London, Jan 19, 2026, 10:57 GMT — Regular session
Shares of JTC Plc slipped on Monday following Societe Generale’s reveal of an 8.87% stake in the company. That includes a 2.61% position held through a cash-settled equity-linked swap set to expire on Feb. 23. By 1057 GMT, the stock had dipped about 0.2% to 1,290 pence, fluctuating narrowly between 1,290 and 1,292 on volume near 106,000 shares. 1
The slight uptick occurs as JTC remains under a recommended all-cash takeover bid. Papilio Bidco has committed to 1,340 pence per share, placing JTC’s equity value near £2.3 billion and pushing the enterprise value to roughly £2.7 billion, the companies announced back in November. 2
JTC announced on Jan. 15 that shareholders have signed off on the scheme at both court and general meetings. Competition approvals in Austria, the U.S., and Germany are now in place. The company still aims for the deal to close in Q3 2026, pending the final conditions. 3
Deutsche Bank AG London revealed in a separate Takeover Code filing on Monday that it sold 21,171 JTC shares on Jan. 16, with prices ranging from £12.90 to £12.94. The document also confirmed Deutsche Numis is serving as joint financial adviser and broker to JTC. 4
The Form 8.5 disclosure is a standard notice required during an “offer period” under Britain’s Takeover Code. It details trading by banks serving as recognised intermediaries and usually appears daily while a deal is underway.
Investors are focused on the spread. JTC’s shares remain roughly 3.7% under the 1,340p offer price, a gap driven mainly by timing and the slight chance that completion could be delayed.
The SocGen filing comes as a TR-1 notice, the UK’s usual method for reporting significant holdings and some financial instruments. Cash-settled swaps offer economic exposure to a stock but don’t involve transferring the actual shares.
These trades aren’t straightforward. Any delay in the court process or shifts in remaining conditions can leave the stock stuck below the bid. Takeover spreads often widen fast once the market stops viewing the timeline as set in stone.
Traders will keep a close eye on daily disclosures for any changes in positions held by intermediaries and arbitrage funds, particularly if the stock begins to stray from the offer price.
Next on the agenda is the court timetable. The scheme document pins the long-stop date at Nov. 10, 2026, with the sanction hearing slated for Q3 2026. JTC is required to announce the hearing date at least 14 days beforehand. 5
