GBP |
32 17/19p ordinary | CFD | reducing a long position | 860 | 5.4747 GBP |
32 17/19p ordinary | CFD | reducing a long position | 114,680 | 5.4806 GBP |
32 17/19p ordinary | CFD | reducing a short position | 79 | 5.3239 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,974 | 5.3440 GBP |
32 17/19p ordinary | CFD | reducing a short position | 3,692 | 5.3440 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,001 | 5.3520 GBP |
32 17/19p ordinary | CFD | reducing a short position | 64,068 | 5.3852 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,447 | 5.4005 GBP |
32 17/19p ordinary | CFD | reducing a short position | 4,416 | 5.4005 GBP |
32 17/19p ordinary | CFD | reducing a short position | 82,129 | 5.4017 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,871 | 5.4081 GBP |
32 17/19p ordinary | CFD | reducing a short position | 370,940 | 5.4140 GBP |
32 17/19p ordinary | CFD | reducing a short position | 20,087 | 5.4175 GBP |
32 17/19p ordinary | CFD | reducing a short position | 398 | 5.4191 GBP |
32 17/19p ordinary | CFD | reducing a short position | 23,286 | 5.4191 GBP |
32 17/19p ordinary | CFD | reducing a short position | 255 | 5.4191 GBP |
32 17/19p ordinary | CFD | reducing a short position | 37 | 5.4191 GBP |
32 17/19p ordinary | CFD | reducing a short position | 44,998 | 5.4214 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,807 | 5.4325 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,505 | 5.4328 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,776 | 5.4328 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,205 | 5.4328 GBP |
32 17/19p ordinary | CFD | reducing a short position | 520 | 5.4328 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,110 | 5.4328 GBP |
32 17/19p ordinary | CFD | reducing a short position | 11,912 | 5.4328 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,085 | 5.4328 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,079 | 5.4328 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,382 | 5.4328 GBP |
32 17/19p ordinary | CFD | reducing a short position | 478 | 5.4340 GBP |
32 17/19p ordinary | CFD | reducing a short position | 154,591 | 5.4373 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,768 | 5.4374 GBP |
32 17/19p ordinary | CFD | reducing a short position | 70,284 | 5.4469 GBP |
32 17/19p ordinary | CFD | reducing a short position | 983 | 5.4475 GBP |
32 17/19p ordinary | CFD | reducing a short position | 5,700 | 5.4571 GBP |
32 17/19p ordinary | CFD | reducing a short position | 95,400 | 5.4571 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,700 | 5.4571 GBP |
32 17/19p ordinary | CFD | reducing a short position | 34,900 | 5.4571 GBP |
32 17/19p ordinary | CFD | reducing a short position | 24,500 | 5.4571 GBP |
32 17/19p ordinary | CFD | reducing a short position | 600 | 5.4571 GBP |
32 17/19p ordinary | CFD | reducing a short position | 20,292 | 5.4598 GBP |
32 17/19p ordinary | CFD | reducing a short position | 335 | 5.4606 GBP |
32 17/19p ordinary | CFD | reducing a short position | 50,064 | 5.4641 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,571 | 5.4660 GBP |
32 17/19p ordinary | CFD | reducing a short position | 47,762 | 5.4667 GBP |
32 17/19p ordinary | CFD | reducing a short position | 88,523 | 5.4671 GBP |
32 17/19p ordinary | CFD | reducing a short position | 3,464 | 5.4675 GBP |
32 17/19p ordinary | CFD | reducing a short position | 525,655 | 5.4680 GBP |
32 17/19p ordinary | CFD | reducing a short position | 9,006 | 5.4680 GBP |
32 17/19p ordinary | CFD | reducing a short position | 1,091 | 5.4680 GBP |
32 17/19p ordinary | CFD | reducing a short position | 161,992 | 5.4680 GBP |
32 17/19p ordinary | CFD | reducing a short position | 2,531 | 5.4680 GBP |
32 17/19p ordinary | CFD | reducing a short position | 830 | 5.4680 GBP |
32 17/19p ordinary | CFD | reducing a short position | 397 | 5.4680 GBP |
32 17/19p ordinary | CFD | reducing a short position | 658 | 5.4680 GBP |
32 17/19p ordinary | CFD | reducing a short position | 6,083 | 5.4701 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: | 28 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.
Related Shares:
Aviva