Bank of Nova Scotia Reveals 1.09% Stake and Matching Short Position in DCC Energy plc per Irish Takeover Panel Rules

The Bank of Nova Scotia has submitted a Form 8.3 opening position disclosure to the Irish Takeover Panel concerning DCC Energy plc, disclosing a 1.09% holding in the company's €0.25 ordinary shares as of 4 September 2026. Published on 7 September 2026, the filing also reveals an equivalent short position of 935,135 shares, partly established through total return swaps. This disclosure complies with Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, which mandates public reporting by any individual or entity holding interests or short positions of 1% or more in a company subject to a takeover offer. This represents a notable institutional stake from a major global bank amid the ongoing DCC Energy offer process. Key Points DCC Energy plc (DCC) — subject to an Irish Takeover Panel Rule 8.3 disclosure Bank of Nova Scotia reports a 1.09% long interest and an equal 1.09% short position in DCC Energy plc's €0.25 ordinary shares Total shares involved: 935,135; purchases executed on 4 September 2026 at £63.31 per share Investors should monitor further Form 8.3 disclosures as institutional holdings in DCC Energy develop during the offer period Details of Bank of Nova Scotia's 935,135-Share Position in DCC Energy plc The Bank of Nova Scotia's filing reveals ownership and/or control of 935,135 €0.25 ordinary shares in DCC Energy plc, representing 1.09% of the relevant share class. Alongside this long position, the bank holds a matching short position of 935,135 shares, also 1.09%. The long position consists of owned and/or controlled securities, while the short position is established through cash-settled derivatives, specifically total return swaps. The disclosure confirms no stock-settled derivatives or agreements to purchase or sell shares are involved, and no indemnity arrangements or other dealing agreements exist with any party to the offer. Purchases and Total Return Swap Transactions Executed on 4 September 2026 at £63.31 The Form 8.3 details two separate purchase transactions of DCC Energy plc's €0.25 ordinary shares executed on 4 September 2026 at £63.31 per share. The first transaction involved 9,569 shares, and the second involved 17,769 shares. Concurrently, the Bank of Nova Scotia entered into two total return swap agreements referencing the same share quantities—9,569 and 17,769 respectively—each increasing a short position at the same price of £63.31 per share. These paired transactions align with a market-neutral hedging strategy, though the filing does not specify the bank's strategic objectives. Irish Takeover Panel Rule 8.3 Compliance Drives Disclosure for DCC Energy Under Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, any person holding interests or short positions of 1% or more in relevant securities of an offeror or offeree must disclose these positions publicly during an offer period. DCC Energy plc is identified as the relevant offeree in this filing. The Bank of Nova Scotia confirms no other parties to the offer are covered by this disclosure and that the offer is classified as a cash offer for the "N/A" designation in section 1(f). No supplemental Form 8 accompanies the filing, indicating no open stock-settled derivative positions requiring separate reporting.