Barclays PLC (BARC) has filed a Form 38.5(b) disclosure with the Irish Takeover Panel, revealing that its subsidiary Barclays Capital Securities Ltd held a total interest of 2.69% in DCC Energy Plc's €0.25 ordinary shares as of 3 November 2026. The disclosure was made in connection with a takeover offer involving Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. as the connected offerors. The filing confirms dealings in DCC Energy shares and derivatives undertaken on 3 November 2026, including both outright purchases and sales as well as a range of cash-settled swap and CFD transactions. Investors monitoring the DCC Energy takeover process may note Barclays Capital Securities' role as a connected exempt principal trader without recognised intermediary status.

Key Points

  • Barclays PLC (BARC) — disclosure filed via subsidiary Barclays Capital Securities Ltd
  • Total interest of 2.69% and total short position of 2.48% in DCC Energy Plc's €0.25 ordinary shares disclosed as of 3 November 2026
  • Dealings included purchases of 18,432 shares and sales of 156,862 shares, with prices ranging between 64.50 GBP and 64.55 GBP per unit
  • Investors should watch for further regulatory disclosures as the Energy Capital Partners and KKR offer for DCC Energy progresses

Barclays Capital Securities' Confirmed Position in DCC Energy Plc Ordinary Shares

The Form 38.5(b) filing states that Barclays Capital Securities Ltd held 2,271,784 DCC Energy €0.25 ordinary shares outright, representing 2.66% of the relevant class, alongside a short position of 32,024 shares equating to 0.04%. Cash-settled derivatives added a further long exposure of 27,830 shares (0.03%) and a short position of 2,087,921 shares (2.44%). Combining all categories, the total disclosed interest reached 2,299,614 shares or 2.69%, with total short positions of 2,119,945 shares or 2.48%, based on dealings recorded on 3 November 2026.

Share Dealings and Derivative Transactions Executed on 3 November 2026

The announcement details outright purchases of 18,432 DCC Energy ordinary shares and sales of 156,862 shares, both transacted at prices between 64.50 GBP and 64.55 GBP per unit. Beyond direct share dealings, Barclays Capital Securities conducted an extensive series of cash-settled derivative transactions, encompassing both swap contracts and contracts for difference (CFDs). These included multiple instances of increasing and decreasing short positions, as well as a decreasing long position via swap, all referencing DCC Energy's €0.25 ordinary shares at prices closely clustered around the 64.50 GBP level.

Connection to Energy Capital Partners and KKR's Offer for DCC Energy

The disclosure identifies Barclays Capital Securities Ltd as an exempt principal trader connected to Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P., the named parties to the offer for DCC Energy Plc. Under Irish Takeover Panel rules, connected exempt principal traders are required to disclose their positions and dealings during an offer period. The filing confirms no indemnity, option arrangements, or agreements relating to voting rights or future acquisition of relevant securities were in place, and no supplemental Form 8 was attached to the submission.

Regulatory Context of the Irish Takeover Panel Form 38.5(b) Filing

The Form 38.5(b) is a mandated regulatory disclosure under Rule 38.5(b) of the Irish Takeover Panel Act 1997, Takeover Rules 2022. It requires connected exempt principal traders to publicly declare their interests and dealings in the securities of an offeree company during an active offer period. Barclays Capital Securities Ltd confirmed it was not making disclosures in respect of any other party to the offer beyond DCC Energy Plc. The disclosure was filed on 4 November 2026, with Large Holdings Regulatory Operations listed as the contact function for the submission.