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

Morgan Stanley & Co. Int'l plc

15 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:	13 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	SALES	13,932,489	2.3610 GBP	2.0650 GBP
Ordinary 10 10/11p	PURCHASES	3,784,968	2.3750 GBP	2.0650 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	6,000	2.0650 GBP
Ordinary 10 10/11p	CFD	increasing a long position	16,882	2.1298 GBP
Ordinary 10 10/11p	CFD	increasing a long position	21,920	2.1374 GBP
Ordinary 10 10/11p	CFD	increasing a long position	30,089	2.1416 GBP
Ordinary 10 10/11p	CFD	increasing a long position	6,075	2.1600 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,415	2.1600 GBP
Ordinary 10 10/11p	CFD	increasing a long position	3,179	2.1600 GBP
Ordinary 10 10/11p	CFD	increasing a long position	54,781	2.1611 GBP
Ordinary 10 10/11p	CFD	increasing a long position	4,010	2.1827 GBP
Ordinary 10 10/11p	CFD	increasing a long position	423	2.2520 GBP
Ordinary 10 10/11p	CFD	increasing a long position	1,152	2.2543 GBP
Ordinary 10 10/11p	CFD	increasing a long position	7,034,625	2.2900 GBP
Ordinary 10 10/11p	CFD	increasing a short position	502	2.1213 GBP
Ordinary 10 10/11p	CFD	increasing a short position	9,967	2.1230 GBP
Ordinary 10 10/11p	CFD	increasing a short position	15,940	2.1231 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7	2.1291 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,167	2.1301 GBP
Ordinary 10 10/11p	CFD	increasing a short position	6,332	2.1318 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1	2.1326 GBP
Ordinary 10 10/11p	CFD	increasing a short position	36,595	2.1333 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7,398	2.1336 GBP
Ordinary 10 10/11p	CFD	increasing a short position	137,038	2.1354 GBP
Ordinary 10 10/11p	CFD	increasing a short position	85,823	2.1396 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1	2.1400 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,943	2.1424 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,064	2.1426 GBP
Ordinary 10 10/11p	CFD	increasing a short position	129	2.1430 GBP
Ordinary 10 10/11p	CFD	increasing a short position	420	2.1435 GBP
Ordinary 10 10/11p	CFD	increasing a short position	44,249	2.1447 GBP
Ordinary 10 10/11p	CFD	increasing a short position	74,178	2.1448 GBP
Ordinary 10 10/11p	CFD	increasing a short position	9,127	2.1469 GBP
Ordinary 10 10/11p	CFD	increasing a short position	36,012	2.1484 GBP
Ordinary 10 10/11p	CFD	increasing a short position	174,754	2.1487 GBP
Ordinary 10 10/11p	CFD	increasing a short position	22,571	2.1487 GBP
Ordinary 10 10/11p	CFD	increasing a short position	36,036	2.1487 GBP
Ordinary 10 10/11p	CFD	increasing a short position	114,637	2.1488 GBP
Ordinary 10 10/11p	CFD	increasing a short position	18,830	2.1533 GBP
Ordinary 10 10/11p	CFD	increasing a short position	15,310	2.1538 GBP
Ordinary 10 10/11p	CFD	increasing a short position	423	2.1549 GBP
Ordinary 10 10/11p	CFD	increasing a short position	77,076	2.1554 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4,571	2.1555 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,266	2.1585 GBP
Ordinary 10 10/11p	CFD	increasing a short position	41,682	2.1590 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,050	2.1592 GBP
Ordinary 10 10/11p	CFD	increasing a short position	21,907	2.1598 GBP
Ordinary 10 10/11p	CFD	increasing a short position	16,361	2.1598 GBP
Ordinary 10 10/11p	CFD	increasing a short position	33,545	2.1600 GBP
Ordinary 10 10/11p	CFD	increasing a short position	180	2.1600 GBP
Ordinary 10 10/11p	CFD	increasing a short position	10,627	2.1600 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,203	2.1602 GBP
Ordinary 10 10/11p	CFD	increasing a short position	345,563	2.1613 GBP
Ordinary 10 10/11p	CFD	increasing a short position	170,796	2.1618 GBP
Ordinary 10 10/11p	CFD	increasing a short position	71,778	2.1619 GBP
Ordinary 10 10/11p	CFD	increasing a short position	45,182	2.1689 GBP
Ordinary 10 10/11p	CFD	increasing a short position	50,988	2.1809 GBP
Ordinary 10 10/11p	CFD	increasing a short position	30,927	2.1821 GBP
Ordinary 10 10/11p	CFD	increasing a short position	90,812	2.2105 GBP
Ordinary 10 10/11p	CFD	increasing a short position	44,247	2.2207 GBP
Ordinary 10 10/11p	CFD	increasing a short position	151,117	2.2260 GBP
Ordinary 10 10/11p	CFD	increasing a short position	200	2.2565 GBP
