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

Invesco Ltd disclosed under Rule 8.3 that it holds 33,633,998 shares (3.14%) in Alphawave IP Group plc in relation to Aqua Acquisition Sub LLC (an indirect wholly‑owned subsidiary of Qualcomm Inc.), with the position as of 09.12.2025 reflecting a net increase of 7,877 shares due to a transfer of a discretionary holding at $176.00; recent executed trades listed in the filing were small purchases and sales concentrated around $174–176 per share and a negligible short position (8,372 shares). The disclosure, dated 10.12.2025, confirms there are no indemnity or other arrangements or open derivative positions reported, signaling Invesco’s independent, modestly material stake ahead of the takeover process and providing a clear indicator of institutional positioning that may factor into vote/acceptance dynamics.

Analysis

Invesco Ltd filed a Rule 8.3 disclosure stating it owns 33,633,998 ordinary shares of Alphawave IP Group plc, equal to 3.14% of the company, in relation to Aqua Acquisition Sub LLC (an indirect wholly‑owned subsidiary of Qualcomm Inc.). The position is reported as held on 09.12.2025 and disclosed on 10.12.2025; Invesco notes a net increase of 7,877 shares attributable to the transfer in of a discretionary holding at $176.00 per share.

The filing lists small executed trades clustered around $174.23–$176.00, including purchases (e.g., 8,801 shares at $176.00) and sales (e.g., 4,829 shares at $176.00), plus a reported short position of 8,372 shares recorded as 0.00% in the table. The disclosure explicitly states there are no indemnities, arrangements or open stock‑settled derivative positions and no Supplemental Form 8 attached.

A 3.14% institutional stake is material under the Takeover Code and may influence acceptance/voting dynamics for the Qualcomm‑related offer; the absence of voting or derivative arrangements suggests Invesco is acting independently. Sentiment and market‑impact signals are neutral to low (market impact score ~0.15), so the filing signals meaningful but not market‑moving positioning; investors should watch for further Rule 8/X updates or larger institutional disclosures that would change the takeover math.

Key Decisions for Investors

• Monitor subsequent Rule 8 and any Supplemental Form 8 filings for increases in Invesco’s stake or the emergence of derivatives that could change effective exposure
• Track other institutional disclosures and aggregate holdings to assess acceptance/voting thresholds for the Qualcomm‑linked offer, as a 3.14% stake is potentially pivotal
• For short‑term traders note liquidity and execution activity around $174–$176 but avoid extrapolating a directional signal from these modest, intraday trades
• Larger holders should consider temporary position hedges or size discipline until the takeover process clarifies strategic intentions and additional disclosure rounds are published