UBS AG Share Dealings Disclosure in ENN Natural Gas Co Ltd
UBS AG Disclosure of Share Dealings in ENN Natural Gas Co Ltd Amid Privatisation Scheme
Key Points from the Public Disclosure Form
- Date of Disclosure: 26 February 2026
- Context: ENN Natural Gas Co Ltd is undergoing privatisation via a scheme of arrangement.
- Disclosure Requirement: The disclosure was made under Rule 22 of the Hong Kong Code on Takeovers and Mergers, indicating heightened regulatory oversight and transparency requirements during the takeover period.
- Party Involved: UBS AG, an exempt principal trader connected with ENN Natural Gas Co Ltd, ultimately owned by UBS Group AG.
- Nature of Dealings: UBS AG executed multiple purchase and sale transactions in the ordinary shares of ENN Natural Gas Co Ltd, primarily for hedging related to Delta 1 products and derivatives referencing baskets or indices.
Detailed Breakdown of Share Transactions
| Date |
Description |
Type |
Shares Involved |
Total Amount |
Highest Price |
Lowest Price |
| 25 Feb 2026 |
Hedging of Delta 1 products (client-driven orders) |
Purchase |
436,600 |
\$8,672,268.21 |
\$19.9500 |
\$19.7688 |
| 25 Feb 2026 |
Hedging of Delta 1 products (client-driven orders) |
Sale |
171,900 |
\$3,407,931.99 |
\$19.9525 |
\$19.7975 |
| 25 Feb 2026 |
Derivative dealing referencing baskets/index (less than 1% of class/20% of basket) |
Sale |
14,200 |
\$280,450.00 |
\$19.7500 |
\$19.7500 |
| 25 Feb 2026 |
Hedging of Delta 1 products (client-driven orders) |
Purchase |
161,300 |
\$3,196,825.97 |
\$19.9300 |
\$19.7533 |
| 25 Feb 2026 |
Hedging of Delta 1 products (client-driven orders) |
Sale |
183,300 |
\$3,641,010.01 |
\$19.9727 |
\$19.7300 |
| 26 Feb 2026 |
Derivative dealing referencing baskets/index (less than 1% of class/20% of basket) |
Purchase |
41,100 |
\$817,196.00 |
\$20.0200 |
\$19.8000 |
| 26 Feb 2026 |
Derivative dealing referencing baskets/index (less than 1% of class/20% of basket) |
Sale |
10,000 |
\$197,500.00 |
\$19.7500 |
\$19.7500 |
Important Information for Shareholders
- Privatisation Process: The disclosure confirms active trading in ENN Natural Gas shares during a critical period of privatisation. Shareholders should be aware that increased trading activity, especially by principal traders like UBS AG, may signal market movements or hedging related to expected changes in ownership or share structure.
- Price Sensitivity: The reported transactions occurred at prices ranging from RMB 19.7300 to RMB 20.0200 per share. If these trading volumes are significant relative to daily turnover, they could impact the share price in the short term.
- Nature of Dealings: Most transactions were related to hedging “Delta 1 products” and derivative trades referencing the shares, which suggests sophisticated trading strategies possibly linked to expectations about the privatisation outcome or volatility in the share price.
- Regulatory Context: The disclosure under the Hong Kong Takeovers Code highlights the heightened scrutiny on share dealings during corporate actions, which may lead to increased transparency and potentially influence investor sentiment.
- Currency of Transactions: All dealings were conducted in RMB and involved A shares of ENN Natural Gas Co Ltd.
- Ownership Structure: UBS AG is ultimately owned by UBS Group AG, and all trades were made for UBS AG’s own account, not for the Offeree company.
Potential Market Impact
The disclosed share dealings by UBS AG are noteworthy due to their timing and volume during ENN Natural Gas’s privatisation process. The concentration of trades at specific price levels, combined with the nature of the transactions (hedging and derivatives), may affect short-term share price movements and indicate institutional positioning ahead of the privatisation outcome. Investors should monitor further disclosures and market reactions as these transactions may reflect underlying expectations regarding the scheme of arrangement and potential changes to share value.
Disclaimer
This article is based on regulatory disclosures and is intended for informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any securities. Investors should conduct their own research and consult with professional advisors before making investment decisions.
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