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

Morgan Stanley & Co. Int'l plc
18 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:

15 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

7,071,178

2.1660 GBP

2.0490 GBP

Ordinary 10 10/11p

SALES

4,632,484

2.1670 GBP

2.0495 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

300,000

2.0533 GBP

Ordinary 10 10/11p

CFD

increasing a long position

2,953

2.0731 GBP

Ordinary 10 10/11p

CFD

increasing a long position

2,902

2.0829 GBP

Ordinary 10 10/11p

CFD

increasing a long position

9,722

2.0830 GBP

Ordinary 10 10/11p

CFD

increasing a long position

39,568

2.1002 GBP

Ordinary 10 10/11p

CFD

increasing a long position

250,000

2.1030 GBP

Ordinary 10 10/11p

CFD

increasing a long position

4,820

2.1086 GBP

Ordinary 10 10/11p

CFD

increasing a long position

4,467

2.1145 GBP

Ordinary 10 10/11p

CFD

increasing a long position

13,498

2.1316 GBP

Ordinary 10 10/11p

CFD

increasing a long position

18,016

2.1442 GBP

Ordinary 10 10/11p

CFD

increasing a long position

1,378

2.1469 GBP

Ordinary 10 10/11p

CFD

increasing a long position

2,763

2.1476 GBP

Ordinary 10 10/11p

CFD

increasing a long position

36,407

2.1488 GBP

Ordinary 10 10/11p

CFD

increasing a short position

250,000

2.0510 GBP

Ordinary 10 10/11p

CFD

increasing a short position

3,322

2.0515 GBP

Ordinary 10 10/11p

CFD

increasing a short position

24,898

2.0647 GBP

Ordinary 10 10/11p

CFD

increasing a short position

47,580

2.0700 GBP

Ordinary 10 10/11p

CFD

increasing a short position

300

2.0710 GBP

Ordinary 10 10/11p

CFD

increasing a short position

863

2.0712 GBP

Ordinary 10 10/11p

CFD

increasing a short position

33,682

2.0734 GBP

Ordinary 10 10/11p

CFD

increasing a short position

7,840

2.0754 GBP

Ordinary 10 10/11p

CFD

increasing a short position

7,840

2.0754 GBP

Ordinary 10 10/11p

CFD

increasing a short position

16,356

2.0775 GBP

Ordinary 10 10/11p

CFD

increasing a short position

9,218

2.0786 GBP

Ordinary 10 10/11p

CFD

increasing a short position

5,000

2.0800 GBP

Ordinary 10 10/11p

CFD

increasing a short position

8,013

2.0814 GBP

Ordinary 10 10/11p

CFD

increasing a short position

5,985

2.0814 GBP

Ordinary 10 10/11p

CFD

increasing a short position

53,033

2.0821 GBP

Ordinary 10 10/11p

CFD

increasing a short position

518,912

2.0830 GBP

Ordinary 10 10/11p

CFD

increasing a short position

58,068

2.0830 GBP

Ordinary 10 10/11p

CFD

increasing a short position

9,358

2.0830 GBP

Ordinary 10 10/11p

CFD

increasing a short position

12,053

2.0830 GBP

Ordinary 10 10/11p

CFD

increasing a short position

94,625

2.0831 GBP

Ordinary 10 10/11p

CFD

increasing a short position

216,404

2.0832 GBP

Ordinary 10 10/11p

CFD

increasing a short position

1,944

2.0836 GBP

Ordinary 10 10/11p

CFD

increasing a short position

50,000

2.0840 GBP

Ordinary 10 10/11p

CFD

increasing a short position

2,500

2.0843 GBP

Ordinary 10 10/11p

CFD

increasing a short position

1,718

2.0845 GBP

Ordinary 10 10/11p

CFD

increasing a short position

17,428

2.0869 GBP

Ordinary 10 10/11p

CFD

increasing a short position

7,752

2.0876 GBP

Ordinary 10 10/11p

CFD

increasing a short position

60,190

2.0915 GBP

Ordinary 10 10/11p

CFD

increasing a short position

77,684

2.0915 GBP

Ordinary 10 10/11p

CFD

increasing a short position

964,384

2.0948 GBP

Ordinary 10 10/11p

CFD

increasing a short position

1,205

2.0968 GBP

Ordinary 10 10/11p

CFD

increasing a short position

104,400

2.0970 GBP

Ordinary 10 10/11p

CFD

increasing a short position

781

2.0978 GBP

Ordinary 10 10/11p

CFD

increasing a short position

849

2.0980 GBP

Ordinary 10 10/11p

CFD

increasing a short position

70,875

2.0983 GBP

Ordinary 10 10/11p

CFD

increasing a short position

253,093

2.0991 GBP

Ordinary 10 10/11p

CFD

increasing a short position

124,910

2.1002 GBP

Ordinary 10 10/11p

CFD

increasing a short position

37,851

2.1067 GBP

Ordinary 10 10/11p

CFD

increasing a short position

44,471

2.1081 GBP

Ordinary 10 10/11p

CFD

increasing a short position

