Business Context and Reporting Period
This Form 6-K filing by National Grid plc is dated May 22, 2025. The document serves as a notification of a major interest in the company's ordinary shares, complying with the Disclosure and Transparency Rules. It details a significant increase in holdings by Bank of America Corporation.
Key Financial Metrics and Shareholding Data
The filing does not contain operational financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. Instead, it reports the following shareholding data as of the threshold crossing date (May 19, 2025):
- Notifying Entity: Bank of America Corporation
- Total Voting Rights Held: 273,657,759 shares
- Total Percentage of Voting Rights: 5.583415%
- Breakdown of Holdings:
- Voting rights attached to shares: 2.972203% (145,675,438 shares)
- Voting rights through financial instruments: 2.611212% (127,982,321 equivalent rights)
Material Changes Versus Prior Period
Bank of America Corporation's total interest in National Grid voting rights increased significantly compared to the previous notification:
- Previous Total Interest: 1.822082%
- Current Total Interest: 5.583415%
- Change: An increase of approximately 3.76 percentage points.
- Primary Driver: The increase is largely attributed to financial instruments (swaps and options), which rose from 0.319666% to 2.611212%.
Outlook, Risks, and Unusual Items
The filing contains no management commentary, financial guidance, or discussion of operational risks. The document is a regulatory disclosure of ownership structure. Notable details regarding the holdings include:
- Financial Instruments: The holdings include a diverse range of swaps and options with expiration dates ranging from May 2025 to May 2030.
- Control Chain: The voting rights are held through various controlled undertakings of Bank of America Corporation, including Merrill Lynch International (holding 5.048987% via financial instruments).
- Threshold Crossing: The notification was triggered by an acquisition of voting rights and financial instruments on May 19, 2025.
Important Facts for Investor Verification
- Verify the total voting power of Bank of America Corporation, which now exceeds 5.5% of National Grid plc.
- Note that the majority of the increase in holdings (approx. 2.3%) is derived from financial instruments (swaps/options) rather than direct share ownership.
- Confirm the expiration dates of the significant swap positions, particularly the large position expiring March 31, 2026 (2.219889% of voting rights).
- Understand that this filing does not reflect changes in National Grid's operational performance or financial health.