Form 8.3

Boussard & Gavaudan Investment Management LLP filed a Form 8.3 opening position disclosure under the Takeover Code showing it opened a cash-settled short CFD position referencing 4,155 Qualcomm (USD 0.0001 common) shares at a unit price of $175.37, recorded as of 5 December 2025 and disclosed on 8 December 2025; the position represents 0.00% of Qualcomm’s share capital. The filing notes no stock‑settled derivatives or subscription rights, no indemnities or arrangements relating to the position, and no Supplemental Form 8 attached; the discloser also indicated it is making disclosures in respect of Alphawave IP Group plc.

Analysis

Boussard & Gavaudan Investment Management LLP filed a Form 8.3 opening position disclosure under the Takeover Code showing a cash‑settled short CFD referencing 4,155 Qualcomm (QCOM) USD 0.0001 common shares, opened at a reference price of $175.37 per share on 5 December 2025 and disclosed on 8 December 2025. The filing reports zero stock‑settled derivative positions or subscription rights and records the position as 0.00% of Qualcomm’s share capital, implying an immaterial ownership stake; the notional exposure is approximately $729k. The discloser also indicated it is making disclosures in respect of Alphawave IP Group plc, signaling the manager is active in multiple names.

The direct market impact of this single cash‑settled short is minimal given the tiny percentage of outstanding stock and the market_impact_score of 0.05; per‑ticker sentiment is mildly negative at -0.1 but overall tone is neutral. Because the CFD is cash‑settled and no stock‑settled derivatives are reported, this position does not convey voting influence or clear takeover intent and is consistent with a tactical directional or hedging trade. The key monitoring items are further Form 8.3s (size increases or stock‑settled instruments), changes in aggregate short interest, and price action around the disclosed $175.37 reference level.

Investors should treat this filing as a small hedge or tactical bearish signal rather than evidence of systemic activist pressure; it does not alter Qualcomm’s ownership structure today. The filing’s lack of indemnities or related agreements reduces the likelihood of coordinated takeover activity tied to this position, but a material change in disclosed positions would change the risk profile quickly. Continue to track regulatory disclosures, short interest data and trading volumes for signs the position is being scaled or complemented by stock‑settled instruments.

Key Decisions for Investors

• Monitor subsequent Form 8.3 filings for increases in size or the addition of stock‑settled derivatives which would raise takeover or voting risk,
• Given the position is immaterial (~$729k notional, 0.00% ownership) avoid immediate portfolio changes but watch QCOM price action around the $175.37 reference and aggregate short interest for trend confirmation,
• If you have significant long exposure to QCOM consider a small hedge (e.g., puts or reducing position size) if short interest rises materially or if the stock breaks down decisively below the disclosed reference level