Penwater and the 10%17 Jun 2025 17:34
Pentwater Capital Management LP recently crossed the 10% voting threshold in Earnz PLC by combining two types of holdings:
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📌 Breakdown of Their 10.95% Voting Rights
1. Direct equity stake in shares
On 17 June 2025, Pentwater formally disclosed holding 6,944,444 Earnz shares, equivalent to 5.9656% of the voting rights  .
2. Financial instruments (swap)
In addition, they hold derivatives—specifically a swap—that gives them the economic equivalent of 5,799,999 shares, or 4.9825% of voting rights .
Combined, this brings their total control to approximately 10.9480%, which they rounded up to 10.95% in public disclosures .
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🛡️ Why It Matters
• Legal threshold crossed: In the UK, owning more than 10% of voting rights triggers a mandatory notification under the TR-1 (Transparency Rules), which Pentwater has complied with .
• Influence without majority ownership: By using both outright share ownership and a swap agreement, Pentwater gains economic exposure and voting influence without needing to acquire more physical shares. This is a common strategy to gain strategic leverage.
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✅ Summary
Pentwater holds a dual position in Earnz:
• A direct shareholding of ~5.97%
• A swap-based financial holding of ~4.98%
• Total control of ~10.95%, as recently disclosed via TR-1 form 
This combination justifies their notable 10% voting rights in Earnz PLC.