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

Morgan Stanley & Co. Int'l plc

13 March 2024

 

AMENDMENT(2(a), 2(b), 2(c)(i))

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:	06 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	6,404,117	2.1959 GBP	2.1452 GBP
Ordinary 10 10/11p	SALES	5,029,598	2.1960 GBP	2.1420 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	529	2.1630 GBP
Ordinary 10 10/11p	CFD	increasing a long position	13	2.1630 GBP
Ordinary 10 10/11p	CFD	increasing a long position	8,093	2.1665 GBP
Ordinary 10 10/11p	CFD	increasing a long position	12,715	2.1698 GBP
Ordinary 10 10/11p	CFD	increasing a long position	110,741	2.1698 GBP
Ordinary 10 10/11p	CFD	increasing a long position	14,164	2.1705 GBP
Ordinary 10 10/11p	CFD	increasing a long position	17,923	2.1726 GBP
Ordinary 10 10/11p	CFD	increasing a long position	30,955	2.1745 GBP
Ordinary 10 10/11p	CFD	increasing a long position	675	2.1770 GBP
Ordinary 10 10/11p	CFD	increasing a short position	223	2.1507 GBP
Ordinary 10 10/11p	CFD	increasing a short position	11	2.1599 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,993	2.1624 GBP
Ordinary 10 10/11p	CFD	increasing a short position	96,260	2.1630 GBP
Ordinary 10 10/11p	CFD	increasing a short position	23,488	2.1630 GBP
Ordinary 10 10/11p	CFD	increasing a short position	25,898	2.1636 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,207	2.1661 GBP
Ordinary 10 10/11p	CFD	increasing a short position	96,754	2.1662 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,576	2.1663 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,265	2.1672 GBP
Ordinary 10 10/11p	CFD	increasing a short position	400,863	2.1690 GBP
Ordinary 10 10/11p	CFD	increasing a short position	68,940	2.1690 GBP
Ordinary 10 10/11p	CFD	increasing a short position	6,710	2.1690 GBP
Ordinary 10 10/11p	CFD	increasing a short position	445,197	2.1690 GBP
Ordinary 10 10/11p	CFD	increasing a short position	859	2.1705 GBP
Ordinary 10 10/11p	CFD	increasing a short position	504	2.1709 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4,387	2.1713 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,957	2.1719 GBP
Ordinary 10 10/11p	CFD	increasing a short position	10,796	2.1719 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,644	2.1719 GBP
Ordinary 10 10/11p	CFD	increasing a short position	58,127	2.1719 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7,247	2.1719 GBP
Ordinary 10 10/11p	CFD	increasing a short position	239,759	2.1719 GBP
Ordinary 10 10/11p	CFD	increasing a short position	200	2.1722 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,076	2.1728 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7,243	2.1733 GBP
Ordinary 10 10/11p	CFD	increasing a short position	239,759	2.1733 GBP
Ordinary 10 10/11p	CFD	increasing a short position	10,796	2.1733 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,952	2.1733 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,644	2.1733 GBP
Ordinary 10 10/11p	CFD	increasing a short position	58,121	2.1733 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4,766	2.1736 GBP
Ordinary 10 10/11p	CFD	increasing a short position	463,685	2.1744 GBP
Ordinary 10 10/11p	CFD	increasing a short position	40,979	2.1752 GBP
Ordinary 10 10/11p	CFD	increasing a short position	528	2.1753 GBP
Ordinary 10 10/11p	CFD	increasing a short position	790	2.1753 GBP
Ordinary 10 10/11p	CFD	increasing a short position	47,952	2.1753 GBP
Ordinary 10 10/11p	CFD	increasing a short position	11,625	2.1753 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,160	2.1753 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,449	2.1753 GBP
Ordinary 10 10/11p	CFD	increasing a short position	11,871	2.1762 GBP
Ordinary 10 10/11p	CFD	increasing a short position	174,376	2.1762 GBP
Ordinary 10 10/11p	CFD	increasing a short position	719,276	2.1762 GBP
Ordinary 10 10/11p	CFD	increasing a short position	21,740	2.1762 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7,930	2.1762 GBP
Ordinary 10 10/11p	CFD	increasing a short position	32,386	2.1762 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,500	2.1770 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4,934	2.1775 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,166	2.1830 GBP
Ordinary 10 10/11p	CFD	increasing a short position	6,486	2.1846 GBP
Ordinary 10 10/11p	CFD	increasing a short position	50,217	2.1846 GBP
Ordinary 10 10/11p	CFD	increasing a short position	32,942	2.1850 GBP
Ordinary 10 10/11p	CFD	increasing a short position	10,355	2.1850 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,619	2.1959 GBP
Ordinary 10 10/11p	CFD	reducing a long position	8,320	2.1630 GBP
Ordinary 10 10/11p	CFD	reducing a long position	1,257	2.1630 GBP
Ordinary 10 10/11p	CFD	reducing a long position	8,618	2.1630 GBP
Ordinary 10 10/11p	CFD	reducing a long position	5,147	2.1775 GBP
Ordinary 10 10/11p	CFD	reducing a long position	28,456	2.1787 GBP
Ordinary 10 10/11p	CFD	reducing a long position	553	2.1860 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,259,275	2.1420 GBP
Ordinary 10 10/11p	CFD	reducing a short position	223	2.1493 GBP
Ordinary 10 10/11p	CFD	reducing a short position	100,000	2.1505 GBP
Ordinary 10 10/11p	CFD	reducing a short position	546	2.1628 GBP
Ordinary 10 10/11p	CFD	reducing a short position	64,101	2.1630 GBP
Ordinary 10 10/11p	CFD	reducing a short position	971	2.1630 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,695	2.1630 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,960	2.1630 GBP
Ordinary 10 10/11p	CFD	reducing a short position	873	2.1630 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,014	2.1630 GBP
Ordinary 10 10/11p	CFD	reducing a short position	139,825	2.1673 GBP
Ordinary 10 10/11p	CFD	reducing a short position	76	2.1715 GBP
Ordinary 10 10/11p	CFD	reducing a short position	7,889	2.1715 GBP
Ordinary 10 10/11p	CFD	reducing a short position	30,600	2.1718 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,009	2.1720 GBP
Ordinary 10 10/11p	CFD	reducing a short position	59,195	2.1747 GBP
Ordinary 10 10/11p	CFD	reducing a short position	6,710	2.1798 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,535	2.1813 GBP
Ordinary 10 10/11p	CFD	reducing a short position	22,746	2.1814 GBP
Ordinary 10 10/11p	CFD	reducing a short position	92	2.1830 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,166	2.1876 GBP
Ordinary 10 10/11p	CFD	reducing a short position	357	2.1890 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
Ordinary 10 10/11p	CALL	PURCHASING	521,394	260.6420	E	05/06/2024	0.0335 GBP

(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:	13 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