Bank of America Corporation has notified Drax Group PLC of an increase in its voting rights stake. The notification, dated 24th January 2024, indicates that Bank of America Corporation now holds 12.059953% of the voting rights in Drax Group PLC, up from the previous 12.492251%. This increase is attributed to both direct voting rights and voting rights through financial instruments.
The details provided in the notification show that Bank of America Corporation holds 3.984379% of direct voting rights and 8.075574% of voting rights through financial instruments. The financial instruments include various swaps with expiration dates ranging from 2024 to 2028, which collectively contribute to 8.075574% of the voting rights.
The notification also outlines the chain of controlled undertakings through which the voting rights and financial instruments are effectively held, starting with Bank of America Corporation as the ultimate controlling entity. The controlled undertakings include Bank of America, National Association, BofA Securities Europe, SA, Managed Account Advisors, LLC, and Merrill Lynch International.
This notification provides insight into the increased voting rights stake held by Bank of America Corporation in Drax Group PLC, shedding light on the direct voting rights and the impact of various financial instruments on the overall voting rights percentage.