JPMorgan Chase & Co. has disclosed that its combined voting rights position in Bodycote plc (BOY), the FTSE-listed thermal processing and heat treatment services group, crossed the 10% threshold on 3 November 2026. The notification, completed in London on 5 November 2026, was filed via a TR-1 standard major holdings form under UK disclosure rules. The holding comprises both direct share voting rights and exposure through a substantial portfolio of cash-settled equity swaps, bringing JPMorgan's total position to 10.003914% of voting rights in the company.

Key Points

  • Bodycote plc (BOY) — UK-listed provider of thermal processing and heat treatment services
  • JPMorgan Chase & Co. crossed the 10% combined voting rights threshold in Bodycote on 3 November 2026
  • Total combined position: 10.003914%, comprising 0.729946% in direct shares and 9.273968% through financial instruments; total voting rights held: 17,025,460
  • Investors may watch whether JPMorgan's position increases further or whether any additional threshold notifications follow

JPMorgan's Total Position Reaches 10.003914% in Bodycote as Threshold Is Crossed

According to the TR-1 notification, JPMorgan Chase & Co.'s resulting position on 3 November 2026 stood at 10.003914% in total combined voting rights, up from a previously notified position of 9.828377%. Direct voting rights attached to shares — held via J.P. Morgan Securities PLC — amounted to 1,242,281 shares, representing 0.729946% of Bodycote's voting rights. The remaining 9.273968% is held through financial instruments, specifically a series of cash-settled equity swaps with varying expiration dates running through to December 2027. The total number of voting rights held in the issuer is stated as 17,025,460.

Cash-Settled Equity Swaps Form the Dominant Portion of JPMorgan's Bodycote Exposure

The financial instruments disclosed under Section 8B2 of the notification consist entirely of cash-settled equity swaps, with more than twenty individual positions listed across a range of expiration dates between October 2026 and December 2027. The largest single swap position listed carries 2,600,756 voting rights, expiring 29 July 2027, while another carries 2,367,294 voting rights expiring 16 June 2027. Because these instruments are cash-settled rather than physically settled, they do not confer direct ownership of Bodycote shares, but they nonetheless count toward JPMorgan's notifiable voting rights exposure under DTR5.3.1R(1)(b).

Bodycote plc: UK Industrial Services Group Subject to Major Shareholder Disclosure Rules

Bodycote plc is a UK-incorporated company trading on the London Stock Exchange under ticker BOY, with ISIN GB00B3FLWH99. The company operates as a specialist provider of thermal processing services — including heat treatment, hot isostatic pressing, and surface technology — serving sectors such as aerospace, automotive, and general industrial manufacturing. As a UK issuer, Bodycote is subject to the Financial Conduct Authority's Disclosure and Transparency Rules, which require major shareholders to notify the company when their combined voting rights cross specified thresholds. The notification was completed in London and submitted two days after the threshold date.