Cadeler A/S said Lexcor Master Fund’s combined holding fell below the 5% threshold on August 25, 2026, reaching 4.92% of total Share Capital and voting rights. For investors, the notification clarifies the holder’s current exposure as 3.50% in Cadeler shares and 1.42% in other financial instruments.

Key Highlights

  • Lexcor Master Fund holds Cadeler shares representing 3.50% of total share capital and voting rights.
  • Other financial instruments account for 1.42% of Cadeler’s total share capital and voting rights.
  • Marble Bar Asset Management LLP ultimately controls Lexcor Master Fund, which is organised under Cayman Islands law.

Reported Threshold Change

Cadeler A/S reported that Lexcor Master Fund’s combined holding fell below the 5% threshold on August 25, 2026. The notification placed the fund’s reported position at 4.92% of Cadeler’s total share capital and voting rights, meaning the disclosed combined percentage was lower than the threshold identified in the filing.

The reported percentage is presented as a combined holding rather than as a figure limited to ordinary Cadeler shares. It therefore reflects the categories included in the notification and should be read as the fund’s overall disclosed position on the stated basis.

Composition of the Holding

The disclosed total covers both Cadeler shares and other financial instruments. This distinction is important because the notification does not describe the 4.92% figure as shares alone; instead, it combines the two categories into one reported holding.

Cadeler’s disclosure consequently identifies a total position that incorporates the fund’s direct share category together with its other financial instruments. Both categories contribute to the combined percentage used to assess the fund’s position against the 5% threshold.

Other Financial Instruments

Lexcor Master Fund’s other financial instruments represented a further 1.42% on the same basis. This percentage is described separately from the combined holding, while also forming part of the total position reported by the fund.

The 1.42% figure should therefore not be added to 4.92% as an additional amount outside the notification’s total. Instead, it is one component of the combined position, alongside the Cadeler shares included in the disclosure.

Combined Position

Together, the Cadeler shares and other financial instruments made up Lexcor Master Fund’s reported 4.92% holding. The notification uses that combined figure to describe the fund’s position in relation to Cadeler’s total share capital and voting rights.

Because the two categories are reported together, the relevant comparison is between the full 4.92% holding and the 5% threshold. On that basis, the disclosed position was below the threshold specified in the notification.

Meaning of the Disclosure

The reported change concerns the level of Lexcor Master Fund’s combined holding in Cadeler. The disclosure does not present the fund as holding 5% or more after combining the shares and other financial instruments covered by the notification.

Instead, the stated result is a 4.92% position, with the separate 1.42% financial-instrument component included within that total. The article therefore characterizes the fund’s combined holding as having fallen below the identified threshold.

Fund Ownership Details

Marble Bar Asset Management LLP is identified as the ultimate controller of Lexcor Master Fund. That ownership detail accompanies the disclosure of the fund’s Cadeler position and identifies the entity ultimately controlling the fund.

The article links Marble Bar Asset Management LLP to Lexcor Master Fund in its capacity as ultimate controller, while the reported holding remains attributed to the fund’s combined position. The disclosure thus presents both the percentage position and the fund’s controlling relationship.

Source(s)

  • https://www.sec.gov/Archives/edgar/data/1978867/000197886726000099/a6-kxcadelerxnotificationo.htm