Pennon Group PLC (PNN), the UK-listed water and wastewater services company, has received formal notification that JPMorgan Chase & Co. has reduced its combined holding of voting rights and financial instruments to below the minimum reportable threshold. The TR-1 major holdings disclosure, filed with the London Stock Exchange on 29 October 2026, confirms the threshold was crossed on 27 October 2026. The previous notification recorded a total position of 5.216716%, comprising 2.953186% in voting rights attached to shares and 2.263530% through financial instruments, meaning JPMorgan's exposure has now fallen below the level requiring itemised disclosure under the UK's Disclosure Guidance and Transparency Rules.

Key Points

  • Pennon Group PLC (PNN), ISIN GB00BNNTLN49, is the issuing company subject to this major holdings notification.
  • JPMorgan Chase & Co. has dropped below the minimum disclosure threshold for voting rights in Pennon Group PLC as of 27 October 2026.
  • The previous combined position stood at 5.216716%; the current position is now recorded as "Below Minimum Threshold" across all categories.
  • Investors may wish to monitor whether further institutional shareholder movements in Pennon Group are disclosed in the coming weeks.

JPMorgan's Previous 5.22% Combined Position in Pennon Group Now Below Reportable Level

According to the TR-1 form completed in London on 29 October 2026, JPMorgan Chase & Co.'s prior notification showed a combined holding of 5.216716% in Pennon Group, split between 2.953186% in direct and indirect voting rights attached to shares, and 2.263530% held through financial instruments. Following an acquisition, disposal, or structural event changing the breakdown of voting rights on 27 October 2026, the entire position — across both shares and financial instruments — has fallen to below the minimum reportable threshold, meaning no individual percentage figures are now required to be disclosed under DTR5.

J.P. Morgan Securities PLC Named as Direct Shareholder Beneath Ultimate Parent JPMorgan Chase & Co.

The notification identifies J.P. Morgan Securities PLC as the direct shareholder entity, operating as a wholly owned subsidiary within a chain ultimately controlled by JPMorgan Chase & Co., which is registered in the United States. The announcement also references J.P. Morgan SE and J.P. Morgan Securities LLC as additional entities in the controlled undertaking chain. Each subsidiary link in the chain disclosed within the notification is held at 100% ownership, running through JPMorgan Chase Bank, National Association and various intermediate holding companies registered across multiple jurisdictions.

Pennon Group's Regulatory Standing and What DTR5 Threshold Crossings Mean for UK-Listed Issuers

Pennon Group PLC is a UK issuer subject to the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, which require major shareholders to notify companies and regulators when holdings cross certain percentage thresholds. A position falling below the minimum threshold does not necessarily indicate a complete disposal of shares, but rather that the total combined interest no longer meets the level mandating itemised public disclosure. The reason cited in the notification is either an acquisition or disposal of voting rights, or an event changing the breakdown of voting rights, though the specific transaction type is not further detailed in the announcement.