J.P. Morgan Markets Limited Reports Matched Trades in DCC plc Ordinary Shares Under Irish Takeover Panel Regulations

J.P. Morgan Markets Limited’s Role as Connected Exempt Principal Trader for DCC plc

The filing identifies J.P. Morgan Markets Limited as the exempt principal trader submitting disclosures under Rules 38.5(b) and 38.6 of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022. The firm’s connection to DCC plc arises from its role as corporate broker and financial adviser, categorizing it as a connected person under Rule 2.2 of Part A of the Takeover Rules. This status mandates disclosure of dealings in relevant securities during offer periods.

This classification is crucial for investors monitoring DCC plc’s corporate affairs. While exempt principal traders are allowed certain dealing exemptions due to their market-making or proprietary trading functions, they remain obligated to disclose their transactions promptly and accurately. The disclosure was submitted to a Regulatory Information Service on 16 July 2026, with Hetvi Shah as the contact person.

Transaction Details: 21 DCC plc Ordinary Shares Traded on 15 July 2026

The disclosed transactions involve matched purchases and sales of 21 DCC plc ordinary shares (€0.25 nominal value) executed at a uniform price of £0.6305 per share. Both the highest and lowest prices per share were identical, confirming all trades occurred at a single fixed price.

The equal volume and price of purchases and sales align with the typical activity of an exempt principal trader performing market-making duties rather than directional proprietary trading. Consequently, J.P. Morgan Markets Limited’s net economic exposure in DCC plc shares remains zero post-trade. No cash-settled or stock-settled derivatives, options, or Supplemental Form 8 disclosures were reported, indicating no outstanding derivative positions.

DCC plc’s Ordinary Shares and Relevant Securities Classification

The disclosures pertain to DCC plc’s ordinary shares with a nominal value of €0.25, reflecting the company’s Irish incorporation and governance under Irish company law and the Irish Takeover Panel’s jurisdiction. Although the nominal value is euro-denominated, trading prices are quoted in British pounds sterling, as exemplified by the £0.6305 per share price in this filing—common for Irish-incorporated companies listed in the UK.

Under Rule 2.1 of Part A of the Irish Takeover Rules, 2022, "relevant securities" include shares and rights affecting an offer or potential offer. These disclosure requirements ensure transparency for market participants, the Irish Takeover Panel, and investors regarding connected parties’ interests and short positions during offer periods. The classification confirms that DCC plc is currently subject to an active or potential offer.

J.P. Morgan Markets Limited Reports Zero Net Interest and Short Position in DCC plc

Section 2 of the disclosure confirms that after the transactions on 15 July 2026, J.P. Morgan Markets Limited holds zero shares and 0.00% of the relevant securities class as net interest or short position across all categories, including owned or controlled securities, cash-settled derivatives, and stock-settled derivatives.

This outcome reflects the matched purchase and sale of 21 shares, resulting in no net exposure. While J.P. Morgan Markets Limited has been active in trading DCC plc shares, its residual position as of 15 July 2026 is nil. This is typical for exempt principal traders focused on liquidity provision rather than investment positions and does not indicate any directional market view.

Regulatory Framework: Irish Takeover Panel Rules 38.5(b) and 38.6

The filing complies with Rules 38.5(b) and 38.6 of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, which require connected exempt principal traders to disclose opening positions and dealings. These rules allow a combined disclosure form, as submitted here, covering both opening position and dealing information.

The Takeover Rules, 2022, administered by the Irish Takeover Panel, enforce strict timing and accuracy standards for disclosures. Any inaccuracies must be promptly corrected through subsequent filings clearly identifying the corrections. The Panel oversees all such disclosures to uphold market integrity during offer periods.

Declaration of No Indemnity, Options, or Derivative Agreements by J.P. Morgan Markets Limited

Section 4 of the disclosure confirms that J.P. Morgan Markets Limited has no indemnity or option arrangements, nor any agreements or understandings—formal or informal—with any party to the offer or persons acting in concert that might influence dealing decisions. Additionally, no agreements concerning voting rights or future acquisition or disposal of relevant securities linked to options or derivatives are reported.

These "none" declarations are material regulatory facts affirming the absence of concealed arrangements that could affect the transparency of connected party activities. The lack of a Supplemental Form 8 attachment further supports this clean compliance status.

Implications of the 15 July 2026 Position Date and 16 July 2026 Disclosure Date

The close timing between the position date (15 July 2026) and disclosure date (16 July 2026) aligns with the Irish Takeover Rules’ requirement for prompt reporting during offer periods. The necessity of this Form 38.5(b) and 38.6 filing confirms that DCC plc is subject to an active or potential offer under the Irish Takeover Rules as of mid-July 2026.

While the announcement does not reveal the offeror’s identity, offer terms, or transaction status, the mandatory disclosure by connected advisers like J.P. Morgan Markets Limited signals that DCC plc operates within a regulated offer environment with enhanced transparency obligations.

DCC plc: An Irish-Incorporated Diversified Group Under Irish Takeover Panel Jurisdiction

DCC plc, an Irish-incorporated public limited company, is governed by the Irish Takeover Panel’s jurisdiction concerning offers for its securities. Historically, DCC plc has operated as a diversified group in sectors including energy distribution, healthcare, and technology product distribution. This announcement does not address operational or financial specifics; investors should consult DCC plc’s latest annual reports and regulatory filings for such information.

The appointment of J.P. Morgan Markets Limited as corporate broker and financial adviser reflects the complexity of DCC plc’s current corporate situation. Such advisers are bound by the full scope of Irish Takeover Rules, including disclosure requirements. The ongoing offer situation introduces uncertainties that may impact DCC plc’s staff retention, commercial relationships, and operational execution. The final outcome depends on regulatory, shareholder, and market factors not disclosed here.

Function of Connected Exempt Principal Trader Disclosures Within Irish Takeover Panel Transparency

The Irish Takeover Panel’s framework balances exempt principal traders’ need to perform market-making and liquidity roles with the requirement for public transparency. While exempt status grants operational flexibility, Rules 38.5(b) and 38.6 mandate disclosure of dealings to ensure market participants remain informed about connected parties’ activities.

This transparency is particularly relevant to DCC plc investors, offering periodic insights into connected financial intermediaries’ share dealings. Even with a zero net position, visibility of transactions contributes to understanding market dynamics during the offer period. Future filings by J.P. Morgan Markets Limited or other connected parties will continue to be publicly available via Regulatory Information Services, aiding investor awareness as the DCC plc offer progresses.