[SCHEDULE 13D/A] MILLICOM INTERNATIONAL CELLULAR SA SEC Filing

Rhea-AI Filing Summary

Atlas Investissement and related parties report holding 70,470,018 common shares of Millicom International Cellular S.A., representing 42.2% of the outstanding common shares based on 167,084,562 shares. The Schedule 13D/A (Amendment No. 23) updates prior filings and discloses that on August 20, 2025 Atlas entered into European-style call spread option transactions with third-party financial institutions to obtain economic exposure to Millicom shares.

The call spread transactions initially covered up to 1,111,111 shares per counterparty in multiple tranches and were exercisable in 40 staggered tranches. An amendment on September 2, 2025 extended the initial hedging period from 10 to 20 business days. As of September 18, 2025 the aggregate number of options was adjusted so the final aggregate number of Common Shares covered by the transactions is 1,691,380. The confirmations allow settlement in shares or cash and include strike/cap prices tied to hedging activity.

Positive

• Material ownership disclosed: Reporting persons beneficially own 70,470,018 shares (42.2% of class).
• Transparent disclosure of derivatives: Details provided on European-style call spread transactions, tranches, amendment and final aggregate coverage of 1,691,380 shares.
• Amendment clarity: Filing specifies extension of initial hedging period from 10 to 20 business days and reduction of option aggregate to a stated figure.

Negative

• Concentrated ownership: Combined shared beneficial ownership of 42.2% may raise control and governance concentration concerns for other shareholders.
• Derivative exposure could affect share supply: Transactions allow settlement in shares or cash and involve counterparty hedging activity that may influence market dynamics (as disclosed).

Insights

Financial Analyst

TL;DR: Reporting persons hold a controlling stake (42.2%) and disclosed structured option exposure covering 1,691,380 shares.

The filing confirms Atlas Investissement and affiliated parties beneficially own 70,470,018 Common Shares, representing 42.2% of the class on the stated share base. The disclosure of European-style call spread transactions provides transparency on additional economic exposures that could be settled in shares or cash and were adjusted to relate to 1,691,380 shares. The extension of the hedging period and tranche structure indicate staged execution and counterparty hedging coordination; these operational details may affect timing and market impact of any settlement or hedging activity.

Corporate Governance Expert

TL;DR: A single group reports material shared ownership (42.2%), with transparent disclosure of derivative positions and amendments.

The Schedule 13D/A reiterates a concentrated ownership position by Atlas Investissement and related entities and family members, which is material for control considerations. The filing documents the use of call spread option transactions providing economic exposure and describes an amendment extending hedging timelines and reducing the aggregate covered shares to 1,691,380. These disclosures are important for assessing governance dynamics, potential voting alignments, and how derivative arrangements may interact with underlying shareholding over time.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 23)

MILLICOM INTERNATIONAL CELLULAR SA

(Name of Issuer)

Common Shares

(Title of Class of Securities)

L6388F110

(CUSIP Number)

Denis Klimentchenko
Skadden, Arps, Slate, Meagher & Flom, (UK) LLP, 22 Bishopsgate
London, X0, EC2N 4BQ
44(0)20 7519 7289

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/18/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. L6388F110

1

Name of reporting person

Atlas Investissement SAS

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 common shares, par value $1.50 per share ("Common Shares") of Millicom International Cellular S.A., a Luxembourg company (the "Issuer"), beneficially owned by Atlas Investissement SAS, a company incorporated under French law as a societe par actions simplifiee ("Atlas Investissement"). Iliad Holding SAS ("Iliad Holding"), as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya SAS ("Maya"), as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. Xavier Niel, the President of Maya, Jules Niel, John Niel, Elisa Niel and Joseph Niel (together, the "Niel Family") may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,084,562 Common Shares outstanding as of August 31, 2025 (169,000,000 Common Shares outstanding, less 1,915,438 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.

SCHEDULE 13D

CUSIP No. L6388F110

1

Name of reporting person

Iliad Holding SAS

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,084,562 Common Shares outstanding as of August 31, 2025 (169,000,000 Common Shares outstanding, less 1,915,438 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.

SCHEDULE 13D

CUSIP No. L6388F110

1

Name of reporting person

Maya SAS

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,084,562 Common Shares outstanding as of August 31, 2025 (169,000,000 Common Shares outstanding, less 1,915,438 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.

SCHEDULE 13D

CUSIP No. L6388F110

1

Name of reporting person

Xavier Niel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,084,562 Common Shares outstanding as of August 31, 2025 (169,000,000 Common Shares outstanding, less 1,915,438 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.

SCHEDULE 13D

CUSIP No. L6388F110

1

Name of reporting person

Jules Niel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,084,562 Common Shares outstanding as of August 31, 2025 (169,000,000 Common Shares outstanding, less 1,915,438 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.

SCHEDULE 13D

CUSIP No. L6388F110

1

Name of reporting person

John Niel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,084,562 Common Shares outstanding as of August 31, 2025 (169,000,000 Common Shares outstanding, less 1,915,438 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.

SCHEDULE 13D

CUSIP No. L6388F110

1

Name of reporting person

Elisa Niel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,084,562 Common Shares outstanding as of August 31, 2025 (169,000,000 Common Shares outstanding, less 1,915,438 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.

