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), covering transactions undertaken on 4 November 2026. The filing was made in Morgan Stanley's capacity as a connected exempt principal trader with Recognised Intermediary status, acting in a client-serving capacity. The disclosure arises in the context of a takeover offer for DCC Energy plc by Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. Investors monitoring the DCC Energy takeover process should note that such mandatory filings are required under Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022.

Key Points

  • DCC Energy plc (DCC) — dealing disclosure filed by Morgan Stanley & Co. International plc
  • Morgan Stanley purchased 70,826 ordinary shares and sold 45,092 ordinary shares in DCC Energy on 4 November 2026
  • Purchases ranged between 64.4990 GBP and 64.5750 GBP per share; sales ranged between 64.4948 GBP and 64.5519 GBP per share
  • Investors should watch for further Rule 38 disclosures as the Energy Capital Partners and KKR offer for DCC Energy progresses

Morgan Stanley's Purchases and Sales of DCC Energy Ordinary Shares on 4 November 2026

The Form 38.5(a) filing confirms that Morgan Stanley purchased a total of 70,826 DCC Energy plc ordinary shares of 0.25 nominal value, with the highest price paid reaching 64.5750 GBP per unit and the lowest at 64.4990 GBP per unit. On the same date, the firm sold 45,092 ordinary shares, achieving prices between 64.4948 GBP and 64.5519 GBP per unit. These transactions were executed in a client-serving capacity, consistent with Morgan Stanley's role as a connected exempt principal trader under the Irish Takeover Panel framework. No indemnity arrangements or option agreements with any offer party were declared.

Extensive CFD Activity Across DCC Energy Shares Recorded in the 4 November Filing

Beyond direct share transactions, the disclosure sets out a substantial volume of cash-settled contract for difference activity referencing DCC Energy plc's 0.25 ordinary shares. The CFD dealings included both increases and reductions across long and short positions, with individual transactions ranging from as few as four reference securities to as many as 26,602. Prices across all CFD dealings were concentrated closely around 64.50 GBP per unit. The breadth of CFD activity recorded in a single day's disclosure underlines the intensity of institutional hedging and client-serving flows surrounding DCC Energy during the live takeover process.

Energy Capital Partners and KKR Offer Context Behind the Rule 38.5(a) Requirement

DCC Energy plc, the entity at the centre of this disclosure, is the subject of a takeover approach involving Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. Under Irish Takeover Panel rules, any connected exempt principal trader associated with an offeror party must publicly disclose its dealings in the target's securities throughout the offer period. Morgan Stanley is identified in the filing as the party connected to both Energy Capital Partners and KKR. The disclosure was made on 5 November 2026, with Claire Gordon listed as the contact and a Glasgow-based telephone number provided for queries.

No Inducement Arrangements or Options Declared by Morgan Stanley in This Filing

The filing explicitly states that no indemnity arrangements, option agreements, or formal or informal understandings that might induce dealing or refraining from dealing were entered into by Morgan Stanley with any party to the DCC Energy offer. Similarly, no agreements relating to voting rights on derivatives referenced in the form were declared. The absence of such arrangements is a standard but required disclosure element under Rule 38 of the Irish Takeover Rules, 2022. Regulatory disclosures of this type must be submitted to a Recognised Information Service, and this filing satisfies that obligation for activity dated 4 November 2026.