4th Jul 2025 15:06
AMENDMENT(2(b))
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 | Direct Line Insurance Group 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: | 01 July 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 - Aviva 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 |
10 10/11p ordinary | PURCHASES | 7,797,519 | 3.0740 GBP | 3.0498 GBP |
10 10/11p ordinary | SALES | 2,856,186 | 3.0840 GBP | 3.0500 GBP |
(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 |
10 10/11p ordinary | CFD | increasing a long position | 1,234 | 3.0451 GBP |
10 10/11p ordinary | CFD | increasing a long position | 33,136 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a long position | 1,536 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a long position | 8,759 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a long position | 178 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a long position | 2,082 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a long position | 20,077 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a long position | 11,375 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a long position | 11,373 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a long position | 511 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a long position | 241 | 3.0502 GBP |
10 10/11p ordinary | CFD | increasing a long position | 564,481 | 3.0507 GBP |
10 10/11p ordinary | CFD | increasing a long position | 2,512 | 3.0578 GBP |
10 10/11p ordinary | CFD | increasing a long position | 9,635 | 3.0585 GBP |
10 10/11p ordinary | CFD | increasing a long position | 8,191 | 3.0612 GBP |
10 10/11p ordinary | CFD | increasing a long position | 5,263 | 3.0612 GBP |
10 10/11p ordinary | CFD | increasing a long position | 250,000 | 3.0615 GBP |
10 10/11p ordinary | CFD | increasing a long position | 2,205 | 3.0624 GBP |
10 10/11p ordinary | CFD | increasing a long position | 24,663 | 3.0631 GBP |
10 10/11p ordinary | CFD | increasing a long position | 3,282 | 3.0638 GBP |
10 10/11p ordinary | CFD | increasing a long position | 3,395 | 3.0640 GBP |
10 10/11p ordinary | CFD | increasing a long position | 7,558 | 3.0645 GBP |
10 10/11p ordinary | CFD | increasing a long position | 6,748 | 3.0649 GBP |
10 10/11p ordinary | CFD | increasing a long position | 55 | 3.0650 GBP |
10 10/11p ordinary | CFD | increasing a long position | 488,437 | 3.0650 GBP |
10 10/11p ordinary | CFD | increasing a long position | 7,149 | 3.0658 GBP |
10 10/11p ordinary | CFD | increasing a long position | 2,638 | 3.0659 GBP |
10 10/11p ordinary | CFD | increasing a long position | 172 | 3.0660 GBP |
10 10/11p ordinary | CFD | increasing a long position | 422 | 3.0700 GBP |
10 10/11p ordinary | CFD | increasing a long position | 986 | 3.0725 GBP |
10 10/11p ordinary | CFD | increasing a long position | 1,876 | 3.0740 GBP |
10 10/11p ordinary | CFD | increasing a short position | 14 | 3.0498 GBP |
10 10/11p ordinary | CFD | increasing a short position | 944,899 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 288 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 3,760 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 1,127,724 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 117,700 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 637,787 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 3,090 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 3,568 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 12,500 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 492,835 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 1,857,120 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 89,869 | 3.0500 GBP |
10 10/11p ordinary | CFD | increasing a short position | 356,766 | 3.0501 GBP |
10 10/11p ordinary | CFD | increasing a short position | 114 | 3.0505 GBP |
10 10/11p ordinary | CFD | increasing a short position | 18,361 | 3.0505 GBP |
10 10/11p ordinary | CFD | increasing a short position | 21,078 | 3.0506 GBP |
