JPMorgan Chase & Co. has filed a major holdings notification disclosing a reduction in its total voting interest in Bodycote plc (BOY), the UK-listed thermal processing and heat treatment specialist, from 10.003914% to 7.952435%. The threshold was crossed on 5 November 2026, with the issuer notified on 9 November 2026. The disclosure, completed in London, was made under DTR5 rules and reflects activity across multiple subsidiaries of the US banking giant.

Key Points

  • Bodycote plc (BOY) — UK-listed thermal processing and heat treatment group (ISIN: GB00B3FLWH99)
  • JPMorgan Chase & Co. reduced its total voting interest in Bodycote from 10.003914% to 7.952435%
  • The threshold crossing date was 5 November 2026; total voting rights held now stand at 13,534,089
  • Investors may be watching whether JPMorgan's position stabilises or continues to decline in subsequent filings

JPMorgan's Combined Direct and Derivative Position in Bodycote Falls to 7.95%

According to the TR-1 notification, JPMorgan Chase & Co.'s total position in Bodycote plc now stands at 7.952435%, comprising 0.545526% in voting rights attached directly to shares and 7.406909% held through financial instruments. This compares with a previous notification total of 10.003914%, indicating a meaningful reduction across both categories. The total number of voting rights now held in the issuer is recorded as 13,534,089. The direct shareholding is held via 928,419 shares attributed to J.P. Morgan Securities PLC, a wholly owned subsidiary within JPMorgan's controlled undertaking chain.

Cash-Settled Equity Swaps Account for the Majority of JPMorgan's Bodycote Exposure

The bulk of JPMorgan's remaining economic exposure to Bodycote is structured through a portfolio of cash-settled equity swaps, which collectively represent 12,605,670 voting rights, or 7.406909% of the total. These instruments, disclosed under DTR5.3.1R.(1)(b), carry expiration dates ranging from 30 November 2026 through to 15 December 2027 and are all designated for cash settlement. The largest individual swap position covers 2,600,756 voting rights expiring 29 July 2027, followed by one covering 2,367,294 voting rights expiring 16 June 2027. No physically settled instruments were disclosed in this notification.

Notification Filed via Multiple JPMorgan Subsidiaries Including J.P. Morgan Securities PLC and J.P. Morgan SE

The filing identifies JPMorgan Chase & Co. as the ultimate controlling entity, with the position held through several subsidiary chains. These include J.P. Morgan Securities PLC, owned through JPMorgan Chase Bank, National Association and J.P. Morgan International Finance Limited; J.P. Morgan SE, held via the same intermediate entities; and J.P. Morgan Markets Limited, owned through JPMorgan Chase Holdings LLC and J.P. Morgan Financial Investments Limited. Each subsidiary in the chain is held at 100% by its parent. The notification was completed on 9 November 2026 in London, as required under UK disclosure rules.