{"success":true,"data":{"pressRelease":{"id":"146618","rtpr_id":"nBw3mKxvla-20260917","ticker":"BOY","exchange":"LSE","all_tickers":["BOY"],"title":"REG-Sand Grove Capital Management LLP Form 8.3 BOY LN","author":"Business Wire","published_at":"2026-09-17T14:00:00.615Z","article_body":"Form 8.3 BOY LN\n\n \n\nFORM 8.3\n\nPUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY\n\nA PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE\n\nRule 8.3 of the Takeover Code (the “Code”)\n\n1. KEY INFORMATION\n (a) Full name of discloser: Sand Grove Capital Management LLP \n (b) Owner or controller of interests and short positions disclosed, if Fund(s) for which Sand Grove Capital Management LLP serves as the Investment \n different from 1(a): Manager or Discretionary Sub-Advisor \n \n \n \nThe naming of nominee or vehicle companies is insufficient. For a trust, the \n trustee(s), settlor and beneficiaries must be named. \n (c) Name of offeror/offeree in relation to whose relevant securities this form Bodycote plc \n relates: \n \n \n \nUse a separate form for each offeror/offeree \n (d) If an exempt fund manager connected with an offeror/offeree, state this   \n and specify identity of offeror/offeree: \n (e) Date position held/dealing undertaken: 16 September 2026 \n \n \n \nFor an opening position disclosure, state the latest practicable date prior to \n the disclosure \n (f) In addition to the company in 1(c) above, is the discloser making N/A \n disclosures in respect of any other party to the offer? \n \n \n \nIf it is a cash offer or possible cash offer, state “N/A” \n\n\n2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE\n\nIf there are positions or rights to subscribe to disclose in more than one\nclass of relevant securities of the offeror or offeree named in 1(c), copy\ntable 2(a) or (b) (as appropriate) for each additional class of relevant\nsecurity.\n\n(a) Interests and short positions in the relevant securities of the offeror or\nofferee to which the disclosure relates following the dealing (if any)\n Class of relevant security: 17 3/11p ordinary \n \n \n \n  \n   Interests Short positions \n \n \n \n  \n   Number % Number % \n (1) Relevant securities owned and/or controlled:         \n (2) Cash-settled derivatives: 5,254,098 3.09%     \n \n \n \n  \n (3) Stock-settled derivatives (including options) and agreements to         \n purchase/sell: \n   5,254,098 3.09%     \n \n \n \nTOTAL: \n\n\nAll interests and all short positions should be disclosed.\n\nDetails of any open stock-settled derivative positions (including traded\noptions), or agreements to purchase or sell relevant securities, should be\ngiven on a Supplemental Form 8 (Open Positions).\n\n(b) Rights to subscribe for new securities (including directors’ and other\nemployee options)\n Class of relevant security in relation to which subscription right exists:   \n Details, including nature of the rights concerned and relevant percentages:   \n\n\n3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE\n\nWhere there have been dealings in more than one class of relevant securities\nof the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as\nappropriate) for each additional class of relevant security dealt in.\n\nThe currency of all prices and other monetary amounts should be stated.\n\n(a) Purchases and sales\n Class of relevant security Purchase/sale Number of securities Price per unit \n \n \n \n  \n         \n         \n\n\n(b) Cash-settled derivative transactions\n Class of relevant security Product description Nature of dealing Number of reference securities Price per unit \n \n \n \n \ne.g. CFD \ne.g. opening/closing a long/short position, increasing/reducing a long/short \n position \n 17 3/11p ordinary CFD Increasing a long position 140,198 950.6808 GBp \n 17 3/11p ordinary CFD Increasing a long position 1,142,558 945 GBp \n 17 3/11p ordinary CFD Increasing a long position 19,968 950.6851 GBp \n 17 3/11p ordinary CFD Increasing a long position 160,950 947.5 GBp \n\n\n(c) Stock-settled derivative transactions (including options)\n\n(i) Writing, selling, purchasing or varying\n Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type Expiry date Option money paid/ received per unit \n \n \n \ne.g. American, European etc. \n                 \n\n\n(ii) Exercise\n Class of relevant security Product description Exercising/ exercised against Number of securities Exercise price per unit \n \n \n \ne.g. call option \n           \n \n \n \n  \n\n\n(d) Other dealings (including subscribing for new securities)\n Class of relevant security Nature of dealing Details Price per unit (if applicable) \n \n \n \ne.g. subscription, conversion \n         \n \n \n \n  \n\n\n4. OTHER