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

Morgan Stanley & Co. Int'l plc

18 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:	14 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	3,444,783	2.1981 GBP	2.0445 GBP
Ordinary 10 10/11p	PURCHASES	5,869,187	2.2000 GBP	2.0410 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	3,109	2.0702 GBP
Ordinary 10 10/11p	CFD	increasing a long position	587	2.0849 GBP
Ordinary 10 10/11p	CFD	increasing a long position	15,034	2.0900 GBP
Ordinary 10 10/11p	CFD	increasing a long position	76,089	2.1018 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,492	2.1050 GBP
Ordinary 10 10/11p	CFD	increasing a long position	3,842	2.1050 GBP
Ordinary 10 10/11p	CFD	increasing a long position	13,627	2.1131 GBP
Ordinary 10 10/11p	CFD	increasing a long position	4,884	2.1731 GBP
Ordinary 10 10/11p	CFD	increasing a long position	1,740	2.1746 GBP
Ordinary 10 10/11p	CFD	increasing a long position	671	2.1860 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,554	2.0610 GBP
Ordinary 10 10/11p	CFD	increasing a short position	469	2.0613 GBP
Ordinary 10 10/11p	CFD	increasing a short position	21,222	2.0623 GBP
Ordinary 10 10/11p	CFD	increasing a short position	21,142	2.0635 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,747	2.0647 GBP
Ordinary 10 10/11p	CFD	increasing a short position	166,130	2.0657 GBP
Ordinary 10 10/11p	CFD	increasing a short position	293	2.0667 GBP
Ordinary 10 10/11p	CFD	increasing a short position	19,900	2.0668 GBP
Ordinary 10 10/11p	CFD	increasing a short position	11,422	2.0697 GBP
Ordinary 10 10/11p	CFD	increasing a short position	29,432	2.0738 GBP
Ordinary 10 10/11p	CFD	increasing a short position	27,609	2.0775 GBP
Ordinary 10 10/11p	CFD	increasing a short position	47,940	2.0779 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,630	2.0780 GBP
Ordinary 10 10/11p	CFD	increasing a short position	19,748	2.0785 GBP
Ordinary 10 10/11p	CFD	increasing a short position	14,640	2.0786 GBP
Ordinary 10 10/11p	CFD	increasing a short position	54,500	2.0801 GBP
Ordinary 10 10/11p	CFD	increasing a short position	32,814	2.0823 GBP
Ordinary 10 10/11p	CFD	increasing a short position	43,383	2.0828 GBP
Ordinary 10 10/11p	CFD	increasing a short position	6,862	2.0837 GBP
Ordinary 10 10/11p	CFD	increasing a short position	16,878	2.0895 GBP
Ordinary 10 10/11p	CFD	increasing a short position	12,606	2.0895 GBP
Ordinary 10 10/11p	CFD	increasing a short position	164,834	2.0900 GBP
Ordinary 10 10/11p	CFD	increasing a short position	180	2.0900 GBP
Ordinary 10 10/11p	CFD	increasing a short position	11,183	2.0900 GBP
Ordinary 10 10/11p	CFD	increasing a short position	78,214	2.0902 GBP
Ordinary 10 10/11p	CFD	increasing a short position	131,853	2.0910 GBP
Ordinary 10 10/11p	CFD	increasing a short position	6,613	2.0915 GBP
Ordinary 10 10/11p	CFD	increasing a short position	224,250	2.0917 GBP
Ordinary 10 10/11p	CFD	increasing a short position	44,048	2.0932 GBP
Ordinary 10 10/11p	CFD	increasing a short position	212,885	2.0970 GBP
Ordinary 10 10/11p	CFD	increasing a short position	59,132	2.0972 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,084	2.0985 GBP
Ordinary 10 10/11p	CFD	increasing a short position	338	2.0985 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,132	2.0985 GBP
Ordinary 10 10/11p	CFD	increasing a short position	323,575	2.1078 GBP
Ordinary 10 10/11p	CFD	increasing a short position	204,743	2.1125 GBP
Ordinary 10 10/11p	CFD	increasing a short position	141,471	2.1140 GBP
Ordinary 10 10/11p	CFD	increasing a short position	100	2.1330 GBP
Ordinary 10 10/11p	CFD	increasing a short position	77,000	2.1458 GBP
