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

Morgan Stanley & Co. Int'l plc

01 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:	28 February 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	10,096,169	2.0800 GBP	1.5609 GBP
Ordinary 10 10/11p	SALES	16,154,924	2.1050 GBP	1.5618 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	38,430	1.5703 GBP
Ordinary 10 10/11p	CFD	increasing a long position	1,396	1.5836 GBP
Ordinary 10 10/11p	CFD	increasing a long position	17,584	1.5845 GBP
Ordinary 10 10/11p	CFD	increasing a long position	9,648	1.5852 GBP
Ordinary 10 10/11p	CFD	increasing a long position	45,746	1.5875 GBP
Ordinary 10 10/11p	CFD	increasing a long position	13,872	1.5879 GBP
Ordinary 10 10/11p	CFD	increasing a long position	9	1.5921 GBP
Ordinary 10 10/11p	CFD	increasing a long position	145,067	1.5960 GBP
Ordinary 10 10/11p	CFD	increasing a long position	37,706	1.6017 GBP
Ordinary 10 10/11p	CFD	increasing a long position	25,908	1.6441 GBP
Ordinary 10 10/11p	CFD	increasing a long position	47,041	1.6486 GBP
Ordinary 10 10/11p	CFD	increasing a long position	49,408	1.6506 GBP
Ordinary 10 10/11p	CFD	increasing a long position	18,602	1.6607 GBP
Ordinary 10 10/11p	CFD	increasing a long position	3,606	1.6705 GBP
Ordinary 10 10/11p	CFD	increasing a long position	48,498	1.6839 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,283	1.7373 GBP
Ordinary 10 10/11p	CFD	increasing a long position	35	1.7632 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,022	1.8275 GBP
Ordinary 10 10/11p	CFD	increasing a long position	4,566	1.8275 GBP
Ordinary 10 10/11p	CFD	increasing a long position	10,639	1.9136 GBP
Ordinary 10 10/11p	CFD	increasing a long position	56,994	1.9206 GBP
Ordinary 10 10/11p	CFD	increasing a long position	89,265	1.9277 GBP
Ordinary 10 10/11p	CFD	increasing a long position	10,512	1.9451 GBP
Ordinary 10 10/11p	CFD	increasing a long position	373,739	1.9530 GBP
Ordinary 10 10/11p	CFD	increasing a long position	15,619	1.9886 GBP
Ordinary 10 10/11p	CFD	increasing a long position	53,285	1.9972 GBP
Ordinary 10 10/11p	CFD	increasing a long position	58,340	2.0080 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,682	2.0080 GBP
Ordinary 10 10/11p	CFD	increasing a long position	7,190	2.0080 GBP
Ordinary 10 10/11p	CFD	increasing a long position	3,985	2.0080 GBP
Ordinary 10 10/11p	CFD	increasing a long position	10,722	2.0080 GBP
Ordinary 10 10/11p	CFD	increasing a long position	342	2.0119 GBP
Ordinary 10 10/11p	CFD	increasing a long position	618	2.0119 GBP
Ordinary 10 10/11p	CFD	increasing a long position	5,013	2.0119 GBP
Ordinary 10 10/11p	CFD	increasing a long position	921	2.0119 GBP
Ordinary 10 10/11p	CFD	increasing a long position	231	2.0119 GBP
Ordinary 10 10/11p	CFD	increasing a long position	21,444	2.0180 GBP
Ordinary 10 10/11p	CFD	increasing a long position	7,971	2.0180 GBP
Ordinary 10 10/11p	CFD	increasing a long position	14,380	2.0180 GBP
Ordinary 10 10/11p	CFD	increasing a long position	5,364	2.0180 GBP
Ordinary 10 10/11p	CFD	increasing a long position	116,684	2.0180 GBP
Ordinary 10 10/11p	CFD	increasing a long position	37,658	2.0186 GBP
Ordinary 10 10/11p	CFD	increasing a long position	5,362	2.0212 GBP
Ordinary 10 10/11p	CFD	increasing a long position	119,581	2.0212 GBP
Ordinary 10 10/11p	CFD	increasing a long position	1,995	2.0212 GBP
Ordinary 10 10/11p	CFD	increasing a long position	1,342	2.0212 GBP
