Morgan Stanley & Co. International plc has filed a Form 38.5(a) dealing disclosure with the Irish Takeover Panel relating to DCC Energy plc (DCC), confirming transactions undertaken on 5 November 2026. The disclosure was published on 6 November 2026 and identifies Morgan Stanley as a connected exempt principal trader with Recognised Intermediary Status, acting in a client-serving capacity. The filing connects Morgan Stanley to the offer parties Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P, underscoring the regulatory transparency requirements surrounding the ongoing takeover process for DCC Energy plc.

Key Points

  • DCC Energy plc (DCC) is the offeree named in the Irish Takeover Panel disclosure filed by Morgan Stanley & Co. International plc
  • Morgan Stanley conducted purchases and sales of DCC Energy ordinary shares on 5 November 2026, alongside multiple CFD transactions
  • Purchases totalled 125,502 shares at prices between 64.50p and 64.60p; sales totalled 128,158 shares at prices between 64.50p and 64.6048p
  • Investors should watch for further Rule 38.5 disclosures as the takeover process involving Energy Capital Partners and KKR develops

Morgan Stanley's Role as Connected Exempt Principal Trader in the DCC Energy Takeover

Under Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, any connected exempt principal trader dealing in the securities of an offeree must publicly disclose those transactions. Morgan Stanley & Co. International plc filed this disclosure in its capacity as a connected exempt principal trader, with its connection established to offer parties Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. The disclosure confirms the dealings were conducted in a client-serving capacity. The filing states there are no indemnity arrangements, options, or agreements relating to voting rights connected to these transactions.

DCC Energy Ordinary Share Purchases, Sales and Price Range on 5 November 2026

The announcement states that on 5 November 2026, Morgan Stanley purchased 125,502 ordinary shares in DCC Energy plc, with the highest price paid reaching 64.60p and the lowest 64.50p per share. Sales of 128,158 ordinary shares were also recorded, with the highest price received at 64.6048p and the lowest at 64.50p. All dealings relate to DCC Energy's 0.25p ordinary shares. The narrow price range across both purchases and sales reflects activity consistent with market-making in a client-serving capacity rather than directional position-taking by Morgan Stanley itself.

Extensive CFD Activity in DCC Energy Shares Disclosed Across Multiple Price Points

Beyond direct share transactions, the Form 38.5(a) disclosure details an extensive series of cash-settled contract for difference (CFD) transactions in DCC Energy's 0.25p ordinary shares. These include multiple instances of increasing and reducing both long and short positions across prices ranging from 64.50p to 64.60p per unit. The volume of individual CFD line items disclosed reflects the complexity of Morgan Stanley's client-serving activity in DCC Energy securities during the dealing period. No stock-settled derivative or option transactions were reported, and the filing records no other dealings such as subscriptions or conversions.

Energy Capital Partners and KKR Named as Offer Parties Connecting Morgan Stanley to DCC Energy

The disclosure explicitly names Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. as the parties to the offer with which Morgan Stanley is connected. DCC Energy plc, the subject of the takeover proceedings, is a business operating within the energy sector. The Irish Takeover Panel's disclosure regime requires connected traders to file these forms to maintain market transparency throughout a live offer period. The contact named in the filing is Claire Gordon, reachable at the telephone number provided. No financial terms of the underlying offer are disclosed within this Form 38.5(a) filing.