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

Invesco Ltd filed a Form 8.3 on 11 Dec 2025 disclosing a 3.14% holding (33,659,122 shares) in the relevant USD common stock (ISIN US7475251036) related to Aqua Acquisition Sub LLC (an indirect wholly‑owned subsidiary of Qualcomm) as at 10 Dec 2025; the position includes a transfer‑in of 28,628 shares at $182.21 and a series of small purchases and sales in the $176–$182 range. The disclosure also covers Alphawave IP Group plc and reports no cash‑ or stock‑settled derivatives, no indemnities or arrangements with any party to the offer, and no open derivative positions, indicating a passive disclosed stake under the Takeover Code rather than coordinated action or derivative exposure.

Analysis

Invesco Ltd filed a Form 8.3 dated 11.12.2025 disclosing a 3.14% holding (33,659,122 shares) in the USD 0.0001 common (ISIN US7475251036) as at 10.12.2025 in relation to Aqua Acquisition Sub LLC (an indirect wholly‑owned subsidiary of Qualcomm Incorporated); the filing also confirms disclosures in respect of Alphawave IP Group plc. The filing records a net change of 28,628 shares transferred in at $182.21 since the prior disclosure and a series of small purchases and sales in the $176–$182 range (largest individual sales 2,016 shares at $182.21 and 1,993 at $180.58).

The registrant reports no cash‑ or stock‑settled derivatives, no indemnities or arrangements with any party to the offer, and no open derivative positions; a Supplemental Form 8 (Open Positions) is not attached. Trades listed include isolated buy and sell transactions (e.g., purchases of 107@$176 and 566@$182.21, sales totaling several thousand shares across $175.63–$182.21), plus two buy‑to‑cover and small short entries, consistent with portfolio rebalancing rather than a coordinated derivatives strategy.

Crossing the 1% disclosure threshold under the Takeover Code makes the position publicly reportable and places Invesco’s stake in the takeover context, but the absence of arrangements or derivatives in the filing indicates a passive, disclosed stake rather than an active takeover alliance. Market‑impact signals are neutral and low (sentiment neutral, market impact score 0.12), so immediate price disruption is unlikely, though further filings or stake increases would materially change the assessment and should be monitored.

Key Decisions for Investors

• Monitor subsequent Form 8.3 filings and any Supplemental Form 8 for changes in Invesco’s stake or the emergence of derivative exposure that could signal active engagement or hedging
• Treat the current disclosure as evidence of a passive institutional position and avoid knee‑jerk portfolio moves in QCOM or Alphawave absent further escalation in takeover activity
• If exposure is material, consider size‑appropriate hedges or limit orders around key takeover milestones and watch for voting deadlines or regulator announcements that could prompt additional disclosures