Barclays PLC (BARC) has filed a Form 38.5(b) dealing disclosure with the Irish Takeover Panel, confirming that its subsidiary Barclays Capital Securities Ltd held a total interest of 2.89% in DCC Energy Plc's €0.25 ordinary shares as of 4 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 offeror parties. The filing, published on 5 November 2026, is required under Rule 38.5(b) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, and covers both outright shareholdings and derivative positions. Investors monitoring the DCC Energy takeover process may note the scale and composition of Barclays Capital Securities' disclosed positions.

Key Points

  • Barclays PLC (BARC) via subsidiary Barclays Capital Securities Ltd
  • Disclosure of a 2.89% total interest and 2.68% total short position in DCC Energy Plc €0.25 ordinary shares as at 4 November 2026
  • Dealings included purchases of 195,489 shares and sales of 24,582 shares, with prices ranging between 64.4903 GBP and 64.5572 GBP per unit
  • Investors should watch for further disclosure filings as the Energy Capital Partners and KKR offer for DCC Energy progresses

Barclays Capital Securities' Disclosed Interests and Short Positions in DCC Energy Plc

According to the announcement, Barclays Capital Securities Ltd held 2,441,691 DCC Energy ordinary shares outright, representing 2.86% of the relevant class, alongside a short position of 31,024 shares equating to 0.04%. Cash-settled derivatives added a further long exposure of 25,499 reference securities (0.03%) and a short position of 2,256,992 securities (2.64%). No stock-settled derivatives or options were reported. In aggregate, total interests stood at 2,467,190 shares (2.89%) against total short positions of 2,288,016 shares (2.68%), producing a broadly balanced net exposure across both outright and derivative holdings.

Share Purchases, Sales and Swap Activity Recorded on 4 November 2026

The filing details that on 4 November 2026, Barclays Capital Securities purchased 195,489 DCC Energy ordinary shares at prices between 64.5000 GBP and 64.5572 GBP per unit, and sold 24,582 shares at prices between 64.4903 GBP and 64.5500 GBP per unit. A substantial volume of cash-settled swap transactions was also recorded, encompassing positions described as increasing short, decreasing short, opening short, closing short, closing long, and decreasing long, with individual swap transactions referencing quantities from as few as 3 to as many as 61,288 reference securities, all transacted at prices within the same narrow GBP range.

Connection to Energy Capital Partners and KKR Offer for DCC Energy

The disclosure confirms that Barclays Capital Securities is acting as a connected exempt principal trader in relation to the offer parties identified as Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. The filing states that no indemnity arrangements, option arrangements, or agreements relating to voting rights on derivatives were in place. Barclays Capital Securities did not disclose dealings in respect of any other party to the offer beyond DCC Energy Plc. The company confirmed it holds no recognised intermediary status in a client-serving capacity for this disclosure.

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

Form 38.5(b) filings are a mandatory transparency mechanism under Irish takeover regulation, requiring connected exempt principal traders to disclose positions and dealings in target company securities during an offer period. The obligation applies regardless of whether the trader is acting on behalf of clients, ensuring the market receives timely information on significant shareholding movements. The announcement was submitted on 5 November 2026, with Large Holdings Regulatory Operations at Barclays listed as the contact. No supplemental Form 8 was attached, and the company confirmed no other arrangements relevant to the offer were outstanding.