On February 6, 2025, Millennium International Management LP issued a public disclosure under Rule 8.3 of the Takeover Code, revealing a notable position in Spirent Communications plc. The disclosure highlights Millennium’s current holdings and recent dealings in the UK-based technology company, indicating an active investment strategy and underscoring the growing interest in Spirent’s performance.

2. Key Disclosure Information

Stakeholder Information

Discloser: Millennium International Management LP

Date of Position Held: February 5, 2025

Company Involved: Spirent Communications plc

Disclosure Date: February 6, 2025

Millennium International Management LP is the entity making this disclosure, demonstrating their significant financial interests in Spirent Communications, a company renowned for its products and services in the communications technology sector.

Position Overview

Millennium’s disclosed position in Spirent includes:

Cash-Settled Derivatives: 10,432,868 shares, representing 1.803% of Spirent's total relevant securities.

Short Positions: None reported.

This substantial stake positions Millennium as a significant player in Spirent’s shareholder landscape, potentially influencing corporate governance and strategic decisions.

3. Detailed Holdings

Breakdown of Interests

Security Class	Interests	% of Total	Short Positions
3 1/3p Ordinary (GB0004726096)	10,432,868	1.803%	None

The table above illustrates that Millennium controls a sizeable portion of Spirent’s ordinary shares, primarily through cash-settled derivatives, indicating a bullish outlook on the company’s future performance.

4. Recent Dealings

Nature of Transactions

Millennium engaged in several equity swap transactions to adjust its position in Spirent, as detailed below:

Transaction Type	Number of Securities	Price per Unit (GBP)
Increasing Long Position	34,853	1.85
Increasing Long Position	2,251	1.85
Increasing Long Position	43,306	1.85
Increasing Long Position	1,170	1.85
Reducing Long Position	1,179,927	1.86
Reducing Long Position	712,327	1.85
Increasing Long Position	467	1.86
Reducing Long Position	1,170	1.86
Increasing Long Position	938	1.86

The trading activity reflects a mix of increasing and reducing positions, emphasizing Millennium's tactical approach to managing its exposure to Spirent. The prices per unit hover around £1.85 to £1.86, suggesting a stable trading environment for Spirent’s shares during this period.

No Other Disclosures

Millennium clarified that it is not making disclosures regarding any other party involved in the offer, focusing solely on its stake in Spirent Communications.

5. Conclusion

The disclosure by Millennium International Management LP highlights a strategic investment in Spirent Communications plc, showcasing a potential confidence in the company's operational outlook. With a position exceeding 1.8% of the company’s securities, Millennium's actions could have implications for Spirent’s future corporate strategies and market positioning.

As the technology landscape continues to evolve, stakeholders and analysts will be closely watching Spirent Communications to see how this investment plays out in the coming quarters.

Original press release