INFORMATION\n\n(a) Indemnity and other dealing arrangements\n Details of any indemnity or option arrangement, or any agreement or \n understanding, formal or informal, relating to relevant securities which may \n be an inducement to deal or refrain from dealing entered into by the person \n making the disclosure and any party to the offer or any person acting in \n concert with a party to the offer: \n \n \n \nIrrevocable commitments and letters of intent should not be included. If there \n are no such agreements, arrangements or understandings, state “none” \n   \n \n \n \nNone \n \n \n \n  \n\n\n(b) Agreements, arrangements or understandings relating to options or\nderivatives\n Details of any agreement, arrangement or understanding, formal or informal, \n between the person making the disclosure and any other person relating to: \n \n \n \n(i) the voting rights of any relevant securities under any option; or \n \n \n \n(ii) the voting rights or future acquisition or disposal of any relevant \n securities to which any derivative is referenced: \n \n \n \nIf there are no such agreements, arrangements or understandings, state \n “none” \n   \n \n \n \nNone \n \n \n \n  \n \n \n \n  \n\n\n(c) Attachments\n Is a Supplemental Form 8 (Open Positions) attached? No \n\n Date of disclosure: 17 September 2026 \n Contact name: James Evans \n Telephone number: +44 20 3161 0743 \n\n\nPublic disclosures under Rule 8 of the Code must be made to a Regulatory\nInformation Service.\n\nThe Panel’s Market Surveillance Unit is available for consultation in\nrelation to the Code’s disclosure requirements on +44 (0)20 7638 0129.\n\n*If the discloser is a natural person, a telephone number does not need to be\nincluded, provided contact information has been provided to the Panel’s\nMarket Surveillance Unit.\n\nThe Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.thetakeoverpanel.org.uk&esheet=54606163&newsitemid=20260917531598&lan=en-US&anchor=www.thetakeoverpanel.org.uk&index=1&md5=227dbbae1fadebb3d52f5f9d8f661f5e)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260917531598/en/\n(https://www.businesswire.com/news/home/20260917531598/en/)\n\nSand Grove Capital Management LLP\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw3mKxvla-20260917","title":"REG-Sand Grove Capital Management LLP Form 8.3 BOY LN","author":"Business Wire","ticker":"BOY","created":"2026-09-17T14:00:00.615Z","tickers":["BOY"],"exchange":"LSE","article_body":"Form 8.3 BOY LN\n\n \n\nFORM 8.3\n\nPUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY\n\nA PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE\n\nRule 8.3 of the Takeover Code (the “Code”)\n\n1. KEY INFORMATION\n (a) Full name of discloser: Sand Grove Capital Management LLP \n (b) Owner or controller of interests and short positions disclosed, if Fund(s) for which Sand Grove Capital Management LLP serves as the Investment \n different from 1(a): Manager or Discretionary Sub-Advisor \n \n \n \nThe naming of nominee or vehicle companies is insufficient. For a trust, the \n trustee(s), settlor and beneficiaries must be named. \n (c) Name of offeror/offeree in relation to whose relevant securities this form Bodycote plc \n relates: \n \n \n \nUse a separate form for each offeror/offeree \n (d) If an exempt fund manager connected with an offeror/offeree, state this   \n and specify identity of offeror/offeree: \n (e) Date position held/dealing undertaken: 16 September 2026 \n \n \n \nFor an opening position disclosure, state the latest practicable date prior to \n the disclosure \n (f) In addition to the company in 1(c) above, is the discloser making N/A \n disclosures in respect of any other party to the offer? \n \n \n \nIf it is a cash offer or possible cash offer, state “N/A” \n\n\n2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE\n\nIf there are positions or rights to subscribe to disclose in more than one\nclass of relevant securities of the offeror or offeree named in 1(c), copy\ntable 2(a) or (b) (as appropriate) for each additional class of relevant\nsecurity.\n\n(a) Interests and short positions in the relevant securities of the offeror or\nofferee to which the disclosure relates following the dealing (if any)\n Class of relevant security: 17 3/11p ordinary \n \n \n \n  \n   Interests Short positions \n \n \n \n  \n   Number % Number % \n (1) Relevant securities owned and/or controlled:         \n (2) Cash-settled derivatives: 5,254,098 3.09%     \n \n \n \n  \n (3) Stock-settled derivatives (including options) and agreements to         \n purchase/sell: \n   5,254,098 3.09%     \n \n \n \nTOTAL: \n\n\nAll interests and all short positions should be disclosed.