Form 8.5 (EPT/RI)- Direct Line Insurance Group plc

Morgan Stanley & Co. Int'l plc

18 March 2024

 

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:	15 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	PURCHASES	7,071,178	2.1660 GBP	2.0490 GBP
Ordinary 10 10/11p	SALES	4,632,484	2.1670 GBP	2.0495 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
Ordinary 10 10/11p	CFD	increasing a long position	300,000	2.0533 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,953	2.0731 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,902	2.0829 GBP
Ordinary 10 10/11p	CFD	increasing a long position	9,722	2.0830 GBP
Ordinary 10 10/11p	CFD	increasing a long position	39,568	2.1002 GBP
Ordinary 10 10/11p	CFD	increasing a long position	250,000	2.1030 GBP
Ordinary 10 10/11p	CFD	increasing a long position	4,820	2.1086 GBP
Ordinary 10 10/11p	CFD	increasing a long position	4,467	2.1145 GBP
Ordinary 10 10/11p	CFD	increasing a long position	13,498	2.1316 GBP
Ordinary 10 10/11p	CFD	increasing a long position	18,016	2.1442 GBP
Ordinary 10 10/11p	CFD	increasing a long position	1,378	2.1469 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,763	2.1476 GBP
Ordinary 10 10/11p	CFD	increasing a long position	36,407	2.1488 GBP
Ordinary 10 10/11p	CFD	increasing a short position	250,000	2.0510 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,322	2.0515 GBP
Ordinary 10 10/11p	CFD	increasing a short position	24,898	2.0647 GBP
Ordinary 10 10/11p	CFD	increasing a short position	47,580	2.0700 GBP
Ordinary 10 10/11p	CFD	increasing a short position	300	2.0710 GBP
Ordinary 10 10/11p	CFD	increasing a short position	863	2.0712 GBP
Ordinary 10 10/11p	CFD	increasing a short position	33,682	2.0734 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7,840	2.0754 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7,840	2.0754 GBP
Ordinary 10 10/11p	CFD	increasing a short position	16,356	2.0775 GBP
Ordinary 10 10/11p	CFD	increasing a short position	9,218	2.0786 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,000	2.0800 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,013	2.0814 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,985	2.0814 GBP
Ordinary 10 10/11p	CFD	increasing a short position	53,033	2.0821 GBP
Ordinary 10 10/11p	CFD	increasing a short position	518,912	2.0830 GBP
Ordinary 10 10/11p	CFD	increasing a short position	58,068	2.0830 GBP
Ordinary 10 10/11p	CFD	increasing a short position	9,358	2.0830 GBP
Ordinary 10 10/11p	CFD	increasing a short position	12,053	2.0830 GBP
Ordinary 10 10/11p	CFD	increasing a short position	94,625	2.0831 GBP
Ordinary 10 10/11p	CFD	increasing a short position	216,404	2.0832 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,944	2.0836 GBP
Ordinary 10 10/11p	CFD	increasing a short position	50,000	2.0840 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,500	2.0843 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,718	2.0845 GBP
Ordinary 10 10/11p	CFD	increasing a short position	17,428	2.0869 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7,752	2.0876 GBP
Ordinary 10 10/11p	CFD	increasing a short position	60,190	2.0915 GBP
Ordinary 10 10/11p	CFD	increasing a short position	77,684	2.0915 GBP
Ordinary 10 10/11p	CFD	increasing a short position	964,384	2.0948 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,205	2.0968 GBP
Ordinary 10 10/11p	CFD	increasing a short position	104,400	2.0970 GBP
Ordinary 10 10/11p	CFD	increasing a short position	781	2.0978 GBP
Ordinary 10 10/11p	CFD	increasing a short position	849	2.0980 GBP
Ordinary 10 10/11p	CFD	increasing a short position	70,875	2.0983 GBP
Ordinary 10 10/11p	CFD	increasing a short position	253,093	2.0991 GBP
Ordinary 10 10/11p	CFD	increasing a short position	124,910	2.1002 GBP
Ordinary 10 10/11p	CFD	increasing a short position	37,851	2.1067 GBP
Ordinary 10 10/11p	CFD	increasing a short position	44,471	2.1081 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,815	2.1122 GBP