Ordinary 10 10/11p	CFD	increasing a long position	29,170	2.0212 GBP
Ordinary 10 10/11p	CFD	increasing a long position	3,596	2.0212 GBP
Ordinary 10 10/11p	CFD	increasing a long position	26,053	2.0220 GBP
Ordinary 10 10/11p	CFD	increasing a long position	76,492	2.0220 GBP
Ordinary 10 10/11p	CFD	increasing a long position	16,222	2.0221 GBP
Ordinary 10 10/11p	CFD	increasing a long position	2,454	2.0227 GBP
Ordinary 10 10/11p	CFD	increasing a long position	85,804	2.0239 GBP
Ordinary 10 10/11p	CFD	increasing a long position	3,468	2.0247 GBP
Ordinary 10 10/11p	CFD	increasing a long position	169,394	2.0270 GBP
Ordinary 10 10/11p	CFD	increasing a long position	51,900	2.0275 GBP
Ordinary 10 10/11p	CFD	increasing a long position	14,834	2.0281 GBP
Ordinary 10 10/11p	CFD	increasing a long position	6	2.0339 GBP
Ordinary 10 10/11p	CFD	increasing a long position	21,444	2.0380 GBP
Ordinary 10 10/11p	CFD	increasing a long position	14,378	2.0380 GBP
Ordinary 10 10/11p	CFD	increasing a long position	116,679	2.0380 GBP
Ordinary 10 10/11p	CFD	increasing a long position	7,969	2.0380 GBP
Ordinary 10 10/11p	CFD	increasing a long position	5,366	2.0380 GBP
Ordinary 10 10/11p	CFD	increasing a long position	6,491	2.0647 GBP
Ordinary 10 10/11p	CFD	increasing a long position	95,367	2.0803 GBP
Ordinary 10 10/11p	CFD	increasing a short position	4,200	1.5659 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,500	1.5681 GBP
Ordinary 10 10/11p	CFD	increasing a short position	5,635	1.5684 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,324	1.5700 GBP
Ordinary 10 10/11p	CFD	increasing a short position	17,303	1.5812 GBP
Ordinary 10 10/11p	CFD	increasing a short position	20,244	1.5816 GBP
Ordinary 10 10/11p	CFD	increasing a short position	10,833	1.5880 GBP
Ordinary 10 10/11p	CFD	increasing a short position	52	1.5959 GBP
Ordinary 10 10/11p	CFD	increasing a short position	7,025	1.6410 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,546	1.6825 GBP
Ordinary 10 10/11p	CFD	increasing a short position	943	1.6919 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,334	1.7363 GBP
Ordinary 10 10/11p	CFD	increasing a short position	6,177	1.7546 GBP
Ordinary 10 10/11p	CFD	increasing a short position	414,898	1.7610 GBP
Ordinary 10 10/11p	CFD	increasing a short position	86,756	1.7630 GBP
Ordinary 10 10/11p	CFD	increasing a short position	95,492	1.7815 GBP
Ordinary 10 10/11p	CFD	increasing a short position	60,000	1.7856 GBP
Ordinary 10 10/11p	CFD	increasing a short position	150,000	1.8000 GBP
Ordinary 10 10/11p	CFD	increasing a short position	8,225	1.8492 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,487	1.8497 GBP
Ordinary 10 10/11p	CFD	increasing a short position	81,982	1.8525 GBP
Ordinary 10 10/11p	CFD	increasing a short position	80,185	1.8572 GBP
Ordinary 10 10/11p	CFD	increasing a short position	3,158	1.8592 GBP
Ordinary 10 10/11p	CFD	increasing a short position	177,870	1.8842 GBP
Ordinary 10 10/11p	CFD	increasing a short position	968	1.8891 GBP
Ordinary 10 10/11p	CFD	increasing a short position	1,213,905	1.9119 GBP
Ordinary 10 10/11p	CFD	increasing a short position	401,292	1.9139 GBP
Ordinary 10 10/11p	CFD	increasing a short position	401,248	1.9199 GBP
Ordinary 10 10/11p	CFD	increasing a short position	899	1.9331 GBP
Ordinary 10 10/11p	CFD	increasing a short position	100,718	1.9503 GBP
Ordinary 10 10/11p	CFD	increasing a short position	113,719	1.9645 GBP