\n\nDetails of any open stock-settled derivative positions (including traded\noptions), or agreements to purchase or sell relevant securities, should be\ngiven on a Supplemental Form 8 (Open Positions).\n\n(b) Rights to subscribe for new securities (including directors’ and other\nemployee options)\n Class of relevant security in relation to which subscription right exists:   \n Details, including nature of the rights concerned and relevant percentages:   \n\n\n3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE\n\nWhere there have been dealings in more than one class of relevant securities\nof the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as\nappropriate) for each additional class of relevant security dealt in.\n\nThe currency of all prices and other monetary amounts should be stated.\n\n(a) Purchases and sales\n Class of relevant security Purchase/sale Number of securities Price per unit \n \n \n \n  \n         \n         \n\n\n(b) Cash-settled derivative transactions\n Class of relevant security Product description Nature of dealing Number of reference securities Price per unit \n \n \n \n \ne.g. CFD \ne.g. opening/closing a long/short position, increasing/reducing a long/short \n position \n 17 3/11p ordinary CFD Increasing a long position 140,198 950.6808 GBp \n 17 3/11p ordinary CFD Increasing a long position 1,142,558 945 GBp \n 17 3/11p ordinary CFD Increasing a long position 19,968 950.6851 GBp \n 17 3/11p ordinary CFD Increasing a long position 160,950 947.5 GBp \n\n\n(c) Stock-settled derivative transactions (including options)\n\n(i) Writing, selling, purchasing or varying\n Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type Expiry date Option money paid/ received per unit \n \n \n \ne.g. American, European etc. \n                 \n\n\n(ii) Exercise\n Class of relevant security Product description Exercising/ exercised against Number of securities Exercise price per unit \n \n \n \ne.g. call option \n           \n \n \n \n  \n\n\n(d) Other dealings (including subscribing for new securities)\n Class of relevant security Nature of dealing Details Price per unit (if applicable) \n \n \n \ne.g. subscription, conversion \n         \n \n \n \n  \n\n\n4. OTHER INFORMATION\n\n(a) Indemnity and other dealing arrangements\n Details of any indemnity or option arrangement, or any agreement or \n understanding, formal or informal, relating to relevant securities which may \n be an inducement to deal or refrain from dealing entered into by the person \n making the disclosure and any party to the offer or any person acting in \n concert with a party to the offer: \n \n \n \nIrrevocable commitments and letters of intent should not be included. If there \n are no such agreements, arrangements or understandings, state “none” \n   \n \n \n \nNone \n \n \n \n  \n\n\n(b) Agreements, arrangements or understandings relating to options or\nderivatives\n Details of any agreement, arrangement or understanding, formal or informal, \n between the person making the disclosure and any other person relating to: \n \n \n \n(i) the voting rights of any relevant securities under any option; or \n \n \n \n(ii) the voting rights or future acquisition or disposal of any relevant \n securities to which any derivative is referenced: \n \n \n \nIf there are no such agreements, arrangements or understandings, state \n “none” \n   \n \n \n \nNone \n \n \n \n  \n \n \n \n  \n\n\n(c) Attachments\n Is a Supplemental Form 8 (Open Positions) attached? No \n\n Date of disclosure: 17 September 2026 \n Contact name: James Evans \n Telephone number: +44 20 3161 0743 \n\n\nPublic disclosures under Rule 8 of the Code must be made to a Regulatory\nInformation Service.\n\nThe Panel’s Market Surveillance Unit is available for consultation in\nrelation to the Code’s disclosure requirements on +44 (0)20 7638 0129.\n\n*If the discloser is a natural person, a telephone number does not need to be\nincluded, provided contact information has been provided to the Panel’s\nMarket Surveillance Unit.\n\nThe Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.thetakeoverpanel.org.uk&esheet=54606163&newsitemid=20260917531598&lan=en-US&anchor=www.thetakeoverpanel.org.uk&index=1&md5=227dbbae1fadebb3d52f5f9d8f661f5e)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260917531598/en/\n(https://www.businesswire.com/news/home/20260917531598/en/)\n\nSand Grove Capital Management LLP\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-17T14:00:00.688291134Z","server_sent_at_ms":1789653600688},"received_at":"2026-09-17T14:00:00.747Z","source_url":"https://www.businesswire.com/news/home/20260917531598/en/"},"analysis":{"id":"135457","press_release_id":"146618","analysis_json":{"industry":{"label":"Machinery","sector":"Industrials"},"redFlags":["3.09% position held via cash-settled derivatives (CFDs) rather than outright shares -- synthetic exposure","Form filed in relation to a live offer involving Bodycote, but this disclosure names no offeror"],"eventType":"regulatory","narrative":"Sand Grove Capital Management LLP filed a UK Takeover Code Rule 8.3 disclosure showing a 3.09% position in Bodycote plc, held entirely through cash-settled derivatives (CFDs) referencing 5,254,098 ordinary shares as of 16 September 2026.