Drax Group PLC received a notification from Bank of America Corporation regarding a legal entity level crossing. The notification, dated 9th July 2024, revealed that Bank of America Corporation's total positions resulted in 9.374218% of voting rights, with 36,296,755 total voting rights held in the issuer. This represents an increase from the previous notification, where the total positions were at 9.346671%.

The details of the resulting situation on the date the threshold was crossed or reached include 0.334294% of voting rights attached to shares and 9.039924% of voting rights through financial instruments. The financial instruments include various physical swaps with expiration dates ranging from 19th August 2024 to 15th February 2028, each contributing to the total of 4.816782% and 4.223142% of voting rights.

The notification also outlined the full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, starting with Bank of America Corporation as the ultimate controlling person. The controlled undertakings include Managed Account Advisors, LLC, Bank of America, National Association, BofA Securities Europe SA, and Merrill Lynch International, each with varying percentages of voting rights.

The completion date for the notification was 9th July 2024. This notification provides insight into the significant increase in Bank of America Corporation's holdings in Drax Group PLC and the complex web of financial instruments contributing to their total voting rights.