Ordinary 10 10/11p	CFD	increasing a short position	45,832	2.1782 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,000	2.1800 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4	2.1803 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,021	2.1820 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,453	2.1876 GBP
Ordinary 10 10/11p	CFD	reducing a long position	18,213	2.0635 GBP
Ordinary 10 10/11p	CFD	reducing a long position	13,909	2.0742 GBP
Ordinary 10 10/11p	CFD	reducing a long position	98,111	2.0753 GBP
Ordinary 10 10/11p	CFD	reducing a long position	8,522	2.0806 GBP
Ordinary 10 10/11p	CFD	reducing a long position	1,152	2.0823 GBP
Ordinary 10 10/11p	CFD	reducing a long position	642	2.0900 GBP
Ordinary 10 10/11p	CFD	reducing a long position	3,109	2.0900 GBP
Ordinary 10 10/11p	CFD	reducing a long position	587	2.0900 GBP
Ordinary 10 10/11p	CFD	reducing a long position	10,200	2.0947 GBP
Ordinary 10 10/11p	CFD	reducing a long position	3,246	2.0981 GBP
Ordinary 10 10/11p	CFD	reducing a long position	28,273	2.0981 GBP
Ordinary 10 10/11p	CFD	reducing a long position	13,627	2.1244 GBP
Ordinary 10 10/11p	CFD	reducing a long position	74,752	2.1340 GBP
Ordinary 10 10/11p	CFD	reducing a long position	4,884	2.1750 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2,144	2.1811 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,500	2.0520 GBP
Ordinary 10 10/11p	CFD	reducing a short position	128	2.0559 GBP
Ordinary 10 10/11p	CFD	reducing a short position	546	2.0570 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1	2.0598 GBP
Ordinary 10 10/11p	CFD	reducing a short position	679	2.0628 GBP
Ordinary 10 10/11p	CFD	reducing a short position	65,915	2.0680 GBP
Ordinary 10 10/11p	CFD	reducing a short position	123	2.0733 GBP
Ordinary 10 10/11p	CFD	reducing a short position	10,152	2.0831 GBP
Ordinary 10 10/11p	CFD	reducing a short position	43,356	2.0849 GBP
Ordinary 10 10/11p	CFD	reducing a short position	15,521	2.0865 GBP
Ordinary 10 10/11p	CFD	reducing a short position	10,996	2.0879 GBP
Ordinary 10 10/11p	CFD	reducing a short position	72,476	2.0898 GBP
Ordinary 10 10/11p	CFD	reducing a short position	15,209	2.0900 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,924	2.0900 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,618	2.0900 GBP
Ordinary 10 10/11p	CFD	reducing a short position	20,410	2.0900 GBP
Ordinary 10 10/11p	CFD	reducing a short position	7	2.0900 GBP
Ordinary 10 10/11p	CFD	reducing a short position	20,703	2.0941 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,254	2.1123 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,151	2.1189 GBP
Ordinary 10 10/11p	CFD	reducing a short position	481	2.1189 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,446	2.1189 GBP
Ordinary 10 10/11p	CFD	reducing a short position	791	2.1189 GBP
Ordinary 10 10/11p	CFD	reducing a short position	11,635	2.1189 GBP
Ordinary 10 10/11p	CFD	reducing a short position	48,083	2.1189 GBP
Ordinary 10 10/11p	CFD	reducing a short position	65,406	2.1329 GBP
Ordinary 10 10/11p	CFD	reducing a short position	100	2.1500 GBP
Ordinary 10 10/11p	CFD	reducing a short position	77,000	2.1711 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,200	2.1766 GBP
Ordinary 10 10/11p	CFD	reducing a short position	900	2.1770 GBP
Ordinary 10 10/11p	CFD	reducing a short position	3	2.1791 GBP
Ordinary 10 10/11p	CFD	reducing a short position	6,854	2.1796 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,509	2.1927 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:	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