\n\nDuring that session the fund increased its long position by 1,463,674 reference shares across four CFD trades priced between 945 GBp and 950.6851 GBp.\n\nThe form is filed in relation to an offer involving Bodycote as offeror/offeree, though no offeror is named in this disclosure, and the fund reported no indemnity arrangements or voting agreements.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Event-driven fund Sand Grove lifts Bodycote CFD long to 3.09% during an offer period -- deal-arb positioning worth monitoring."},"keyFigures":{"customDimensions":{"instrument":"cash-settled derivatives (CFDs)","position_date":"2026-09-16","cfd_price_range":"945-950.6851 GBp","class_of_security":"17 3/11p ordinary","disclosed_position_pct":"3.09%","disclosed_position_shares":5254098}},"quotedText":"","namedEntities":{"people":[{"name":"James Evans","role":"disclosure contact, Sand Grove Capital Management LLP"}],"products":[],"companies":[{"name":"Sand Grove Capital Management LLP","relationship":"disclosing fund manager"},{"name":"Bodycote plc","ticker":"BOY","relationship":"subject company (offeror/offeree)"}],"dollarAmounts":[{"amount":"950.6808 GBp","context":"CFD purchase price per unit"},{"amount":"945 GBp","context":"CFD purchase price per unit"},{"amount":"950.6851 GBp","context":"CFD purchase price per unit"},{"amount":"947.5 GBp","context":"CFD purchase price per unit"}]},"materialImpact":{"score":2,"reasoning":"Routine third-party Takeover Code Rule 8.3 position disclosure rather than an issuer announcement. It contains no new company financials or deal terms, but reveals event-driven fund Sand Grove lifting a 3.09% CFD position in Bodycote during what the form implies is a live offer period."},"tickerRelevance":{"others":[],"primary":"BOY"},"globalImportance":18,"audienceRelevance":15,"eventTypeSecondary":["m_and_a"],"importanceComponents":{"tickerTier":"UK mid-cap (FTSE 250)","dealContext":"Rule 8.3 filing implies an offer period involving Bodycote, but no offeror named","eventGravity":"routine takeover-code position disclosure by third party","householdBrandBoost":0,"retailFavoriteBoost":0,"thirdPartyDisclosure":true}},"event_type":"regulatory","event_type_secondary":["m_and_a"],"sentiment":"neutral","material_impact_score":2,"narrative":"Sand Grove Capital Management LLP filed a UK Takeover Code Rule 8.3 disclosure showing a 3.09% position in Bodycote plc, held entirely through cash-settled derivatives (CFDs) referencing 5,254,098 ordinary shares as of 16 September 2026.\n\nDuring that session the fund increased its long position by 1,463,674 reference shares across four CFD trades priced between 945 GBp and 950.6851 GBp.\n\nThe form is filed in relation to an offer involving Bodycote as offeror/offeree, though no offeror is named in this disclosure, and the fund reported no indemnity arrangements or voting agreements.","key_figures":{"customDimensions":{"instrument":"cash-settled derivatives (CFDs)","position_date":"2026-09-16","cfd_price_range":"945-950.6851 GBp","class_of_security":"17 3/11p ordinary","disclosed_position_pct":"3.09%","disclosed_position_shares":5254098}},"named_entities":{"people":[{"name":"James Evans","role":"disclosure contact, Sand Grove Capital Management LLP"}],"products":[],"companies":[{"name":"Sand Grove Capital Management LLP","relationship":"disclosing fund manager"},{"name":"Bodycote plc","ticker":"BOY","relationship":"subject company (offeror/offeree)"}],"dollarAmounts":[{"amount":"950.6808 GBp","context":"CFD purchase price per unit"},{"amount":"945 GBp","context":"CFD purchase price per unit"},{"amount":"950.6851 GBp","context":"CFD purchase price per unit"},{"amount":"947.5 GBp","context":"CFD purchase price per unit"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-17T14:01:11.263Z","global_importance":18,"audience_relevance":15,"importance_components":{"tickerTier":"UK mid-cap (FTSE 250)","dealContext":"Rule 8.3 filing implies an offer period involving Bodycote, but no offeror named","eventGravity":"routine takeover-code position disclosure by third party","householdBrandBoost":0,"retailFavoriteBoost":0,"thirdPartyDisclosure":true}},"durationMs":70497,"modelName":"glm-5.3-flash"}}