Ordinary 10 10/11p	CFD	increasing a short position	169,730	1.9960 GBP
Ordinary 10 10/11p	CFD	increasing a short position	703	1.9961 GBP
Ordinary 10 10/11p	CFD	increasing a short position	2,270	2.0223 GBP
Ordinary 10 10/11p	CFD	reducing a long position	26,203	1.5735 GBP
Ordinary 10 10/11p	CFD	reducing a long position	121	1.5880 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2,818	1.5919 GBP
Ordinary 10 10/11p	CFD	reducing a long position	4,881	1.6054 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2,667	1.6926 GBP
Ordinary 10 10/11p	CFD	reducing a long position	309	1.6926 GBP
Ordinary 10 10/11p	CFD	reducing a long position	6,968	1.7561 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2,022	1.7629 GBP
Ordinary 10 10/11p	CFD	reducing a long position	4,566	1.7630 GBP
Ordinary 10 10/11p	CFD	reducing a long position	13,872	1.8000 GBP
Ordinary 10 10/11p	CFD	reducing a long position	38,430	1.8457 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2	1.8735 GBP
Ordinary 10 10/11p	CFD	reducing a long position	53,180	1.8842 GBP
Ordinary 10 10/11p	CFD	reducing a long position	292,611	1.8905 GBP
Ordinary 10 10/11p	CFD	reducing a long position	10,460	1.8905 GBP
Ordinary 10 10/11p	CFD	reducing a long position	105	1.9001 GBP
Ordinary 10 10/11p	CFD	reducing a long position	236,095	1.9119 GBP
Ordinary 10 10/11p	CFD	reducing a long position	7,573	1.9259 GBP
Ordinary 10 10/11p	CFD	reducing a long position	5,222	1.9303 GBP
Ordinary 10 10/11p	CFD	reducing a long position	101,858	1.9410 GBP
Ordinary 10 10/11p	CFD	reducing a long position	11,589	1.9645 GBP
Ordinary 10 10/11p	CFD	reducing a long position	67,902	1.9870 GBP
Ordinary 10 10/11p	CFD	reducing a long position	3,468	2.0003 GBP
Ordinary 10 10/11p	CFD	reducing a long position	7,924	2.0212 GBP
Ordinary 10 10/11p	CFD	reducing a long position	15,272	2.0220 GBP
Ordinary 10 10/11p	CFD	reducing a long position	443	2.0222 GBP
Ordinary 10 10/11p	CFD	reducing a long position	106,553	2.0223 GBP
Ordinary 10 10/11p	CFD	reducing a long position	16,720	2.0225 GBP
Ordinary 10 10/11p	CFD	reducing a long position	52,369	2.0238 GBP
Ordinary 10 10/11p	CFD	reducing a long position	8,933	2.0240 GBP
Ordinary 10 10/11p	CFD	reducing a long position	4,278	2.0242 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2,606	2.0247 GBP
Ordinary 10 10/11p	CFD	reducing a long position	18	2.0250 GBP
Ordinary 10 10/11p	CFD	reducing a long position	3,286	2.0266 GBP
Ordinary 10 10/11p	CFD	reducing a long position	2,288	2.0307 GBP
Ordinary 10 10/11p	CFD	reducing a long position	145,155	2.0321 GBP
Ordinary 10 10/11p	CFD	reducing a long position	41,943	2.0369 GBP
Ordinary 10 10/11p	CFD	reducing a long position	17,453	2.0440 GBP
Ordinary 10 10/11p	CFD	reducing a long position	5,167	2.0451 GBP
Ordinary 10 10/11p	CFD	reducing a long position	156,149	2.0499 GBP
Ordinary 10 10/11p	CFD	reducing a long position	219,384	2.0502 GBP
Ordinary 10 10/11p	CFD	reducing a long position	10,720	2.0513 GBP
Ordinary 10 10/11p	CFD	reducing a long position	93,568	2.0535 GBP
Ordinary 10 10/11p	CFD	reducing a long position	3,900	2.0545 GBP
Ordinary 10 10/11p	CFD	reducing a long position	927,847	2.0578 GBP
Ordinary 10 10/11p	CFD	reducing a long position	19,919	2.0784 GBP
Ordinary 10 10/11p	CFD	reducing a long position	241	2.0822 GBP
Ordinary 10 10/11p	CFD	reducing a short position	5,129,764	1.5880 GBP