10 10/11p ordinary | CFD | increasing a short position | 7,999 | 3.0509 GBP |
10 10/11p ordinary | CFD | increasing a short position | 18,530 | 3.0511 GBP |
10 10/11p ordinary | CFD | increasing a short position | 18,530 | 3.0511 GBP |
10 10/11p ordinary | CFD | increasing a short position | 23 | 3.0512 GBP |
10 10/11p ordinary | CFD | increasing a short position | 10,897 | 3.0523 GBP |
10 10/11p ordinary | CFD | increasing a short position | 6,142 | 3.0533 GBP |
10 10/11p ordinary | CFD | increasing a short position | 9 | 3.0534 GBP |
10 10/11p ordinary | CFD | increasing a short position | 40,673 | 3.0618 GBP |
10 10/11p ordinary | CFD | increasing a short position | 2,160 | 3.0631 GBP |
10 10/11p ordinary | CFD | increasing a short position | 6 | 3.0640 GBP |
10 10/11p ordinary | CFD | increasing a short position | 2,376 | 3.0653 GBP |
10 10/11p ordinary | CFD | reducing a long position | 71,151 | 2.5556 GBP |
10 10/11p ordinary | CFD | reducing a long position | 25,327 | 2.7852 GBP |
10 10/11p ordinary | CFD | reducing a long position | 24,885 | 2.7857 GBP |
10 10/11p ordinary | CFD | reducing a long position | 21,537 | 2.7862 GBP |
10 10/11p ordinary | CFD | reducing a long position | 33,897 | 2.7917 GBP |
10 10/11p ordinary | CFD | reducing a long position | 9,027 | 2.7977 GBP |
10 10/11p ordinary | CFD | reducing a long position | 240,428 | 2.8129 GBP |
10 10/11p ordinary | CFD | reducing a long position | 72,673 | 2.8232 GBP |
10 10/11p ordinary | CFD | reducing a long position | 60,912 | 2.8420 GBP |
10 10/11p ordinary | CFD | reducing a long position | 20,993 | 2.9900 GBP |
10 10/11p ordinary | CFD | reducing a long position | 488,669 | 2.9927 GBP |
10 10/11p ordinary | CFD | reducing a long position | 30,674 | 2.9940 GBP |
10 10/11p ordinary | CFD | reducing a long position | 405 | 3.0099 GBP |
10 10/11p ordinary | CFD | reducing a long position | 8,898 | 3.0238 GBP |
10 10/11p ordinary | CFD | reducing a long position | 60,951 | 3.0260 GBP |
10 10/11p ordinary | CFD | reducing a long position | 41,122 | 3.0360 GBP |
10 10/11p ordinary | CFD | reducing a long position | 1,536 | 3.0500 GBP |
10 10/11p ordinary | CFD | reducing a long position | 2,082 | 3.0500 GBP |
10 10/11p ordinary | CFD | reducing a long position | 12,876 | 3.0500 GBP |
10 10/11p ordinary | CFD | reducing a long position | 11,375 | 3.0500 GBP |
10 10/11p ordinary | CFD | reducing a long position | 33,136 | 3.0500 GBP |
10 10/11p ordinary | CFD | reducing a long position | 8,759 | 3.0500 GBP |
10 10/11p ordinary | CFD | reducing a long position | 20,077 | 3.0500 GBP |
10 10/11p ordinary | CFD | reducing a long position | 601,853 | 3.0500 GBP |
10 10/11p ordinary | CFD | reducing a long position | 44,037 | 3.0629 GBP |
10 10/11p ordinary | CFD | reducing a long position | 257,130 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a long position | 11,140 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a long position | 380,986 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a long position | 19,992 | 3.0669 GBP |
10 10/11p ordinary | CFD | reducing a long position | 8,129 | 3.0669 GBP |
10 10/11p ordinary | CFD | reducing a short position | 400,000 | 2.5523 GBP |
10 10/11p ordinary | CFD | reducing a short position | 24,691 | 2.5752 GBP |
10 10/11p ordinary | CFD | reducing a short position | 8,660 | 2.5986 GBP |
10 10/11p ordinary | CFD | reducing a short position | 37,802 | 2.6415 GBP |
10 10/11p ordinary | CFD | reducing a short position | 64,495 | 2.6612 GBP |
10 10/11p ordinary | CFD | reducing a short position | 488,437 | 2.7163 GBP |
10 10/11p ordinary | CFD | reducing a short position | 63,508 | 2.7284 GBP |
10 10/11p ordinary | CFD | reducing a short position | 8,461,326 | 2.7713 GBP |
10 10/11p ordinary | CFD | reducing a short position | 999,596 | 2.8268 GBP |
10 10/11p ordinary | CFD | reducing a short position | 132,266 | 2.8334 GBP |
10 10/11p ordinary | CFD | reducing a short position | 1,240,514 | 2.8387 GBP |
10 10/11p ordinary | CFD | reducing a short position | 1,787,543 | 2.8443 GBP |
