Bank of America Corporation has disclosed a major holding in Molten Ventures Plc (GROW), the London-listed venture capital firm focused on European technology investments, after its total voting rights position crossed the 10% threshold on 30 October 2026. The TR-1 regulatory notification, filed with the issuer on 3 November 2026, reveals that Bank of America holds a combined 10.585138% of voting rights in Molten Ventures. The position is largely constructed through cash-settled swaps rather than direct share ownership, a structure that investors in venture capital-listed vehicles may wish to note carefully.

Key Points

  • Molten Ventures Plc (GROW) — UK-listed venture capital investor in European technology companies
  • Bank of America Corporation disclosed a total voting rights position of 10.585138%, crossing the 10% notifiable threshold on 30 October 2026
  • Direct share voting rights stand at 0.082630%, representing 143,242 shares; financial instruments account for 10.502508% of the total
  • Investors should watch whether Bank of America's position changes further, given the previous notification stood at 11.135512%

Bank of America's Total Position in Molten Ventures Falls from Prior 11.14% Notification

The regulatory filing confirms that Bank of America's total combined position — covering both direct voting rights and financial instruments — now stands at 10.585138%, equating to 18,349,656 voting rights in Molten Ventures Plc. This represents a decrease from the previous notification, which recorded a combined total of 11.135512%. The reduction suggests a partial unwinding of the earlier position, though the company did not disclose the specific transactions driving this change beyond identifying the event as an acquisition or disposal of financial instruments.

Cash-Settled Swaps Dominate Bank of America's Exposure to GROW Shares

The vast majority of Bank of America's voting rights exposure — 18,206,389 voting rights, representing 10.502494% — is held through cash-settled swaps under DTR5.3.1R.(1)(b). These instruments carry expiration dates ranging from December 2026 through to May 2030, spread across 18 separate swap positions. Because these are cash-settled rather than physically settled, they do not confer actual share ownership or direct voting control, though they are required to be disclosed as instruments with similar economic effect under UK disclosure rules.

Merrill Lynch International and Bank of America National Association Hold Notifiable Sub-Positions

The filing's chain-of-control section identifies two Bank of America subsidiaries with positions at or above the notifiable threshold in their own right. Bank of America, National Association holds 5.123980% of voting rights through financial instruments, while Merrill Lynch International holds a combined 4.570356%, of which 4.494258% is via financial instruments. BofA Securities Europe SA and BofA Securities, Inc. are also listed as controlled undertakings within the chain, though no separately notifiable figures are attributed to those entities in the disclosure.

Molten Ventures Plc and the Significance of Major Institutional Filings

Molten Ventures Plc is a UK-listed investor specialising in high-growth European technology businesses, operating across sectors including software, fintech, and deep technology. Major holder notifications of this scale are significant for investors in smaller listed investment vehicles because they can signal shifts in institutional sentiment or portfolio rebalancing activity. The announcement states the notification was completed in London on 3 November 2026. Investors may be watching for any subsequent TR-1 filings that indicate further movement in Bank of America's position.