JPMorgan Securities Plc has filed a Form 38.5(a) dealing disclosure with the Irish Takeover Panel, confirming transactions in DCC Energy plc (DCC) ordinary shares conducted on 12 November 2026. The disclosure was made in JPMorgan's capacity as an exempt principal trader with recognised intermediary status, acting in a client-serving capacity. JPMorgan is identified in the filing as corporate broker and financial adviser to DCC Energy plc, making the disclosure a regulated requirement under the Irish Takeover Panel Act, 1997, Takeover Rules, 2022. Investors following the DCC Energy situation may note the range and volume of transactions reported across both outright share dealings and equity swap positions.

Key Points

  • JPMorgan Securities Plc filing relates to DCC Energy plc (DCC), an Irish-incorporated energy company
  • JPMorgan disclosed purchases of 51,781 and sales of 60,109 DCC Energy €0.25 ordinary shares on 12 November 2026
  • Share prices ranged between 64.5471 GBP and 64.6500 GBP across purchases and sales; a New Loan entry of 300,000 was also recorded with no price disclosed
  • Investors should watch for further Rule 38 disclosures as the Irish Takeover Panel process continues

JPMorgan's Role as Corporate Broker and Adviser to DCC Energy Drives Disclosure Obligation

Under Rule 38.5(a) of the Irish Takeover Rules 2022, an exempt principal trader connected to a party to an offer is required to disclose its dealings on a daily basis. JPMorgan Securities Plc confirmed in the filing that it is connected to DCC Energy plc as its corporate broker and financial adviser. This connection triggers the formal disclosure obligation, and the form was submitted on 13 November 2026, one day after the dealings took place on 12 November 2026. The filing was made to a Regulatory Information Service, as required under Rule 38, with contact details provided for Natasha Mondon.

Outright Share Purchases and Sales in DCC Energy €0.25 Ordinary Shares on 12 November 2026

The disclosure records JPMorgan purchasing 51,781 DCC Energy €0.25 ordinary shares at prices ranging from 64.5500 GBP to 64.6500 GBP, and selling 60,109 shares at prices between 64.5471 GBP and 64.6000 GBP. These transactions were conducted in a client-serving capacity, consistent with JPMorgan's role as an exempt principal trader. A New Loan entry of 300,000 was also recorded under the same share class, though no price per unit was applicable for that line. The filing does not disclose the identity of any underlying clients involved in these transactions.

Equity Swap Activity Shows Both Long and Short Position Adjustments Across Multiple Price Points

Beyond outright share dealings, JPMorgan also reported a series of cash-settled equity swap transactions referencing DCC Energy €0.25 ordinary shares. These included decreases to both long and short positions, as well as increases to long and short positions, executed at prices ranging from 64.5471 GBP to 64.6500 GBP across numerous tranches. The largest single equity swap tranche recorded was 36,181 reference securities at 64.5500 GBP, categorised as a decrease in a short position. The filing states there were no indemnity arrangements, option agreements, or understandings relating to voting rights connected to these derivative positions.

No Inducement Arrangements or Derivative Voting Agreements Declared by JPMorgan

Sections 3(a) and 3(b) of the Form 38.5(a) confirm that JPMorgan Securities Plc has declared "none" in respect of any indemnity, option arrangement, or agreement that might constitute an inducement to deal or refrain from dealing. Similarly, no agreements or understandings relating to voting rights on any derivative referenced in the form were reported. These declarations are standard requirements under the Irish Takeover Rules 2022 and serve to provide transparency to the Irish Takeover Panel and market participants regarding the nature and scope of dealings by connected parties during an offer period.