AMENDMENT(2(a), 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: | 22 March 2024 |
| (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- Ageas SA NV |
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 |
| Ordinary 10 10/11p | SALES | 2,078,795 | 2.1380 GBP | 2.0900 GBP |
| Ordinary 10 10/11p | PURCHASES | 3,532,158 | 2.1415 GBP | 2.0900 GBP |
| Ordinary 10 10/11p | SALES | 6,045 | 2.6328 USD | 2.6328 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 |
| Ordinary 10 10/11p | CFD | increasing a long position | 42,200 | 2.1030 GBP |
| Ordinary 10 10/11p | CFD | increasing a long position | 30,137 | 2.1075 GBP |
| Ordinary 10 10/11p | CFD | increasing a long position | 750 | 2.1140 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 6,232 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 2,495 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 31,571 | 2.0922 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 23,579 | 2.0922 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 6,559 | 2.0950 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 66,294 | 2.0960 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 144 | 2.0965 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 90,990 | 2.0972 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 69,148 | 2.0982 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 100 | 2.0997 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 300 | 2.0998 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 53,379 | 2.1005 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 8,708 | 2.1012 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 75,846 | 2.1012 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 24,840 | 2.1012 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 37,711 | 2.1038 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 3,173 | 2.1050 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 46,480 | 2.1050 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 1,920 | 2.1050 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 8,542 | 2.1050 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 5,757 | 2.1050 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 2,636 | 2.1050 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 192,733 | 2.1050 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 3,480 | 2.1064 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 1,439 | 2.1084 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 480 | 2.1084 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 795 | 2.1084 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 2,136 | 2.1084 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 11,619 | 2.1084 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 17,150 | 2.1089 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 289 | 2.1093 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 13,960 | 2.1099 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 563,444 | 2.1101 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 1,660 | 2.1103 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 64,434 | 2.1104 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 13,718 | 2.1114 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 3,046 | 2.1116 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 111 | 2.1130 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 71,148 | 2.1133 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 192,733 | 2.1141 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 5,757 | 2.1141 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 1,920 | 2.1141 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 3,172 | 2.1141 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 46,480 | 2.1141 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 8,542 | 2.1141 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 9,734 | 2.1161 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 400 | 2.1192 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 97,181 | 2.1228 GBP |
| Ordinary 10 10/11p | CFD | increasing a short position | 29,434 | 2.1231 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 30,137 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 23 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 127 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 2,589 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 7,636 | 2.0918 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 250,000 | 2.1000 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 750 | 2.1183 GBP |
| Ordinary 10 10/11p | CFD | reducing a long position | 42,200 | 2.1274 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 44,059 | 2.0898 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 1,673 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 1 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 4,372 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 242,639 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 2,155 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 94,952 | 2.0900 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 1,881 | 2.0904 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 27,522 | 2.0916 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 827 | 2.0949 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 1,827 | 2.0980 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 17,600 | 2.0991 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 199,048 | 2.0992 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 190 | 2.1023 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 149 | 2.1038 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 539 | 2.1041 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 76,960 | 2.1041 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 2,805 | 2.1041 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 732 | 2.1041 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 946 | 2.1055 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 51,279 | 2.1059 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 45,936 | 2.1075 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 825 | 2.1078 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 47,180 | 2.1079 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 38,515 | 2.1084 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 3,807 | 2.1092 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 6,406 | 2.1099 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 2,379 | 2.1099 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 144,550 | 2.1099 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 1,440 | 2.1099 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 4,318 | 2.1099 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 34,861 | 2.1099 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 22,996 | 2.1109 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 36,780 | 2.1118 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 34,398 | 2.1132 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 9,972 | 2.1141 GBP |
| Ordinary 10 10/11p | CFD | reducing a short position | 1 | 2.1230 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: | 26 March 2024 |
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.