Bodycote plc (BOY), the FTSE-listed thermal processing and heat treatment services group, has received formal notification that BNP Paribas SA reduced its combined voting rights position from 6.52% to 4.81% on 9 November 2026, crossing below the 5% disclosure threshold. The notification, submitted on 10 November 2026, was filed under TR-1 rules as required by the Financial Conduct Authority's Disclosure and Transparency Rules. The change reflects a disposal of voting rights attached to shares and an adjustment in financial instruments, and is a material development for investors monitoring significant shareholder movements in the company.

Key Points

  • Bodycote plc (BOY), ISIN GB00B3FLWH99, is the issuing company subject to this major holdings notification
  • BNP Paribas SA's total combined position fell from 6.524889% to 4.809490%, crossing below the 5% regulatory threshold
  • The threshold was crossed on 9 November 2026; Bodycote was notified on 10 November 2026
  • Investors may be watching whether further disposals bring BNP Paribas SA's position below the next disclosure threshold

BNP Paribas SA Drops from 6.52% to 4.81% in Bodycote Voting Rights

According to the TR-1 notification, BNP Paribas SA's total position in Bodycote plc fell to 4.809490% on 9 November 2026, down from a previously notified position of 6.524889%. The direct voting rights held through shares, via BNP Paribas Financial Markets based in Paris, France, now stand at 4.781342%, representing 8,137,270 shares. The remaining 0.028148% derives from financial instruments with similar economic effect, specifically three cash-settled swap contracts. This reduction in total voting rights held amounts to 8,185,176 votes in Bodycote plc.

Three Cash-Settled Swap Positions Retained by BNP Paribas Financial Markets

Alongside the direct share position, BNP Paribas Financial Markets retains three cash-settled swap instruments, as detailed in Section 8B2 of the notification. The first swap, expiring 1 July 2027, represents 41,218 voting rights, equating to 0.024219%. A second swap expiring 12 May 2028 covers just 28 voting rights, or 0.000016%. A third swap, expiring 27 July 2027, accounts for 6,660 voting rights at 0.003913%. Together, these swaps total 47,906 voting rights, bringing the aggregate financial instruments percentage to 0.028148% of Bodycote's issued voting rights.

Bodycote's Shareholder Structure and What This Disposal Signals

Bodycote plc is a specialist provider of thermal processing services, operating heat treatment, hot isostatic pressing, and surface technology facilities across multiple international markets. The company's shares trade on the London Stock Exchange under the ticker BOY. A reduction of this scale — from above 6.5% to below 5% — is a significant structural shift in Bodycote's major shareholder register. Under DTR5, crossing the 5% threshold triggers mandatory disclosure, making this notification a legally required filing rather than a voluntary statement. The announcement does not indicate the reason behind the disposal or future intentions regarding the remaining position.