Morgan Stanley & Co. International plc has filed a Rule 38.5(a) dealing disclosure with the Irish Takeover Panel relating to DCC Energy plc (DCC), confirming it undertook transactions in DCC Energy ordinary shares on 11 November 2026. The disclosure was made in Morgan Stanley's capacity as a connected exempt principal trader with Recognised Intermediary Status, acting in a client-serving capacity. The filing confirms Morgan Stanley's connection to offer parties Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P, indicating a formal takeover process is under way for DCC Energy plc. Investors monitoring the DCC Energy situation will find the disclosure provides granular detail on the volume and price range of shares and derivatives traded on the day.

Key Points

  • DCC Energy plc (DCC) is the subject company; Morgan Stanley & Co. International plc is the disclosing exempt principal trader
  • Morgan Stanley purchased 107,101 and sold 113,623 DCC Energy ordinary shares of 0.25p on 11 November 2026
  • Share purchases were priced between 64.55 GBP and 64.70 GBP; sales between 64.5194 GBP and 64.7019 GBP
  • Investors should watch for further Rule 38 disclosures as the takeover process involving Energy Capital Partners and KKR develops

Morgan Stanley Acts as Connected Exempt Principal Trader Linked to Energy Capital Partners and KKR

The disclosure identifies Morgan Stanley & Co. International plc as an exempt principal trader connected to two named offeror parties: Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. Under the Irish Takeover Panel Act, 1997, and the Takeover Rules 2022, any connected exempt principal trader with Recognised Intermediary Status that deals in the securities of an offeree company during an offer period must file a Form 38.5(a). The filing confirms Morgan Stanley was dealing in a client-serving capacity rather than on a proprietary basis, an important regulatory distinction that determines the scope of its disclosure obligations under Irish takeover law.

DCC Energy Ordinary Share Purchases and Sales Executed on 11 November 2026

On 11 November 2026, Morgan Stanley purchased a total of 107,101 DCC Energy ordinary shares of 0.25 nominal value, at prices ranging from a low of 64.55 GBP to a high of 64.70 GBP per unit. Sales of 113,623 ordinary shares were also executed, with prices ranging between 64.5194 GBP and 64.7019 GBP per unit. The narrow spread between the highest and lowest prices across both purchases and sales reflects the tight intraday range within which these transactions were conducted, consistent with client-serving market-making activity rather than a directional proprietary position.

Extensive CFD Activity Recorded Across Both Long and Short Positions in DCC Energy Securities

Alongside the outright share transactions, the disclosure details a significant volume of cash-settled contract for difference activity referencing DCC Energy ordinary shares. These CFD transactions included both increases and reductions of long and short positions across numerous individual lines, with reference security counts ranging from single figures to 18,000 units per transaction line. Prices on the CFD transactions ranged from 64.5194 GBP to 64.70 GBP per unit. Morgan Stanley confirmed there are no indemnity arrangements, options, or voting-rights agreements relating to any of the derivatives referenced in the form.

No Indemnity Arrangements Disclosed; Public Filing Made via Regulatory Information Service

The filing explicitly states that no indemnity, option arrangement, or any formal or informal agreement relating to relevant securities exists between Morgan Stanley and any party to the offer. Similarly, no agreements relating to voting rights connected to any derivative in the disclosure were reported. The form was submitted on 12 November 2026, with contact name Claire Gordon listed and a Glasgow-based telephone number provided. All public disclosures under Rule 38 of the Irish Takeover Rules are required to be made to a Regulatory Information Service, ensuring market transparency throughout the offer period for DCC Energy plc.