Form 8.5 (EPT/RI)-Replacement of Direct Line

Morgan Stanley & Co. Int'l plc

06 March 2024

 

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:	29 February 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	4,408,889	2.0512 GBP	1.9985 GBP
Ordinary 10 10/11p	PURCHASES	10,843,954	2.0560 GBP	1.5700 GBP
Ordinary 10 10/11p	PURCHASES	10,508	2.5731 USD	2.5524 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	23	1.9975 GBP
Ordinary 10 10/11p	CFD	increasing a long position	6,141	2.0149 GBP
Ordinary 10 10/11p	CFD	increasing a long position	72,572	2.0190 GBP
Ordinary 10 10/11p	CFD	increasing a long position	304	2.0198 GBP
Ordinary 10 10/11p	CFD	increasing a long position	847	2.0200 GBP
Ordinary 10 10/11p	CFD	increasing a long position	75,772	2.0200 GBP
Ordinary 10 10/11p	CFD	increasing a long position	6	2.0200 GBP
Ordinary 10 10/11p	CFD	increasing a long position	29,905	2.0200 GBP
Ordinary 10 10/11p	CFD	increasing a long position	61,447	2.0214 GBP
Ordinary 10 10/11p	CFD	increasing a long position	30,173	2.0268 GBP
Ordinary 10 10/11p	CFD	increasing a long position	1,902	2.0305 GBP
Ordinary 10 10/11p	CFD	increasing a long position	44,634	2.0333 GBP
Ordinary 10 10/11p	CFD	increasing a long position	3,088	2.0358 GBP
Ordinary 10 10/11p	CFD	increasing a long position	1	2.0465 GBP
Ordinary 10 10/11p	CFD	increasing a short position	139,339	2.0074 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,000	2.0102 GBP
Ordinary 10 10/11p	CFD	increasing a short position	935	2.0156 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,591	2.0157 GBP
Ordinary 10 10/11p	CFD	increasing a short position	29,863	2.0158 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4,718	2.0166 GBP
Ordinary 10 10/11p	CFD	increasing a short position	39,258	2.0168 GBP
Ordinary 10 10/11p	CFD	increasing a short position	190	2.0170 GBP
Ordinary 10 10/11p	CFD	increasing a short position	23,000	2.0180 GBP
Ordinary 10 10/11p	CFD	increasing a short position	961	2.0181 GBP
Ordinary 10 10/11p	CFD	increasing a short position	12,794	2.0187 GBP
Ordinary 10 10/11p	CFD	increasing a short position	15,123	2.0194 GBP
Ordinary 10 10/11p	CFD	increasing a short position	9,533	2.0195 GBP
Ordinary 10 10/11p	CFD	increasing a short position	32,000	2.0199 GBP
Ordinary 10 10/11p	CFD	increasing a short position	35,373	2.0200 GBP
Ordinary 10 10/11p	CFD	increasing a short position	30,733	2.0200 GBP
Ordinary 10 10/11p	CFD	increasing a short position	15,259	2.0200 GBP
Ordinary 10 10/11p	CFD	increasing a short position	14,721	2.0200 GBP
Ordinary 10 10/11p	CFD	increasing a short position	737	2.0200 GBP
Ordinary 10 10/11p	CFD	increasing a short position	14,743	2.0201 GBP
Ordinary 10 10/11p	CFD	increasing a short position	588,908	2.0248 GBP
Ordinary 10 10/11p	CFD	increasing a short position	15,839	2.0256 GBP
Ordinary 10 10/11p	CFD	increasing a short position	40,902	2.0308 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,000	2.0313 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,015,353	2.0332 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,153,049	2.0341 GBP
Ordinary 10 10/11p	CFD	increasing a short position	9,889	2.0344 GBP
Ordinary 10 10/11p	CFD	increasing a short position	22,322	2.0345 GBP
Ordinary 10 10/11p	CFD	increasing a short position	13,585	2.0347 GBP
Ordinary 10 10/11p	CFD	increasing a short position	331,207	2.0349 GBP
Ordinary 10 10/11p	CFD	increasing a short position	200,000	2.0360 GBP
Ordinary 10 10/11p	CFD	increasing a short position	586,133	2.0361 GBP
Ordinary 10 10/11p	CFD	increasing a short position	15,585	2.0364 GBP
Ordinary 10 10/11p	CFD	increasing a short position	26,718	2.0366 GBP
Ordinary 10 10/11p	CFD	increasing a short position	351,877	2.0372 GBP
Ordinary 10 10/11p	CFD	increasing a short position	436,288	2.0386 GBP
Ordinary 10 10/11p	CFD	increasing a short position	48	2.0390 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,231	2.0390 GBP
Ordinary 10 10/11p	CFD	increasing a short position	100	2.0390 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4,799	2.0391 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4,518	2.0392 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,260	2.0393 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3	2.0398 GBP
Ordinary 10 10/11p	CFD	increasing a short position	925,377	2.0399 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,073	2.0403 GBP
Ordinary 10 10/11p	CFD	increasing a short position	203,000	2.0410 GBP
Ordinary 10 10/11p	CFD	increasing a short position	14,083	2.0419 GBP
Ordinary 10 10/11p	CFD	increasing a short position	9,340	2.0421 GBP
Ordinary 10 10/11p	CFD	increasing a short position	100	2.0440 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,767	2.0479 GBP
Ordinary 10 10/11p	CFD	increasing a short position	640,104	2.0492 GBP
Ordinary 10 10/11p	CFD	increasing a short position	104,555	2.0502 GBP
Ordinary 10 10/11p	CFD	reducing a long position	70,419	2.0194 GBP
Ordinary 10 10/11p	CFD	reducing a long position	15,385	2.0198 GBP
