J.P. Morgan Securities Reports Detailed Transactions in DCC plc Shares Under Irish Takeover Panel Rules on 15 July 2026

DCC plc's 0.25 Ordinary Shares Featured in Irish Takeover Panel Disclosure

The disclosure submitted by J.P. Morgan Securities Plc pertains exclusively to DCC plc's 0.25 ordinary shares, the relevant securities reported across all transaction categories in the filing. DCC plc is an Irish-incorporated multinational engaged in sales, marketing, and support services across energy, healthcare, and technology sectors worldwide. The filing under Rule 38.5(a) of the Irish Takeover Panel is significant, as such disclosures are mandated during an offer or potential offer period to ensure transparency in dealings involving relevant securities and uphold market integrity.

The nominal value of these shares is 0.25 each, consistent with DCC plc's standard share class listed on both the London and Irish Stock Exchanges. All transaction prices are denominated in GBP, with outright purchase prices on 15 July 2026 ranging from 63.0000 GBP to 63.4500 GBP per share, and sales prices ranging from 62.9750 GBP to 63.3465 GBP per share. These figures reflect actual trade prices reported in the disclosure, offering insight into market conditions during J.P. Morgan Securities Plc's activity on that date.

J.P. Morgan Securities Plc’s Role as Connected Exempt Principal Trader for DCC plc

Under the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, an exempt principal trader is authorized to trade relevant securities during an offer period, provided required disclosures are made. J.P. Morgan Securities Plc filed this disclosure as a connected exempt principal trader, linked to DCC plc through its roles as corporate broker and financial adviser. This connection means J.P. Morgan Securities Plc is considered to be acting in concert with DCC plc under the Takeover Rules, necessitating public disclosure of its dealings in DCC plc’s relevant securities.

The disclosure clarifies that J.P. Morgan Securities Plc was transacting in a client-serving capacity, distinguishing its role as facilitating client trades rather than proprietary trading. The contact for this filing is Hetvi Shah, available at +44 2034 936359. The disclosure date is 16 July 2026, one business day after the transaction date of 15 July 2026, complying with Rule 38’s prompt reporting requirements.

Share Purchases, Sales, and Loan Return Executed on 15 July 2026

The announcement details outright purchases and sales of DCC plc 0.25 ordinary shares by J.P. Morgan Securities Plc on 15 July 2026. Purchases totaled 64,132 shares, with prices ranging from 63.0000 GBP to 63.4500 GBP per share. Sales amounted to 43,569 shares, priced between 62.9750 GBP and 63.3465 GBP per share. These figures represent aggregate volumes across multiple transactions as reported.

Additionally, a loan return of 656,458 shares was recorded, with no associated price per share indicated (marked as "N/A" in the disclosure). The substantial volume of this loan return surpasses both purchase and sale volumes and likely corresponds to the settlement or unwinding of a stock-lending arrangement. No further context on this loan return is provided in the disclosure.

Extensive Cash-Settled Equity Swap Transactions Across Multiple Position Types

The Form 38.5(a) disclosure also details numerous cash-settled equity swap transactions referencing DCC plc's 0.25 ordinary shares. These swaps encompass decreasing and increasing long and short positions, as well as opening long and short positions, indicating J.P. Morgan Securities Plc’s active management of a diverse derivative portfolio related to DCC plc on 15 July 2026, consistent with its market-making and client intermediary functions.

Notably, decreasing short positions involved large tranches, such as 1,892 shares at 63.0832 GBP, 5,355 shares at 63.1438 GBP, 4,388 shares at 63.1487 GBP, and 3,949 shares at 63.2500 GBP. Increasing short positions included 1,448 shares at 63.1233 GBP and 1,760 shares at 63.1766 GBP. Increasing long positions featured 412 shares at 63.2884 GBP and 19 shares at 63.1937 GBP. Opening long positions comprised 1,387 shares at 63.0752 GBP and 350 shares at 63.2491 GBP, while opening short positions included 1,365 shares at 63.3034 GBP and 364 shares at 63.0500 GBP. All prices are as disclosed.

No Stock-Settled Derivatives or Options Transactions Reported on 15 July 2026

The Form 38.5(a) requires reporting across four categories: purchases and sales, cash-settled derivatives, stock-settled derivatives (including options), and other dealings. While the first two categories contain detailed data, sections 2(c) and 2(d) covering stock-settled derivatives and other dealings show no transactions related to DCC plc’s 0.25 ordinary shares on 15 July 2026.

