Hudson Bay Capital Management LP has filed a Form 8.3 opening position disclosure with the Irish Takeover Panel, revealing a 1% interest in DCC Energy plc (DCC) held entirely through cash-settled derivatives. The position, comprising 857,785 reference securities in DCC Energy's €0.25 ordinary shares, was recorded as at 6 November 2026 and publicly disclosed on 9 November 2026. The filing also confirms that Hudson Bay reduced its long position during the relevant period via an equity swap transaction, making this disclosure of interest to investors monitoring the ongoing offer process surrounding DCC Energy.

Key Points

  • Hudson Bay Capital Management LP filed a Form 8.3 disclosure relating to DCC Energy plc (DCC)
  • Hudson Bay holds 857,785 cash-settled derivatives in DCC Energy's €0.25 ordinary shares, representing a 1.00% interest
  • Position held as at 6 November 2026; the firm reduced its long exposure via an equity swap of 256 securities at GBP 64.51 per unit
  • Investors should watch for further Rule 8.3 disclosures as the DCC Energy offer process continues under Irish Takeover Panel oversight

Hudson Bay's 857,785-Share Derivative Position in DCC Energy's €0.25 Ordinary Shares

According to the Form 8.3 filed with the Irish Takeover Panel, Hudson Bay Capital Management LP holds a total interest of 857,785 relevant securities in DCC Energy plc, all of which are structured as cash-settled derivatives. This represents exactly 1.00% of DCC Energy's relevant share class — the €0.25 ordinary shares. The firm confirmed no stock-settled derivatives, no options, and no outright ownership of shares at this disclosure date. The filing states there are no indemnity arrangements or agreements relating to voting rights connected to these derivative positions, and no Supplemental Form 8 was attached to the disclosure.

Equity Swap Transaction Reduces Hudson Bay's Long Exposure at GBP 64.51 Per Unit

The disclosure details one dealing transaction carried out during the relevant period. Hudson Bay reduced its long position in DCC Energy's €0.25 ordinary shares by 256 reference securities through an equity swap, transacted at a price of GBP 64.51 per unit. No purchases or sales of physical shares were reported, and no stock-settled derivative transactions were recorded. The reduction in the long position is modest relative to the remaining 857,785-unit holding and does not alter the firm's status as a disclosed holder of a 1% or greater interest under Irish Takeover Panel rules.

Irish Takeover Panel Rule 8.3 Obligations Triggered by DCC Energy Offer Process

The Form 8.3 filing is a regulatory requirement under Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022. Any person holding interests or short positions of 1% or more in an offeree company's relevant securities must disclose their position publicly while an offer or possible offer is live. DCC Energy plc is named as the offeree in this filing, confirming it is subject to an active offer process. The filing was submitted by contact Hannah Sampford, reachable at the telephone number listed in the announcement, and was made to a Regulatory Information Service as required under the Rules.