Invesco Ltd: Form 8.3 - Aqua Acquisition Sub LLC (an indirect wholly-owned subsidiary of Qualcomm Incorporated); Public dealing disclosure

Invesco Ltd filed a Rule 8.3 public dealing disclosure on 17 Dec 2025 showing it holds 33,714,183 shares (3.14%) of the securities (USD 0.0001 common, ISIN US7475251036) in connection with Aqua Acquisition Sub LLC (an indirect wholly‑owned subsidiary of Qualcomm) and Alphawave IP Group plc; the holding increased by 46,642 shares since the prior disclosure due to a transfer in at $176.12, and Invesco reported minor on‑market trades around $175.74–$179.00 with negligible short positions. This confirms Invesco is a material (>1%) investor in the target amid Qualcomm’s offer, a position that is relevant to takeover voting dynamics and investor positioning at the prevailing ~$176–179 price levels.

Analysis

Invesco filed a Rule 8.3 public dealing disclosure dated 17.12.2025 reporting ownership of 33,714,183 shares, representing 3.14% of the USD 0.0001 common (ISIN US7475251036) in relation to Aqua Acquisition Sub LLC (an indirect wholly‑owned subsidiary of Qualcomm), and additionally disclosed in respect of Alphawave IP Group plc. The position date was 16.12.2025 and the filing confirms the holding is material under the Takeover Code.

The holding increased by 46,642 shares since the prior disclosure due to a transfer in at $176.12. The filing details small on‑market trades (purchases at $175.74, $175.91, $179.00 and $176.12; sales at $176.06 and $176.12) and reports short positions of 9,630 shares (0.00%), with no cash‑ or stock‑settled derivatives, no indemnities or arrangements, and no Supplemental Form 8 attached.

A 3.14% stake makes Invesco a material shareholder and therefore relevant to voting and acceptance dynamics for Qualcomm’s offer through Aqua Acquisition Sub LLC. Given the modest trade sizes and explicit absence of agreements, the position appears passive at prevailing ~$176–$179 price levels, but any future increases or derivative filings would be a clear signal of active involvement and could be catalytic for takeover arbitrage outcomes.

Key Decisions for Investors

• Monitor subsequent Rule 8.3 disclosures and any Supplemental Form 8 closely for increases in Invesco’s stake or the appearance of derivative positions, as these would signal a shift toward active involvement
• Maintain disciplined position sizing in Alphawave and related takeover-arbitrage exposure and consider trimming or hedging near the $175–$179 band until investor intent is clarified by further filings
• Do not assume activist or coordinated support given the filing reports no agreements or indemnities; wait for explicit voting intentions or coordinated disclosures before taking a directional long-term view
• Watch for larger block transfers or elevated trading volume in future public disclosures, since material accumulation by a >1% holder would increase the likelihood of a change in takeover acceptance dynamics and could be price catalytic