J.P. Morgan Securities Plc, acting as corporate broker and financial adviser to DCC Energy plc (DCC), filed a Form 38.5(a) dealing disclosure with the Irish Takeover Panel on 12 November 2026, covering transactions undertaken on 11 November 2026. The disclosure was submitted under Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, in J.P. Morgan's capacity as a connected exempt principal trader with Recognised Intermediary Status dealing in a client-serving capacity. The filing covers purchases, sales, loan transactions, and equity swap activity in DCC Energy's €0.25 ordinary shares, and investors in the energy distribution group may note the breadth of derivative activity recorded across the session.

Key Points

  • DCC Energy plc (DCC) — disclosure filed by connected adviser J.P. Morgan Securities Plc
  • Form 38.5(a) submitted to the Irish Takeover Panel covering dealings on 11 November 2026
  • Purchases of 69,436 ordinary shares at prices between 64.5500 GBP and 64.7019 GBP per unit; sales of 23,134 shares in the same session
  • Investors may watch for further mandatory disclosures as the Irish Takeover Panel's reporting obligations continue

J.P. Morgan's Role as Connected Exempt Principal Trader to DCC Energy Plc

The disclosure identifies J.P. Morgan Securities Plc as both corporate broker and financial adviser to DCC Energy plc, classifying it as a connected exempt principal trader under Rule 2.2 of the Irish Takeover Rules, 2022. Under this framework, connected advisers are required to report dealings in the relevant securities of a party to an offer or possible offer on a regular basis. DCC Energy plc, the subject entity, operates as a leading international energy distribution and services business. The filing confirms no indemnity arrangements, options, or inducement-to-deal agreements exist between J.P. Morgan and any party to the offer, with both relevant sections of the form returning "None."

Purchases, Sales, and New Loan Activity in DCC Energy's €0.25 Ordinary Shares

On 11 November 2026, J.P. Morgan Securities Plc purchased 69,436 of DCC Energy's €0.25 ordinary shares, with the highest price paid reaching 64.7019 GBP per unit and the lowest 64.5500 GBP per unit. Sales of 23,134 shares were also recorded, transacted between 64.5500 GBP and 64.7000 GBP per unit. Additionally, the disclosure records a loan return of 3,402 securities and a new loan of 1,700,000 securities, both at no applicable price per unit, reflecting stock-lending activity that is a common feature of principal trading operations in actively managed situations governed by takeover rules.

Equity Swap Transactions Span Long, Short, and Opening Positions Across Multiple Price Levels

The cash-settled derivatives section of the filing sets out a range of equity swap transactions referencing DCC Energy's €0.25 ordinary shares, executed across numerous price levels predominantly between 64.5452 GBP and 64.7019 GBP per unit. Activity included decreases and increases to both long and short positions, as well as the opening of new long and short positions. The largest single line item was an increase to a short position covering 18,711 reference securities at 64.5722 GBP. No stock-settled derivative or option transactions were reported. The contact named on the disclosure is Natasha Mondon, reachable at the telephone number provided in the filing.

Irish Takeover Panel Reporting Obligations and Ongoing Disclosure Requirements for DCC Energy

The filing is made pursuant to Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, which mandates that connected exempt principal traders with Recognised Intermediary Status disclose dealings in relevant securities during an offer or possible offer period. DCC Energy plc, as an Irish-incorporated entity, falls under the jurisdiction of the Irish Takeover Panel, adding a cross-border regulatory dimension for investors accustomed to UK-only Takeover Code disclosures. The announcement states the disclosure date as 12 November 2026, one day after the dealing date, consistent with the panel's standard reporting timeline. No corrections to prior disclosures were indicated in this filing.