This absence indicates that J.P. Morgan Securities Plc did not engage in stock-settled derivative or other such dealings on that date. This comprehensive reporting provides investors and market observers with a transparent view of the full scope of J.P. Morgan Securities Plc’s transactions in DCC plc shares as required by Irish Takeover Rules.

Confirmation of No Indemnity or Derivative Agreements

Section 3 of Form 38.5(a) requires disclosure of any indemnity or option arrangements, or agreements that might influence trading decisions. J.P. Morgan Securities Plc confirmed that no such arrangements or understandings exist. Additionally, no agreements concerning voting rights or future acquisition or disposal of relevant securities tied to derivatives were reported.

These declarations are a critical part of the Rule 38.5(a) process, affirming that the disclosed transactions were conducted without any arrangements that could compromise market integrity or influence decision-making during the offer period. This confirmation aligns with Irish Takeover Panel requirements and reassures market participants of the arm’s-length nature of the dealings.

Irish Takeover Panel Rule 38 Regulatory Framework for Disclosure

The Irish Takeover Panel Act, 1997, Takeover Rules, 2022 govern this disclosure. Rule 38 mandates transparency of dealings in relevant securities during offer periods or potential offer situations to maintain market fairness and prevent undisclosed trading based on non-public information. As a connected exempt principal trader, J.P. Morgan Securities Plc is obligated under Rule 38.5(a) to promptly file Form 38.5(a) disclosures for each dealing date involving relevant securities.

The filing notes specify that any errors in disclosures must be corrected promptly with clear reference to the original filing. No corrections are indicated here. The term "the Rules" refers to the Irish Takeover Panel Act, 1997, Takeover Rules, 2022. Public disclosures under Rule 38 are made via a Regulatory Information Service, fulfilled here through this announcement via RNS.

Market Insights from Volume and Price Range of DCC plc Transactions

The disclosed price range for transactions on 15 July 2026, spanning approximately 62.9750 GBP to 63.4500 GBP per share, offers a focused glimpse into trading conditions for DCC plc shares on that day. The clustering of prices across outright trades and equity swaps within a narrow band of about 45 pence suggests measured price discovery. However, this data reflects the activity of a single firm’s client-serving transactions and should be interpreted cautiously by analysts and investors.

The immediate market impact of these transactions is not evident from public information, and no share price movement data is included in the disclosure. Market participants tracking DCC plc during the offer period may consider the significant loan return of 656,458 shares and the extensive equity swap activity in assessing liquidity and positioning. Nonetheless, these regulatory disclosures alone do not indicate the direction or outcome of the ongoing offer process.

Investor Guidance: Tracking Future Rule 38 Filings for DCC plc

The submission of Form 38.5(a) by a connected exempt principal trader like J.P. Morgan Securities Plc is a routine but important element of transparency during offer periods under Irish takeover regulations. Investors following DCC plc should monitor subsequent Rule 38 filings, which may reveal evolving positions of connected parties in DCC plc’s relevant securities. Each new disclosure contributes to the public record and may provide insights into institutional positioning shifts.

DCC plc operates internationally across energy, healthcare, and technology sectors, distributing and marketing products globally. Its shares are listed on the London and Irish Stock Exchanges. The presence of an offer period, as indicated by these Rule 38 filings, subjects DCC plc to increased regulatory scrutiny and disclosure obligations. Investors are advised to keep abreast of updates via the Regulatory Information Service and the Irish Takeover Panel’s public disclosures.

Risks for DCC plc Amidst Ongoing or Potential Offer Situations

The obligation for connected parties such as J.P. Morgan Securities Plc to file Form 38.5(a) disclosures arises specifically during offer or potential offer scenarios. For shareholders and prospective investors in DCC plc, this regulatory environment entails distinct risks. The resolution of any offer—whether completed, withdrawn, or rejected—will have significant implications for DCC plc’s strategic direction, management, capital allocation, and shareholder value.

Additional risks include potential share price volatility triggered by regulatory filings and announcements. Given DCC plc’s broad international footprint across multiple sectors, any ownership or strategic changes resulting from an offer could affect operations across its diverse business units and geographies. Furthermore, J.P. Morgan Securities Plc’s dual role as corporate broker and financial adviser necessitates careful management of information barriers and conflicts of interest, though the disclosure confirms no problematic indemnity or derivative agreements exist related to these dealings.