Form 8.5 (EPT/RI)-Direct Line Insurance Group plc

Morgan Stanley & Co. Int'l plc
15 March 2024
 

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

5,478,807

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:

15 March 2024

Contact name:

Craig Horsley

Telephone number:

+44 141 245-7736

 

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 +44 (0)20 7638 0129.

 

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

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