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

Morgan Stanley & Co. Int'l plc

02 April 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:	21 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	4,424,419	2.1940 GBP	2.0570 GBP
Ordinary 10 10/11p	SALES	13,605,612	2.1962 GBP	2.0820 GBP
Ordinary 10 10/11p	SALES	10,964	2.6811 USD	2.6811 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	10,447,340	2.1101 GBP
Ordinary 10 10/11p	CFD	increasing a long position	119	2.1170 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,801	2.1205 GBP
Ordinary 10 10/11p	CFD	increasing a long position	1,550	2.1300 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,576	2.1765 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,994	2.1929 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,000	2.0790 GBP
Ordinary 10 10/11p	CFD	increasing a short position	399	2.0820 GBP
Ordinary 10 10/11p	CFD	increasing a short position	13,334	2.0953 GBP
Ordinary 10 10/11p	CFD	increasing a short position	108,393	2.0956 GBP
Ordinary 10 10/11p	CFD	increasing a short position	18,694	2.1063 GBP
Ordinary 10 10/11p	CFD	increasing a short position	19,873	2.1073 GBP
Ordinary 10 10/11p	CFD	increasing a short position	36,671	2.1096 GBP
Ordinary 10 10/11p	CFD	increasing a short position	12,706	2.1114 GBP
Ordinary 10 10/11p	CFD	increasing a short position	13,914	2.1130 GBP
Ordinary 10 10/11p	CFD	increasing a short position	316	2.1151 GBP
Ordinary 10 10/11p	CFD	increasing a short position	97,111	2.1170 GBP
Ordinary 10 10/11p	CFD	increasing a short position	94,952	2.1170 GBP
Ordinary 10 10/11p	CFD	increasing a short position	48,189	2.1170 GBP
Ordinary 10 10/11p	CFD	increasing a short position	40	2.1170 GBP
Ordinary 10 10/11p	CFD	increasing a short position	229,845	2.1173 GBP
Ordinary 10 10/11p	CFD	increasing a short position	165,133	2.1187 GBP
Ordinary 10 10/11p	CFD	increasing a short position	74	2.1188 GBP
Ordinary 10 10/11p	CFD	increasing a short position	28,972	2.1210 GBP
Ordinary 10 10/11p	CFD	increasing a short position	105,932	2.1219 GBP
Ordinary 10 10/11p	CFD	increasing a short position	128,531	2.1221 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4,025	2.1222 GBP
Ordinary 10 10/11p	CFD	increasing a short position	6,958	2.1243 GBP
Ordinary 10 10/11p	CFD	increasing a short position	60,602	2.1243 GBP
Ordinary 10 10/11p	CFD	increasing a short position	12,008	2.1243 GBP
Ordinary 10 10/11p	CFD	increasing a short position	26,100	2.1246 GBP
Ordinary 10 10/11p	CFD	increasing a short position	13,773	2.1256 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,631	2.1258 GBP
Ordinary 10 10/11p	CFD	increasing a short position	641	2.1270 GBP
Ordinary 10 10/11p	CFD	increasing a short position	479	2.1270 GBP
Ordinary 10 10/11p	CFD	increasing a short position	80	2.1288 GBP
Ordinary 10 10/11p	CFD	increasing a short position	156,159	2.1302 GBP
Ordinary 10 10/11p	CFD	increasing a short position	285,669	2.1310 GBP
Ordinary 10 10/11p	CFD	increasing a short position	178,460	2.1322 GBP
Ordinary 10 10/11p	CFD	increasing a short position	30,000	2.1363 GBP
Ordinary 10 10/11p	CFD	increasing a short position	18,864	2.1388 GBP
Ordinary 10 10/11p	CFD	increasing a short position	224,221	2.1400 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,443	2.1401 GBP
Ordinary 10 10/11p	CFD	increasing a short position	131	2.1418 GBP
Ordinary 10 10/11p	CFD	increasing a short position	25	2.1426 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7,500	2.1435 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2,576	2.0534 GBP
Ordinary 10 10/11p	CFD	reducing a long position	21	2.1182 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2,994	2.1199 GBP
Ordinary 10 10/11p	CFD	reducing a long position	45,332	2.1261 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2,722	2.1363 GBP
Ordinary 10 10/11p	CFD	reducing a short position	16,322	2.1129 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,901	2.1140 GBP
Ordinary 10 10/11p	CFD	reducing a short position	170	2.1160 GBP
Ordinary 10 10/11p	CFD	reducing a short position	748,000	2.1165 GBP
Ordinary 10 10/11p	CFD	reducing a short position	40,429	2.1168 GBP
Ordinary 10 10/11p	CFD	reducing a short position	8,520	2.1170 GBP
Ordinary 10 10/11p	CFD	reducing a short position	10,964	2.1170 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,436	2.1175 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1	2.1190 GBP
Ordinary 10 10/11p	CFD	reducing a short position	26,775	2.1190 GBP
Ordinary 10 10/11p	CFD	reducing a short position	11,519	2.1209 GBP
Ordinary 10 10/11p	CFD	reducing a short position	37	2.1220 GBP
Ordinary 10 10/11p	CFD	reducing a short position	35,000	2.1240 GBP
Ordinary 10 10/11p	CFD	reducing a short position	312,349	2.1242 GBP
Ordinary 10 10/11p	CFD	reducing a short position	3,113	2.1242 GBP
Ordinary 10 10/11p	CFD	reducing a short position	9,332	2.1242 GBP
Ordinary 10 10/11p	CFD	reducing a short position	75,324	2.1242 GBP
Ordinary 10 10/11p	CFD	reducing a short position	13,844	2.1242 GBP
Ordinary 10 10/11p	CFD	reducing a short position	5,137	2.1242 GBP
Ordinary 10 10/11p	CFD	reducing a short position	106	2.1256 GBP
Ordinary 10 10/11p	CFD	reducing a short position	21,491	2.1264 GBP
Ordinary 10 10/11p	CFD	reducing a short position	74,580	2.1264 GBP
Ordinary 10 10/11p	CFD	reducing a short position	36,908	2.1283 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,118	2.1288 GBP
Ordinary 10 10/11p	CFD	reducing a short position	362,140	2.1290 GBP
Ordinary 10 10/11p	CFD	reducing a short position	13,505	2.1314 GBP
Ordinary 10 10/11p	CFD	reducing a short position	44	2.1391 GBP
Ordinary 10 10/11p	CFD	reducing a short position	36,282	2.1406 GBP
Ordinary 10 10/11p	CFD	reducing a short position	757	2.1440 GBP
Ordinary 10 10/11p	CFD	reducing a short position	186	2.1441 GBP
Ordinary 10 10/11p	CFD	reducing a short position	624	2.1442 GBP
Ordinary 10 10/11p	CFD	reducing a short position	5,524	2.1449 GBP
Ordinary 10 10/11p	CFD	reducing a short position	5,443	2.1451 GBP
Ordinary 10 10/11p	CFD	reducing a short position	7,500	2.1814 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:	02 April 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