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

Invesco Ltd filed a Form 8.3 on Dec. 15, 2025 disclosing that, as of Dec. 12, 2025, it holds 33,662,437 shares (3.14%) in Alphawave IP Group plc in connection with Aqua Acquisition Sub LLC (an indirect wholly‑owned subsidiary of Qualcomm), a net increase of 190,047 shares following the transfer in of a discretionary holding at $178.29; the filing lists a series of small purchases and sales around $178–$181 per share, a nominal short position (9,630 shares reported, including a 1,380‑share short trade), and some buy‑to‑cover transactions. The disclosure states there are no cash‑ or stock‑settled derivative positions reported, no indemnities or arrangements relating to voting or future disposals, and no supplemental open‑positions form attached. This brings a passive institutional stake above key Takeover Code reporting thresholds and is therefore material to the ongoing takeover context, though Invesco reports no concert party agreements or other arrangements.

Analysis

Invesco Ltd filed a Rule 8.3 public dealing disclosure dated 15.12.2025 reporting that, as of 12.12.2025, it holds 33,662,437 ordinary shares in Alphawave IP Group plc, representing 3.14% of the company. The filing links the disclosure to Aqua Acquisition Sub LLC (an indirect wholly-owned subsidiary of Qualcomm Incorporated) and records a net increase of 190,047 shares attributable to the transfer in of a discretionary holding at $178.29.

The schedule lists a series of small purchases and sales around USD 178–181 per share, including notable sales of 25,562 shares at $179.47, and records a reported short position of 9,630 shares (including a 1,380-share short sale) plus buy-to-cover trades; no cash- or stock-settled derivative positions are reported. The disclosure explicitly states there are no indemnities, voting arrangements or other understandings and no Supplemental Form 8 (Open Positions) attached.

Crossing the 1% reporting threshold makes this holding material in the ongoing takeover context and signals passive institutional exposure tied to the Aqua/Qualcomm-related event. Given the absence of concert-party arrangements, the position appears non-coordinated, so further regulatory filings or trading around the disclosed USD 178–181 band are the primary catalysts investors should monitor for changes in control dynamics or short-term price volatility.

Key Decisions for Investors

• Monitor immediate follow-up Rule 8 disclosures from Invesco, Aqua Acquisition Sub LLC (Qualcomm) and Alphawave for any increases in stake, formation of concert parties, or supplemental open‑position filings
• Expect short‑term price sensitivity around the USD 178–181 range shown by reported trades; consider using alerts or limit orders if adjusting exposure to Alphawave
• Do not assume Invesco's holding implies coordinated takeover support given the filing's statement of no voting or derivative arrangements; maintain disciplined position sizing or hedge accordingly
• Consider temporary hedges or reducing net exposure ahead of further takeover-related disclosures to manage event-driven risk