Ordinary 10 10/11p	CFD	reducing a long position	22,551	2.0200 GBP
Ordinary 10 10/11p	CFD	reducing a long position	29,905	2.0200 GBP
Ordinary 10 10/11p	CFD	reducing a long position	1	2.0200 GBP
Ordinary 10 10/11p	CFD	reducing a long position	177	2.0200 GBP
Ordinary 10 10/11p	CFD	reducing a long position	1,290	2.0201 GBP
Ordinary 10 10/11p	CFD	reducing a long position	9,810	2.0233 GBP
Ordinary 10 10/11p	CFD	reducing a long position	14,667	2.0233 GBP
Ordinary 10 10/11p	CFD	reducing a long position	135,730	2.0251 GBP
Ordinary 10 10/11p	CFD	reducing a long position	15,749	2.0251 GBP
Ordinary 10 10/11p	CFD	reducing a long position	4,939	2.0302 GBP
Ordinary 10 10/11p	CFD	reducing a long position	115	2.0330 GBP
Ordinary 10 10/11p	CFD	reducing a long position	54,150	2.0347 GBP
Ordinary 10 10/11p	CFD	reducing a long position	9,771	2.0360 GBP
Ordinary 10 10/11p	CFD	reducing a long position	1,699	2.0387 GBP
Ordinary 10 10/11p	CFD	reducing a long position	61,519	2.0393 GBP
Ordinary 10 10/11p	CFD	reducing a long position	64,223	2.0420 GBP
Ordinary 10 10/11p	CFD	reducing a long position	32,166	2.0420 GBP
Ordinary 10 10/11p	CFD	reducing a long position	8,048	2.0420 GBP
Ordinary 10 10/11p	CFD	reducing a long position	21,570	2.0420 GBP
Ordinary 10 10/11p	CFD	reducing a long position	175,022	2.0420 GBP
Ordinary 10 10/11p	CFD	reducing a long position	11,956	2.0420 GBP
Ordinary 10 10/11p	CFD	reducing a short position	15,739	2.0079 GBP
Ordinary 10 10/11p	CFD	reducing a short position	12,020	2.0087 GBP
Ordinary 10 10/11p	CFD	reducing a short position	93,889	2.0169 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,984	2.0173 GBP
Ordinary 10 10/11p	CFD	reducing a short position	12,995	2.0190 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,519	2.0193 GBP
Ordinary 10 10/11p	CFD	reducing a short position	3,427	2.0193 GBP
Ordinary 10 10/11p	CFD	reducing a short position	166,440	2.0195 GBP
Ordinary 10 10/11p	CFD	reducing a short position	190	2.0198 GBP
Ordinary 10 10/11p	CFD	reducing a short position	71,921	2.0198 GBP
Ordinary 10 10/11p	CFD	reducing a short position	52,843	2.0200 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,231	2.0200 GBP
Ordinary 10 10/11p	CFD	reducing a short position	3,171	2.0200 GBP
Ordinary 10 10/11p	CFD	reducing a short position	14,721	2.0200 GBP
Ordinary 10 10/11p	CFD	reducing a short position	189	2.0200 GBP
Ordinary 10 10/11p	CFD	reducing a short position	30,733	2.0200 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,099	2.0216 GBP
Ordinary 10 10/11p	CFD	reducing a short position	285,750	2.0219 GBP
Ordinary 10 10/11p	CFD	reducing a short position	55	2.0226 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,270	2.0226 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,191	2.0230 GBP
Ordinary 10 10/11p	CFD	reducing a short position	14,743	2.0234 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,239	2.0236 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,658	2.0240 GBP
Ordinary 10 10/11p	CFD	reducing a short position	31,843	2.0258 GBP
Ordinary 10 10/11p	CFD	reducing a short position	136,400	2.0260 GBP
Ordinary 10 10/11p	CFD	reducing a short position	19,597	2.0264 GBP
Ordinary 10 10/11p	CFD	reducing a short position	6,816	2.0268 GBP
Ordinary 10 10/11p	CFD	reducing a short position	3,024	2.0270 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,331	2.0270 GBP
Ordinary 10 10/11p	CFD	reducing a short position	7,801	2.0274 GBP
Ordinary 10 10/11p	CFD	reducing a short position	10,551	2.0274 GBP
Ordinary 10 10/11p	CFD	reducing a short position	9,533	2.0300 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,009	2.0321 GBP
Ordinary 10 10/11p	CFD	reducing a short position	12,305	2.0323 GBP
Ordinary 10 10/11p	CFD	reducing a short position	5,767	2.0337 GBP
Ordinary 10 10/11p	CFD	reducing a short position	16,881	2.0338 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,145	2.0341 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,172	2.0352 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1	2.0360 GBP
Ordinary 10 10/11p	CFD	reducing a short position	3,594	2.0369 GBP
Ordinary 10 10/11p	CFD	reducing a short position	32,782	2.0383 GBP
Ordinary 10 10/11p	CFD	reducing a short position	23,835	2.0390 GBP
Ordinary 10 10/11p	CFD	reducing a short position	99	2.0397 GBP
Ordinary 10 10/11p	CFD	reducing a short position	3,919	2.0407 GBP
Ordinary 10 10/11p	CFD	reducing a short position	20	2.0410 GBP
Ordinary 10 10/11p	CFD	reducing a short position	202	2.0410 GBP
Ordinary 10 10/11p	CFD	reducing a short position	10,547	2.0412 GBP
Ordinary 10 10/11p	CFD	reducing a short position	102	2.0414 GBP
Ordinary 10 10/11p	CFD	reducing a short position	15,819	2.0419 GBP
Ordinary 10 10/11p	CFD	reducing a short position	12	2.0500 GBP
Ordinary 10 10/11p	CFD	reducing a short position	6,216	2.0512 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:	06 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