Form 8.5 (EPT/RI) (9027O)

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RNS Number : 9027O

Morgan Stanley Securities Limited

26 September 2011

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 Securities Limited 
------------------------------------------  ---------------------------------- 
     (b) Name of offeror/offeree in          Avis Europe plc 
     relation to whose relevant securities 
     this form relates: Use a separate 
     form for each offeror/offeree 
------------------------------------------  ---------------------------------- 
     (c) Name of the party to the offer      Avis Europe plc 
     with which exempt principal trader is 
     connected: 
------------------------------------------  ---------------------------------- 
     (d) Date dealing undertaken:            23rd September 2011 
------------------------------------------  ---------------------------------- 
     (e) Has the EPT previously disclosed,   No 
     or is it today disclosing, under the 
     Code in respect of any other party to 
     this offer? 
------------------------------------------  ---------------------------------- 
 

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

(a) Purchases and sales

 
   Class of                       Total number   Highest price   Lowest price 
   relevant        Purchases/          of          per unit        per unit 
   security          sales         securities    paid/received   paid/received 
--------------  ---------------  -------------  --------------  -------------- 
 ORD GBP         PURCHASES        777            3.1481          3.1481 
--------------  ---------------  -------------  --------------  -------------- 
 ORD GBP         SALES            53,436         3.1470          3.1360 
--------------  ---------------  -------------  --------------  -------------- 
 

(b) Derivatives transactions (other than options)

 
                                 Nature of dealing 
                                e.g opening/closing 
                                    a long/short 
                                     position, 
   Class of        Product      increasing/reducing     Number of 
   relevant      description        a long/short        reference    Price per 
   security        e.g CFD            position          securities      unit 
--------------  -------------  ---------------------  ------------  ---------- 
 ORD GBP         CFD            LONG                   3,650         3.1443 
--------------  -------------  ---------------------  ------------  ---------- 
 ORD GBP         CFD            SHORT                  777           3.1481 
--------------  -------------  ---------------------  ------------  ---------- 
 

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

 
 Class of     Product      Writing,     Number of    Exercise   Type e.g.   Expiry    Option 
 relevant   description   purchasing,   securities    price     American,    date     money 
 security    e.g. call     selling,      to which      per      European              paid/ 
              option        varying       option       unit       etc.               received 
                             etc.        relates                                       per 
                                                                                       unit 
---------  ------------  ------------  -----------  ---------  ----------  -------  --------- 
 N/A        N/A           N/A           N/A          N/A        N/A         N/A      N/A 
---------  ------------  ------------  -----------  ---------  ----------  -------  --------- 
 

(ii) Exercising

 
 Class of relevant        Product            Number of        Exercise price 
     security        description e.g.       securities           per unit 
                        call option 
------------------  ------------------  ------------------  ------------------ 
 N/A                 N/A                 N/A                 N/A 
------------------  ------------------  ------------------  ------------------ 
 

(d) Other dealings (including subscribing for new securities)

 
   Class of relevant      Nature of dealing     Details    Price per unit (if 
       security           e.g. subscription,                  applicable) 
                              conversion 
----------------------  ---------------------  --------  --------------------- 
 N/A                     N/A                    N/A       N/A 
----------------------  ---------------------  --------  --------------------- 
 

The currency of all prices and other monetary amounts should be stated.

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.

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: 
  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:    26th September 2011 
---------------------  -------------------- 
 Contact name:          Emma Cansell 
---------------------  -------------------- 
 Telephone number:      0207 677 2630 
---------------------  -------------------- 
 

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at [e-mail]. 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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