J.P. Morgan SE has filed a Form 38.5(b) and 38.6 dealing disclosure with the Irish Takeover Panel relating to DCC Energy plc, confirming positions held as at 3 November 2026. The filing, published on 4 November 2026 via RNS, reveals that J.P. Morgan SE holds both a long interest and an almost equivalent short position in DCC Energy plc's €0.25 ordinary shares, each representing 0.27% of the company's relevant securities. The disclosure is required under Rule 38.5(b) and Rule 38.6 of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, and signals that a formal offer process involving DCC Energy plc is under way.

Key Points

  • DCC Energy plc (DCC) — disclosure filed by connected exempt principal trader J.P. Morgan SE, acting as corporate broker and financial adviser to DCC Energy plc
  • J.P. Morgan SE has disclosed a long interest of 226,699 shares (0.27%) and a short position of 226,650 shares (0.27%) in DCC Energy plc €0.25 ordinary shares
  • Dealings on 3 November 2026 included a sale of 97 shares at 64.5500 GBP per share and a borrow return of 73 shares
  • Investors should watch for further Rule 38 disclosures and any formal offer announcement regarding DCC Energy plc

J.P. Morgan SE's Connected Role as Corporate Broker and Financial Adviser to DCC Energy plc

The disclosure confirms that J.P. Morgan SE is connected to the offer process in its capacity as corporate broker and financial adviser to DCC Energy plc. Under the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, connected exempt principal traders are required to make opening position and dealing disclosures to maintain transparency during offer periods. J.P. Morgan SE filed this disclosure without Recognised Intermediary status, or while not dealing in a client-serving capacity, as specified under Rule 38.5(b) and Rule 38.6. The announcement states that no indemnity or option arrangements, and no agreements relating to voting rights or derivatives, are in place between J.P. Morgan SE and any party to the offer.

Long Interest and Short Position of 226,699 and 226,650 Shares Respectively in DCC Energy plc €0.25 Ordinary Shares

As at 3 November 2026, J.P. Morgan SE held a long interest of 226,699 €0.25 ordinary shares in DCC Energy plc, equating to 0.27% of the relevant class, alongside a short position of 226,650 shares, also representing 0.27%. The near-symmetrical nature of the long and short positions is consistent with the activity of a principal trader managing risk around market-making obligations. The disclosure records no cash-settled derivative positions and no stock-settled derivative positions, meaning the entire exposure is accounted for through directly owned or controlled securities and short positions in the same share class.

Sale of 97 DCC Energy plc Shares at 64.5500 GBP and Borrow Return of 73 Shares on 3 November 2026

The dealing section of the form records two transactions undertaken on 3 November 2026. J.P. Morgan SE sold 97 €0.25 ordinary shares in DCC Energy plc at a price of 64.5500 GBP per share, with both the highest and lowest price per unit recorded identically at 64.5500 GBP, indicating a single-price transaction. Additionally, a borrow return of 73 shares was recorded, for which no price per unit is applicable. No purchases were made on that date. The company did not disclose the aggregate consideration for these transactions beyond the per-unit price stated in the form.