Ordinary 10 10/11p	CFD	increasing a short position	477	2.1206 GBP
Ordinary 10 10/11p	CFD	increasing a short position	9,874	2.1264 GBP
Ordinary 10 10/11p	CFD	increasing a short position	80,897	2.1286 GBP
Ordinary 10 10/11p	CFD	increasing a short position	203,955	2.1293 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,322,621	2.1301 GBP
Ordinary 10 10/11p	CFD	increasing a short position	20,038	2.1333 GBP
Ordinary 10 10/11p	CFD	increasing a short position	23,122	2.1373 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1	2.1375 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,766	2.1384 GBP
Ordinary 10 10/11p	CFD	increasing a short position	45,545	2.1395 GBP
Ordinary 10 10/11p	CFD	increasing a short position	45,981	2.1396 GBP
Ordinary 10 10/11p	CFD	increasing a short position	35,000	2.1461 GBP
Ordinary 10 10/11p	CFD	increasing a short position	27,950	2.1467 GBP
Ordinary 10 10/11p	CFD	increasing a short position	79,608	2.1485 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,224	2.1512 GBP
Ordinary 10 10/11p	CFD	increasing a short position	40	2.1530 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,939	2.1538 GBP
Ordinary 10 10/11p	CFD	reducing a long position	22,167	2.0696 GBP
Ordinary 10 10/11p	CFD	reducing a long position	15,926	2.0790 GBP
Ordinary 10 10/11p	CFD	reducing a long position	128,361	2.0830 GBP
Ordinary 10 10/11p	CFD	reducing a long position	887	2.0830 GBP
Ordinary 10 10/11p	CFD	reducing a long position	278	2.0830 GBP
Ordinary 10 10/11p	CFD	reducing a long position	1,025	2.0830 GBP
Ordinary 10 10/11p	CFD	reducing a long position	173	2.0830 GBP
Ordinary 10 10/11p	CFD	reducing a long position	33,134	2.0915 GBP
Ordinary 10 10/11p	CFD	reducing a long position	46,926	2.0968 GBP
Ordinary 10 10/11p	CFD	reducing a long position	40,089	2.0996 GBP
Ordinary 10 10/11p	CFD	reducing a long position	349,166	2.0996 GBP
Ordinary 10 10/11p	CFD	reducing a long position	5,175	2.1002 GBP
Ordinary 10 10/11p	CFD	reducing a long position	12,439	2.1031 GBP
Ordinary 10 10/11p	CFD	reducing a short position	8,076	2.0626 GBP
Ordinary 10 10/11p	CFD	reducing a short position	933	2.0686 GBP
Ordinary 10 10/11p	CFD	reducing a short position	94,625	2.0688 GBP
Ordinary 10 10/11p	CFD	reducing a short position	8	2.0715 GBP
Ordinary 10 10/11p	CFD	reducing a short position	7,910	2.0750 GBP
Ordinary 10 10/11p	CFD	reducing a short position	14,463	2.0750 GBP
Ordinary 10 10/11p	CFD	reducing a short position	21,502	2.0750 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,811	2.0750 GBP
Ordinary 10 10/11p	CFD	reducing a short position	480,833	2.0750 GBP
Ordinary 10 10/11p	CFD	reducing a short position	116,346	2.0750 GBP
Ordinary 10 10/11p	CFD	reducing a short position	376,477	2.0769 GBP
Ordinary 10 10/11p	CFD	reducing a short position	6,679	2.0773 GBP
Ordinary 10 10/11p	CFD	reducing a short position	233	2.0786 GBP
Ordinary 10 10/11p	CFD	reducing a short position	25,860	2.0828 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1	2.0830 GBP
Ordinary 10 10/11p	CFD	reducing a short position	125	2.0830 GBP
Ordinary 10 10/11p	CFD	reducing a short position	143,121	2.0830 GBP
Ordinary 10 10/11p	CFD	reducing a short position	5,278	2.0830 GBP
Ordinary 10 10/11p	CFD	reducing a short position	250,000	2.1018 GBP
Ordinary 10 10/11p	CFD	reducing a short position	110,168	2.1145 GBP
Ordinary 10 10/11p	CFD	reducing a short position	20,038	2.1321 GBP
Ordinary 10 10/11p	CFD	reducing a short position	23,122	2.1337 GBP
Ordinary 10 10/11p	CFD	reducing a short position	5,547	2.1390 GBP
Ordinary 10 10/11p	CFD	reducing a short position	180	2.1488 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
Ordinary 10 10/11p	PUT	Exercising	28,000	190.0000 GBP

(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:	18 March 2024
Contact name:	Craig Horsley
Telephone number:	[phone]

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 [phone].

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

 

END