Ordinary 10 10/11p	CFD	reducing a short position	8,334	1.7542 GBP
Ordinary 10 10/11p	CFD	reducing a short position	95,492	1.7817 GBP
Ordinary 10 10/11p	CFD	reducing a short position	64,515	1.7821 GBP
Ordinary 10 10/11p	CFD	reducing a short position	10,284	1.7911 GBP
Ordinary 10 10/11p	CFD	reducing a short position	27	1.8000 GBP
Ordinary 10 10/11p	CFD	reducing a short position	79,352	1.8266 GBP
Ordinary 10 10/11p	CFD	reducing a short position	75,136	1.8275 GBP
Ordinary 10 10/11p	CFD	reducing a short position	33,286	1.8275 GBP
Ordinary 10 10/11p	CFD	reducing a short position	10,833	1.8831 GBP
Ordinary 10 10/11p	CFD	reducing a short position	1,207	1.8861 GBP
Ordinary 10 10/11p	CFD	reducing a short position	399,898	1.8887 GBP
Ordinary 10 10/11p	CFD	reducing a short position	60,000	1.9021 GBP
Ordinary 10 10/11p	CFD	reducing a short position	401,248	1.9107 GBP
Ordinary 10 10/11p	CFD	reducing a short position	100,362	1.9277 GBP
Ordinary 10 10/11p	CFD	reducing a short position	62,202	1.9437 GBP
Ordinary 10 10/11p	CFD	reducing a short position	11,564	1.9653 GBP
Ordinary 10 10/11p	CFD	reducing a short position	33,162	1.9939 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,270	1.9972 GBP
Ordinary 10 10/11p	CFD	reducing a short position	169,730	1.9990 GBP
Ordinary 10 10/11p	CFD	reducing a short position	161,935	2.0075 GBP
Ordinary 10 10/11p	CFD	reducing a short position	10,439	2.0169 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,000	2.0190 GBP
Ordinary 10 10/11p	CFD	reducing a short position	51,436	2.0220 GBP
Ordinary 10 10/11p	CFD	reducing a short position	2,200	2.0220 GBP
Ordinary 10 10/11p	CFD	reducing a short position	300	2.0220 GBP
Ordinary 10 10/11p	CFD	reducing a short position	12,095	2.0220 GBP
Ordinary 10 10/11p	CFD	reducing a short position	6,875	2.0220 GBP
Ordinary 10 10/11p	CFD	reducing a short position	11,275	2.0220 GBP
Ordinary 10 10/11p	CFD	reducing a short position	9,680	2.0220 GBP
Ordinary 10 10/11p	CFD	reducing a short position	562,284	2.0220 GBP
Ordinary 10 10/11p	CFD	reducing a short position	18,200	2.0220 GBP
Ordinary 10 10/11p	CFD	reducing a short position	38,487	2.0222 GBP
Ordinary 10 10/11p	CFD	reducing a short position	28,459	2.0222 GBP
Ordinary 10 10/11p	CFD	reducing a short position	19,415	2.0239 GBP
Ordinary 10 10/11p	CFD	reducing a short position	206,708	2.0258 GBP
Ordinary 10 10/11p	CFD	reducing a short position	38,874	2.0261 GBP
Ordinary 10 10/11p	CFD	reducing a short position	8,556	2.0268 GBP
Ordinary 10 10/11p	CFD	reducing a short position	78,668	2.0270 GBP
Ordinary 10 10/11p	CFD	reducing a short position	4,975	2.0274 GBP
Ordinary 10 10/11p	CFD	reducing a short position	165,630	2.0275 GBP
Ordinary 10 10/11p	CFD	reducing a short position	9,656	2.0297 GBP
Ordinary 10 10/11p	CFD	reducing a short position	6,856	2.0313 GBP
Ordinary 10 10/11p	CFD	reducing a short position	48	2.0320 GBP
Ordinary 10 10/11p	CFD	reducing a short position	12,916	2.0467 GBP
Ordinary 10 10/11p	CFD	reducing a short position	139,222	2.0542 GBP
Ordinary 10 10/11p	CFD	reducing a short position	89,018	2.0647 GBP
Ordinary 10 10/11p	CFD	reducing a short position	15,000	2.0700 GBP
Ordinary 10 10/11p	CFD	reducing a short position	412,992	2.0760 GBP
Ordinary 10 10/11p	CFD	reducing a short position	339	2.0960 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:	01 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