1,815

2.1122 GBP

Ordinary 10 10/11p

CFD

increasing a short position

477

2.1206 GBP

Ordinary 10 10/11p

CFD

increasing a short position

9,874

2.1264 GBP

Ordinary 10 10/11p

CFD

increasing a short position

80,897

2.1286 GBP

Ordinary 10 10/11p

CFD

increasing a short position

203,955

2.1293 GBP

Ordinary 10 10/11p

CFD

increasing a short position

2,322,621

2.1301 GBP

Ordinary 10 10/11p

CFD

increasing a short position

20,038

2.1333 GBP

Ordinary 10 10/11p

CFD

increasing a short position

23,122

2.1373 GBP

Ordinary 10 10/11p

CFD

increasing a short position

1

2.1375 GBP

Ordinary 10 10/11p

CFD

increasing a short position

5,766

2.1384 GBP

Ordinary 10 10/11p

CFD

increasing a short position

45,545

2.1395 GBP

Ordinary 10 10/11p

CFD

increasing a short position

45,981

2.1396 GBP

Ordinary 10 10/11p

CFD

increasing a short position

35,000

2.1461 GBP

Ordinary 10 10/11p

CFD

increasing a short position

27,950

2.1467 GBP

Ordinary 10 10/11p

CFD

increasing a short position

79,608

2.1485 GBP

Ordinary 10 10/11p

CFD

increasing a short position

8,224

2.1512 GBP

Ordinary 10 10/11p

CFD

increasing a short position

40

2.1530 GBP

Ordinary 10 10/11p

CFD

increasing a short position

1,939

2.1538 GBP

Ordinary 10 10/11p

CFD

reducing a long position

22,167

2.0696 GBP

Ordinary 10 10/11p

CFD

reducing a long position

15,926

2.0790 GBP

Ordinary 10 10/11p

CFD

reducing a long position

128,361

2.0830 GBP

Ordinary 10 10/11p

CFD

reducing a long position

887

2.0830 GBP

Ordinary 10 10/11p

CFD

reducing a long position

278

2.0830 GBP

Ordinary 10 10/11p

CFD

reducing a long position

1,025

2.0830 GBP

Ordinary 10 10/11p

CFD

reducing a long position

173

2.0830 GBP

Ordinary 10 10/11p

CFD

reducing a long position

33,134

2.0915 GBP

Ordinary 10 10/11p

CFD

reducing a long position

46,926

2.0968 GBP

Ordinary 10 10/11p

CFD

reducing a long position

40,089

2.0996 GBP

Ordinary 10 10/11p

CFD

reducing a long position

349,166

2.0996 GBP

Ordinary 10 10/11p

CFD

reducing a long position

5,175

2.1002 GBP

Ordinary 10 10/11p

CFD

reducing a long position

12,439

2.1031 GBP

Ordinary 10 10/11p

CFD

reducing a short position

8,076

2.0626 GBP

Ordinary 10 10/11p

CFD

reducing a short position

933

2.0686 GBP

Ordinary 10 10/11p

CFD

reducing a short position

94,625

2.0688 GBP

Ordinary 10 10/11p

CFD

reducing a short position

8

2.0715 GBP

Ordinary 10 10/11p

CFD

reducing a short position

7,910

2.0750 GBP

Ordinary 10 10/11p

CFD

reducing a short position

14,463

2.0750 GBP

Ordinary 10 10/11p

CFD

reducing a short position

21,502

2.0750 GBP

Ordinary 10 10/11p

CFD

reducing a short position

4,811

2.0750 GBP

Ordinary 10 10/11p

CFD

reducing a short position

480,833

2.0750 GBP

Ordinary 10 10/11p

CFD

reducing a short position

116,346

2.0750 GBP

Ordinary 10 10/11p

CFD

reducing a short position

376,477

2.0769 GBP

Ordinary 10 10/11p

CFD

reducing a short position

6,679

2.0773 GBP

Ordinary 10 10/11p

CFD

reducing a short position

233

2.0786 GBP

Ordinary 10 10/11p

CFD

reducing a short position

25,860

2.0828 GBP

Ordinary 10 10/11p

CFD

reducing a short position

1

2.0830 GBP

Ordinary 10 10/11p

CFD

reducing a short position

125

2.0830 GBP

Ordinary 10 10/11p

CFD

reducing a short position

143,121

2.0830 GBP

Ordinary 10 10/11p

CFD

reducing a short position

5,278

2.0830 GBP

Ordinary 10 10/11p

CFD

reducing a short position

250,000

2.1018 GBP

Ordinary 10 10/11p

CFD

reducing a short position

110,168

2.1145 GBP

Ordinary 10 10/11p

CFD

reducing a short position

20,038

2.1321 GBP

Ordinary 10 10/11p

CFD

reducing a short position

23,122

2.1337 GBP

Ordinary 10 10/11p

CFD

reducing a short position

5,547

2.1390 GBP

Ordinary 10 10/11p

CFD

reducing a short position

180

2.1488 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

Ordinary 10 10/11p

PUT

Exercising

28,000

190.0000 GBP

 

(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:

+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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