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 | 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: | 15 January 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 | 2,927,490 | 4.8580 GBP | 4.7260 GBP |
| 32 17/19p ordinary | PURCHASES | 3,722,407 | 4.8582 GBP | 4.7282 GBP |
| 32 17/19p ordinary | SALES | 118,599 | 5.7613 EUR | 5.7610 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 | 205,318 | 4.7332 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,949 | 4.7618 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 28,670 | 4.7636 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 205,318 | 4.7642 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 28,670 | 4.7726 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,148 | 4.7857 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,733 | 4.7893 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,810 | 4.8067 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 10,759 | 4.8102 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,846 | 4.8114 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,643 | 4.8121 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 37,793 | 4.8148 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,016 | 4.8275 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 332 | 4.8276 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 42,931 | 4.8326 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 29,000 | 4.8343 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 39,420 | 4.8504 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 89 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1 | 4.7400 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 120 | 4.7613 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 52 | 4.7613 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,800 | 4.7692 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,817 | 4.7738 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 38,700 | 4.7823 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 46,988 | 4.7851 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 57,621 | 4.7956 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,651 | 4.7958 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,044 | 4.7995 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 64,906 | 4.8042 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 169 | 4.8075 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 973 | 4.8075 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 859 | 4.8127 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 336,500 | 4.8294 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,836 | 4.8313 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,002 | 4.8360 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 10,090 | 4.8442 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,203 | 4.8442 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 184,127 | 4.8461 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,810 | 4.8508 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 23,912 | 4.8532 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 45,982 | 4.8553 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 14,404 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 58,870 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,041 | 4.8582 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,074 | 4.7260 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 84 | 4.7655 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,949 | 4.7773 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,183 | 4.7932 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,792 | 4.7932 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,846 | 4.8034 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 76,412 | 4.8050 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 561 | 4.8276 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,214 | 4.8333 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 66 | 4.8371 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 121 | 4.8412 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 19,678 | 4.8503 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 645 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 229 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,733 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 36 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 747 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 27,529 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,841 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 443 | 4.7730 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,561 | 4.7755 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,062 | 4.7758 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5 | 4.7760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 783 | 4.7768 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 84 | 4.7769 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 947 | 4.7793 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 414 | 4.7810 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,514 | 4.7817 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,448 | 4.7839 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,490 | 4.7916 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 96,902 | 4.7995 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,325 | 4.7999 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 14,404 | 4.8000 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 69 | 4.8240 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,808 | 4.8242 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,653 | 4.8264 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 126 | 4.8264 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 117 | 4.8371 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,724 | 4.8454 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 50,114 | 4.8455 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 63,871 | 4.8487 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 39,759 | 4.8504 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 39,420 | 4.8507 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 39,125 | 4.8558 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 59,843 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,032 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,255 | 4.8580 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,389 | 4.8580 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: | 17 January 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.
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