Ordinary 10 10/11p	CFD	increasing a short position	359	2.2570 GBP
Ordinary 10 10/11p	CFD	increasing a short position	360	2.2590 GBP
Ordinary 10 10/11p	CFD	increasing a short position	13,515	2.3178 GBP
Ordinary 10 10/11p	CFD	reducing a long position	6,000	2.0709 GBP
Ordinary 10 10/11p	CFD	reducing a long position	38,032	2.1334 GBP
Ordinary 10 10/11p	CFD	reducing a long position	143,886	2.1348 GBP
Ordinary 10 10/11p	CFD	reducing a long position	54,781	2.1448 GBP
Ordinary 10 10/11p	CFD	reducing a long position	6,590	2.1529 GBP
Ordinary 10 10/11p	CFD	reducing a long position	816	2.1533 GBP
Ordinary 10 10/11p	CFD	reducing a long position	69	2.1599 GBP
Ordinary 10 10/11p	CFD	reducing a long position	4,010	2.1600 GBP
Ordinary 10 10/11p	CFD	reducing a long position	10,586	2.1615 GBP
Ordinary 10 10/11p	CFD	reducing a long position	1,216	2.1615 GBP
Ordinary 10 10/11p	CFD	reducing a long position	18,645	2.2092 GBP
Ordinary 10 10/11p	CFD	reducing a short position	115,428	2.0878 GBP
Ordinary 10 10/11p	CFD	reducing a short position	22,297	2.0878 GBP
Ordinary 10 10/11p	CFD	reducing a short position	174,673	2.0878 GBP
Ordinary 10 10/11p	CFD	reducing a short position	35,600	2.0878 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1	2.1008 GBP
Ordinary 10 10/11p	CFD	reducing a short position	10,918	2.1096 GBP
Ordinary 10 10/11p	CFD	reducing a short position	22,156	2.1186 GBP
Ordinary 10 10/11p	CFD	reducing a short position	335,271	2.1190 GBP
Ordinary 10 10/11p	CFD	reducing a short position	399,898	2.1264 GBP
Ordinary 10 10/11p	CFD	reducing a short position	17,232	2.1267 GBP
Ordinary 10 10/11p	CFD	reducing a short position	347,000	2.1272 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,042	2.1298 GBP
Ordinary 10 10/11p	CFD	reducing a short position	363,680	2.1311 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,570	2.1359 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,859	2.1385 GBP
Ordinary 10 10/11p	CFD	reducing a short position	22,344	2.1416 GBP
Ordinary 10 10/11p	CFD	reducing a short position	698,610	2.1445 GBP
Ordinary 10 10/11p	CFD	reducing a short position	630,561	2.1445 GBP
Ordinary 10 10/11p	CFD	reducing a short position	108,442	2.1445 GBP
Ordinary 10 10/11p	CFD	reducing a short position	74,178	2.1466 GBP
Ordinary 10 10/11p	CFD	reducing a short position	127,591	2.1474 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,078	2.1535 GBP
Ordinary 10 10/11p	CFD	reducing a short position	499,345	2.1564 GBP
Ordinary 10 10/11p	CFD	reducing a short position	9,520	2.1598 GBP
Ordinary 10 10/11p	CFD	reducing a short position	204,156	2.1600 GBP
Ordinary 10 10/11p	CFD	reducing a short position	16,803	2.1600 GBP
Ordinary 10 10/11p	CFD	reducing a short position	847	2.1600 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1	2.1600 GBP
Ordinary 10 10/11p	CFD	reducing a short position	144,803	2.1685 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1	2.1700 GBP
Ordinary 10 10/11p	CFD	reducing a short position	42,218	2.1827 GBP
Ordinary 10 10/11p	CFD	reducing a short position	136,823	2.1833 GBP
Ordinary 10 10/11p	CFD	reducing a short position	15,295	2.1857 GBP
Ordinary 10 10/11p	CFD	reducing a short position	332,967	2.1857 GBP
Ordinary 10 10/11p	CFD	reducing a short position	81,175	2.1857 GBP
Ordinary 10 10/11p	CFD	reducing a short position	10,204	2.1857 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,677	2.1857 GBP
Ordinary 10 10/11p	CFD	reducing a short position	5,540	2.1857 GBP
Ordinary 10 10/11p	CFD	reducing a short position	141,731	2.1887 GBP
Ordinary 10 10/11p	CFD	reducing a short position	151,117	2.2275 GBP
Ordinary 10 10/11p	CFD	reducing a short position	911	2.2448 GBP
Ordinary 10 10/11p	CFD	reducing a short position	78	2.2448 GBP
Ordinary 10 10/11p	CFD	reducing a short position	38,246	2.2448 GBP
Ordinary 10 10/11p	CFD	reducing a short position	231	2.2448 GBP
Ordinary 10 10/11p	CFD	reducing a short position	8	2.2540 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1	2.2540 GBP
Ordinary 10 10/11p	CFD	reducing a short position	14,731	2.2543 GBP
Ordinary 10 10/11p	CFD	reducing a short position	470	2.2549 GBP
Ordinary 10 10/11p	CFD	reducing a short position	300	2.2959 GBP
Ordinary 10 10/11p	CFD	reducing a short position	100	2.3648 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:	15 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