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

Morgan Stanley & Co. Int'l plc

13 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:	11 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	1,780,588	2.2460 GBP	2.2060 GBP
Ordinary 10 10/11p	SALES	787,618	2.2560 GBP	2.2070 GBP
Ordinary 10 10/11p	SALES	6,865	2.8500 USD	2.8500 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	710	2.2100 GBP
Ordinary 10 10/11p	CFD	increasing a long position	88	2.2161 GBP
Ordinary 10 10/11p	CFD	increasing a long position	37	2.2183 GBP
Ordinary 10 10/11p	CFD	increasing a long position	68,198	2.2211 GBP
Ordinary 10 10/11p	CFD	increasing a long position	7,830	2.2211 GBP
Ordinary 10 10/11p	CFD	increasing a short position	50,000	2.2101 GBP
Ordinary 10 10/11p	CFD	increasing a short position	6,462	2.2142 GBP
Ordinary 10 10/11p	CFD	increasing a short position	800	2.2144 GBP
Ordinary 10 10/11p	CFD	increasing a short position	26,376	2.2152 GBP
Ordinary 10 10/11p	CFD	increasing a short position	24,556	2.2162 GBP
Ordinary 10 10/11p	CFD	increasing a short position	40,764	2.2165 GBP
Ordinary 10 10/11p	CFD	increasing a short position	100,000	2.2172 GBP
Ordinary 10 10/11p	CFD	increasing a short position	218	2.2173 GBP
Ordinary 10 10/11p	CFD	increasing a short position	372,435	2.2183 GBP
Ordinary 10 10/11p	CFD	increasing a short position	76,669	2.2208 GBP
Ordinary 10 10/11p	CFD	increasing a short position	6,121	2.2208 GBP
Ordinary 10 10/11p	CFD	increasing a short position	9,728	2.2212 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,581	2.2231 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,018	2.2238 GBP
Ordinary 10 10/11p	CFD	increasing a short position	791	2.2250 GBP
Ordinary 10 10/11p	CFD	increasing a short position	121,814	2.2250 GBP
Ordinary 10 10/11p	CFD	increasing a short position	247,945	2.2252 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,805	2.2257 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,920	2.2300 GBP
Ordinary 10 10/11p	CFD	reducing a long position	26,451	2.2150 GBP
Ordinary 10 10/11p	CFD	reducing a long position	41,895	2.2152 GBP
Ordinary 10 10/11p	CFD	reducing a long position	22,921	2.2163 GBP
Ordinary 10 10/11p	CFD	reducing a long position	17,925	2.2168 GBP
Ordinary 10 10/11p	CFD	reducing a long position	14,305	2.2223 GBP
Ordinary 10 10/11p	CFD	reducing a long position	49,696	2.2233 GBP
Ordinary 10 10/11p	CFD	reducing a long position	343	2.2250 GBP
Ordinary 10 10/11p	CFD	reducing a long position	150	2.2250 GBP
Ordinary 10 10/11p	CFD	reducing a long position	4,759	2.2252 GBP
Ordinary 10 10/11p	CFD	reducing a short position	170	2.2082 GBP
Ordinary 10 10/11p	CFD	reducing a short position	496	2.2093 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,483	2.2134 GBP
Ordinary 10 10/11p	CFD	reducing a short position	63,484	2.2140 GBP
Ordinary 10 10/11p	CFD	reducing a short position	40,764	2.2151 GBP
Ordinary 10 10/11p	CFD	reducing a short position	6,462	2.2161 GBP
Ordinary 10 10/11p	CFD	reducing a short position	51,182	2.2163 GBP
Ordinary 10 10/11p	CFD	reducing a short position	3,018	2.2207 GBP
Ordinary 10 10/11p	CFD	reducing a short position	878	2.2227 GBP
Ordinary 10 10/11p	CFD	reducing a short position	39,713	2.2244 GBP
Ordinary 10 10/11p	CFD	reducing a short position	29,660	2.2244 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,372	2.2245 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,184	2.2246 GBP
Ordinary 10 10/11p	CFD	reducing a short position	65	2.2248 GBP
Ordinary 10 10/11p	CFD	reducing a short position	80,006	2.2248 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,561	2.2248 GBP
Ordinary 10 10/11p	CFD	reducing a short position	509	2.2248 GBP
Ordinary 10 10/11p	CFD	reducing a short position	6,865	2.2250 GBP
Ordinary 10 10/11p	CFD	reducing a short position	3,737	2.2250 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,895	2.2250 GBP
Ordinary 10 10/11p	CFD	reducing a short position	8,363	2.2255 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:	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