J.P. Morgan Securities LLC has filed a Form 38.5(b) and 38.6 disclosure with the Irish Takeover Panel relating to DCC Energy plc, the energy distribution and solutions business, dated 6 November 2026 and published on 9 November 2026. The filing reveals that J.P. Morgan Securities LLC, acting as corporate broker and financial adviser to DCC Energy plc, holds a short position equivalent to 2.01% of the company's €0.25 ordinary shares. 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 ongoing regulatory transparency obligations during a live offer period. Investors monitoring the DCC Energy situation will note the scale of the disclosed short position alongside a relatively small long interest.

Key Points

  • DCC Energy plc (DCC) — filing made by connected exempt principal trader J.P. Morgan Securities LLC
  • J.P. Morgan Securities LLC disclosed a short position of 1,712,976 shares, representing 2.01% of DCC Energy plc's €0.25 ordinary shares
  • A long interest of 30,550 shares (0.04%) was also disclosed; a borrow and return transaction covering 300,000 shares was recorded on 6 November 2026
  • Investors should watch for further Rule 38 disclosures as the offer period progresses and positions change

J.P. Morgan Securities LLC's Dual Role as Corporate Broker and Exempt Principal Trader in DCC Energy plc

The disclosure identifies J.P. Morgan Securities LLC as both corporate broker and financial adviser to DCC Energy plc, while simultaneously operating as a connected exempt principal trader under the Irish Takeover Rules. This dual role requires the firm to file transparent position disclosures to avoid conflicts of interest during an active offer period. The filing confirms no indemnity arrangements, options, or agreements relating to voting rights on DCC Energy's relevant securities exist, and no Supplemental Form 8 was attached. DCC Energy plc is an energy distribution business whose €0.25 ordinary shares form the class of relevant securities to which this filing applies.

Short Position of 1,712,976 Shares and 300,000-Share Borrow Transaction Recorded on 6 November 2026

As at 6 November 2026, J.P. Morgan Securities LLC held a total short position of 1,712,976 DCC Energy plc ordinary shares, equating to 2.01% of the relevant class. Against this, the firm reported a long interest of just 30,550 shares, or 0.04%. The dealings section of the form records a borrow and return transaction of 300,000 €0.25 ordinary shares, with no highest or lowest price per unit disclosed for that transaction. No cash-settled or stock-settled derivative positions were reported, meaning the entire disclosed short exposure arises from directly owned or controlled securities rather than derivative instruments.

Irish Takeover Panel Rule 38 Obligations Driving the DCC Energy Disclosure Requirement

The filing is made under the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, specifically Rules 38.5(b) and 38.6, which govern opening position and dealing disclosures by connected exempt principal traders. These rules require firms connected to an offer party to publicly disclose their interests and short positions at regular intervals throughout an offer period, ensuring market participants have visibility of significant holdings. DCC Energy plc's status as the named offeree in this process means all connected parties face ongoing obligations to file updated disclosures should their positions change materially. The contact named in the filing is Natasha Mondon.