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

Morgan Stanley & Co. Int'l plc

21 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:	19 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	3,088,703	2.1170 GBP	2.0740 GBP
Ordinary 10 10/11p	SALES	1,504,244	2.1171 GBP	2.0740 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	6,954	2.0795 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,050	2.0831 GBP
Ordinary 10 10/11p	CFD	increasing a long position	10,800	2.1085 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4,529	2.0790 GBP
Ordinary 10 10/11p	CFD	increasing a short position	75,963	2.0792 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,539	2.0798 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,483	2.0799 GBP
Ordinary 10 10/11p	CFD	increasing a short position	190,484	2.0803 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,211	2.0803 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7,406	2.0804 GBP
Ordinary 10 10/11p	CFD	increasing a short position	75,799	2.0811 GBP
Ordinary 10 10/11p	CFD	increasing a short position	22,690	2.0815 GBP
Ordinary 10 10/11p	CFD	increasing a short position	18	2.0815 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,250	2.0816 GBP
Ordinary 10 10/11p	CFD	increasing a short position	57,419	2.0817 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,168	2.0822 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,896	2.0824 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,301	2.0827 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,429	2.0829 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,782	2.0841 GBP
Ordinary 10 10/11p	CFD	increasing a short position	37,913	2.0854 GBP
Ordinary 10 10/11p	CFD	increasing a short position	21,954	2.0855 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,840	2.0856 GBP
Ordinary 10 10/11p	CFD	increasing a short position	313	2.0857 GBP
Ordinary 10 10/11p	CFD	increasing a short position	46,222	2.0880 GBP
Ordinary 10 10/11p	CFD	increasing a short position	510,923	2.0923 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,749	2.0936 GBP
Ordinary 10 10/11p	CFD	increasing a short position	29,156	2.0948 GBP
Ordinary 10 10/11p	CFD	increasing a short position	80,900	2.0984 GBP
Ordinary 10 10/11p	CFD	increasing a short position	212,445	2.0998 GBP
Ordinary 10 10/11p	CFD	increasing a short position	24,391	2.0998 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,069	2.1021 GBP
Ordinary 10 10/11p	CFD	increasing a short position	310	2.1030 GBP
Ordinary 10 10/11p	CFD	increasing a short position	13,945	2.1044 GBP
Ordinary 10 10/11p	CFD	increasing a short position	11,236	2.1061 GBP
Ordinary 10 10/11p	CFD	increasing a short position	14,685	2.1170 GBP
Ordinary 10 10/11p	CFD	increasing a short position	21,911	2.1170 GBP
Ordinary 10 10/11p	CFD	increasing a short position	85,086	2.1170 GBP
Ordinary 10 10/11p	CFD	increasing a short position	44,474	2.1170 GBP
Ordinary 10 10/11p	CFD	increasing a short position	178,578	2.1172 GBP
Ordinary 10 10/11p	CFD	reducing a long position	6,863	2.0825 GBP
Ordinary 10 10/11p	CFD	reducing a long position	100,503	2.0858 GBP
Ordinary 10 10/11p	CFD	reducing a long position	135,090	2.0999 GBP
Ordinary 10 10/11p	CFD	reducing a long position	30,964	2.1138 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2,000	2.1170 GBP
Ordinary 10 10/11p	CFD	reducing a long position	6,954	2.1170 GBP
Ordinary 10 10/11p	CFD	reducing a long position	16,392	2.1170 GBP
Ordinary 10 10/11p	CFD	reducing a long position	1,507	2.1170 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,373	2.0757 GBP
Ordinary 10 10/11p	CFD	reducing a short position	339,685	2.0761 GBP
Ordinary 10 10/11p	CFD	reducing a short position	298	2.0773 GBP
Ordinary 10 10/11p	CFD	reducing a short position	3,051	2.0777 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,250	2.0787 GBP
Ordinary 10 10/11p	CFD	reducing a short position	187,699	2.0803 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,896	2.0807 GBP
Ordinary 10 10/11p	CFD	reducing a short position	24,069	2.0827 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,643	2.0871 GBP
Ordinary 10 10/11p	CFD	reducing a short position	5,481	2.0916 GBP
Ordinary 10 10/11p	CFD	reducing a short position	11,822	2.0942 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,372	2.0958 GBP
Ordinary 10 10/11p	CFD	reducing a short position	61,724	2.0969 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,383	2.1006 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,215	2.1130 GBP
Ordinary 10 10/11p	CFD	reducing a short position	7,090	2.1159 GBP
Ordinary 10 10/11p	CFD	reducing a short position	47,320	2.1168 GBP
Ordinary 10 10/11p	CFD	reducing a short position	32,033	2.1170 GBP
Ordinary 10 10/11p	CFD	reducing a short position	36,181	2.1170 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,979	2.1170 GBP
Ordinary 10 10/11p	CFD	reducing a short position	35	2.1170 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:	21 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