10 10/11p ordinary | CFD | reducing a short position | 1,918,957 | 2.8444 GBP |
10 10/11p ordinary | CFD | reducing a short position | 383,138 | 2.9308 GBP |
10 10/11p ordinary | CFD | reducing a short position | 2,442,948 | 2.9863 GBP |
10 10/11p ordinary | CFD | reducing a short position | 103,445 | 2.9900 GBP |
10 10/11p ordinary | CFD | reducing a short position | 129,296 | 2.9900 GBP |
10 10/11p ordinary | CFD | reducing a short position | 23,533 | 2.9984 GBP |
10 10/11p ordinary | CFD | reducing a short position | 727,867 | 3.0051 GBP |
10 10/11p ordinary | CFD | reducing a short position | 169,251 | 3.0080 GBP |
10 10/11p ordinary | CFD | reducing a short position | 507,750 | 3.0080 GBP |
10 10/11p ordinary | CFD | reducing a short position | 73,866 | 3.0200 GBP |
10 10/11p ordinary | CFD | reducing a short position | 86 | 3.0303 GBP |
10 10/11p ordinary | CFD | reducing a short position | 4,374,508 | 3.0340 GBP |
10 10/11p ordinary | CFD | reducing a short position | 243,494 | 3.0620 GBP |
10 10/11p ordinary | CFD | reducing a short position | 241 | 3.0625 GBP |
10 10/11p ordinary | CFD | reducing a short position | 2,846 | 3.0629 GBP |
10 10/11p ordinary | CFD | reducing a short position | 234,674 | 3.0640 GBP |
10 10/11p ordinary | CFD | reducing a short position | 288,955 | 3.0640 GBP |
10 10/11p ordinary | CFD | reducing a short position | 1,088,489 | 3.0640 GBP |
10 10/11p ordinary | CFD | reducing a short position | 1,539,493 | 3.0640 GBP |
10 10/11p ordinary | CFD | reducing a short position | 58,322 | 3.0640 GBP |
10 10/11p ordinary | CFD | reducing a short position | 355,007 | 3.0640 GBP |
10 10/11p ordinary | CFD | reducing a short position | 4,856,372 | 3.0640 GBP |
10 10/11p ordinary | CFD | reducing a short position | 2,376 | 3.0650 GBP |
10 10/11p ordinary | CFD | reducing a short position | 5,398,586 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 918,881 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 25,570 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 2,293,356 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 3,563,705 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 171,643 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 43,735 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 8,248 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 1,349,479 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 316,674 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 27,470 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 274,561 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 329,952 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 2,001,082 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 42,278 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 1,270,266 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 902,822 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 230,957 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 993,942 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 4,218 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 1,246 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 41,578 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 2,062,197 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 9,635 | 3.0660 GBP |
10 10/11p ordinary | CFD | reducing a short position | 492,168 | 3.0713 GBP |
10 10/11p ordinary | CFD | reducing a short position | 14,935 | 3.0747 GBP |
10 10/11p ordinary | CFD | reducing a short position | 5,531,845 | 3.0753 GBP |
10 10/11p ordinary | CFD | reducing a short position | 3,386,877 | 3.0753 GBP |
10 10/11p ordinary | CFD | reducing a short position | 298,412 | 3.0754 GBP |
10 10/11p ordinary | CFD | reducing a short position | 1,511,291 | 3.0754 GBP |
10 10/11p ordinary | CFD | reducing a short position | 1,982,522 | 3.0754 GBP |
10 10/11p ordinary | CFD | reducing a short position | 98,417 | 3.0760 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: | 04 July 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.