New York-based Glazer Capital, LLC has filed a major holdings notification disclosing a 5.166471% position in Bodycote plc (BOY), the UK-listed thermal processing and heat treatment services group. The stake, equivalent to 8,792,713 voting rights, was accumulated entirely through total equity return swaps rather than direct share ownership. The threshold was crossed on 30 October 2026, with the issuer notified on 2 November 2026. Investors may be watching the disclosure closely given that the position is held via cash-settled financial instruments rather than physical shares.

Key Points

  • Bodycote plc (BOY) — UK-listed thermal processing and heat treatment services company
  • Glazer Capital, LLC disclosed a 5.166471% voting rights position via total equity return swaps
  • The position represents 8,792,713 voting rights; threshold crossed 30 October 2026
  • Investors should watch whether the position increases further or converts into direct share ownership

Glazer Capital Crosses 5% Threshold in Bodycote Through Cash-Settled Swaps

The TR-1 notification, completed on 2 November 2026 in New York, confirms that Glazer Capital, LLC holds its entire 5.166471% interest in Bodycote plc through financial instruments with a similar economic effect to shares, specifically total equity return swaps settled in cash. The company holds zero direct or indirect voting rights attached to shares, meaning the 8,792,713 voting rights are attributable solely under DTR5.3.1R.(1)(b). The notification records no previous position, suggesting this represents a new reportable holding rather than an increase from an earlier disclosed stake.

Glazer Capital Enhanced Master Fund and the Role of Paul J. Glazer

The announcement states that the shareholder entity is Glazer Capital Enhanced Master Fund, Ltd., domiciled in Grand Cayman, Cayman Islands. Glazer Capital, LLC, registered in New York, USA, acts as discretionary investment manager for the fund and other client accounts. The ultimate controlling person identified in the notification is Paul J. Glazer. The filing notes explicitly that Glazer Capital, LLC is making this notification in aggregate on behalf of its clients, which is standard practice for discretionary fund managers operating across multiple investment vehicles under a single major holdings disclosure.

What Cash-Settled Swap Exposure Means for Bodycote Shareholders

Because the position is held entirely via cash-settled total equity return swaps, Glazer Capital does not currently carry direct voting rights at Bodycote's general meetings. Cash settlement means the counterparty, rather than Glazer Capital, typically holds the underlying shares. This structure is common among hedge funds seeking economic exposure without immediate share acquisition. However, UK Disclosure and Transparency Rules require notification once the combined threshold of direct, indirect, and instrument-based voting rights reaches 5%, which this filing satisfies. Bodycote operates across heat treatment, hot isostatic pressing, and surface technology services in markets globally.