SCHEDULE 13D

CUSIP No. L6388F110

1

Name of reporting person

Joseph Niel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 70,470,018.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 70,470,018.00

11

Aggregate amount beneficially owned by each reporting person

70,470,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

42.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Reflects 70,470,018 Common Shares beneficially owned by Atlas Investissement. Iliad Holding, as the controlling shareholder of Atlas Investissement, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement. Maya, as the controlling shareholder of Iliad Holding, may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Iliad Holding and Atlas Investissement. The Niel Family may be deemed to have shared beneficial ownership over the Common Shares beneficially owned by Atlas Investissement, Iliad Holding and Maya. (2) The percentage reflected in row 13 in the table above is calculated on the basis of 167,084,562 Common Shares outstanding as of August 31, 2025 (169,000,000 Common Shares outstanding, less 1,915,438 Common Shares held in treasury), as set forth in the last relevant update available on the date hereof on the Issuer's website.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares
(b)	Name of Issuer: MILLICOM INTERNATIONAL CELLULAR SA
(c)	Address of Issuer's Principal Executive Offices: 148-150, BOULEVARD DE LA PETRUSSE, LUXEMBOURG, LUXEMBOURG , L-2330.
Item 1 Comment: This Amendment No. 23 ("Amendment No. 23") to Schedule 13D relates to the Common Shares, par value $1.50 per share (the "Common Shares"), of Millicom International Cellular S.A., a Luxembourg company ("Issuer"), and amends and supplements the initial statement on Schedule 13D filed on February 24, 2023, as amended by Amendment No. 1 to the Schedule 13D filed on March 28, 2023, Amendment No. 2 to the Schedule 13D filed on April 26, 2023, Amendment No. 3 to the Schedule 13D filed on May 12, 2023, Amendment No. 4 to the Schedule 13D filed on May 25, 2023, Amendment No. 5 to the Schedule 13D filed on June 2, 2023, Amendment No. 6 to the Schedule 13D filed on July 24, 2023, Amendment No. 7 to the Schedule 13D filed on August 24, 2023, Amendment No. 8 to the Schedule 13D filed on October 2, 2023, Amendment No. 9 to the Schedule 13D filed on November 8, 2023, Amendment No. 10 to the Schedule 13D filed on January 17, 2024, Amendment No. 11 to the Schedule 13D filed on May 23, 2024, Amendment No. 12 to the Schedule 13D filed on July 3, 2024, Amendment No 13. to the Schedule 13D filed on July 22, 2024, Amendment No. 14 to the Schedule 13D filed on August 2, 2024, Amendment No. 15 to the Schedule 13D filed on August 26, 2024, Amendment No. 16 to the Schedule 13D filed on September 9, 2024, Amendment No. 17 to the Schedule 13D filed on October 11, 2024, Amendment No. 18 to the Schedule 13D filed on March 12, 2025, Amendment No. 19 to the Schedule 13D filed on March 17, 2025, Amendment No. 20 to the Schedule 13D filed on August 13, 2025, Amendment No. 21 to the Schedule 13D filed on August 22, 2025, and Amendment No. 22 to the Schedule 13D filed on September 4, 2025 (as so amended, the "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 23 shall have the same meanings ascribed to them in the Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: As previously disclosed, on August 20, 2025, Atlas Investissement entered into European-style call spread option transactions (the "Transactions") with unaffiliated third party financial institutions. The Transactions provide Atlas Investissement with economic exposure to the Common Shares between the lower strike prices and upper strike prices for each respective call thereunder, each in respect of up to 1,111,111 Common Shares, with a premium, strike price and cap price based on pre-determined formulas, which take into account each financial institution's hedging activity (such strike and cap prices, as well as other variables of the Transactions, also subject to adjustments in certain circumstances). The Transactions are exercisable in 40 separate tranches of approximately equal size, with staggered expiration dates on successive trading days (subject to market disruption). The Transactions can be settled in Common Shares or cash subject to certain conditions. On September 2, 2025, Atlas Investissement entered into an amendment (the "Amendment") to the confirmation of the Transactions with each of the financial institution counterparties. The Amendment extended the initial hedging period with respect to the Transactions from 10 business days following August 20, 2025 to 20 business days from such date. On September 18, 2025, the initial hedging period (as extended pursuant to the above) with respect to each of the Transactions ended, and in accordance with the terms of the confirmations for such Transactions, the aggregate number of options under such Transactions was reduced so that the final aggregate number of Common Shares to which such Transactions relate is 1,691,380 Common Shares.
Item 5.	Interest in Securities of the Issuer
(a)	See Items 11 and 13 of each of the cover pages.
(b)	See Items 7 through 10 of each of the cover pages.
(c)	Except as described in Item 4 above and in Item 4 of Amendment Nos. 20, 21 and 22 to the Schedule 13D filed on August 13, August 22 and September 4, 2025, respectively, the Reporting Persons have not effected any transactions in Shares during the past sixty days.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in Item 4 of this Amendment No. 23 is incorporated herein by reference.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Atlas Investissement SAS

Signature:	/s/ Anthony Maarek
Name/Title:	Anthony Maarek, Managing Director
Date:	09/22/2025

Iliad Holding SAS

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, President of Maya SAS, itself President of Iliad
Date:	09/22/2025

Maya SAS

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, President
Date:	09/22/2025

Xavier Niel

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel
Date:	09/22/2025

Jules Niel

Signature:	/s/ Jules Niel
Name/Title:	Jules Niel
Date:	09/22/2025

John Niel

Signature:	/s/ John Niel
Name/Title:	John Niel
Date:	09/22/2025

Elisa Niel

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, Attorney-in-Fact, for and on behalf of as Parent/Guardian of Elisa Niel
Date:	09/22/2025

Joseph Niel

Signature:	/s/ Xavier Niel
Name/Title:	Xavier Niel, Attorney-in-Fact, for and on behalf of as Parent/Guardian of Joseph Niel
Date:	09/22/2025

FAQ

How many Millicom (TIGO) shares do Atlas Investissement and affiliated parties report owning?

The filing states they beneficially own 70,470,018 Common Shares, representing 42.2% of the class based on 167,084,562 shares outstanding.

What derivative transactions did Atlas disclose in this Schedule 13D/A for TIGO?

Atlas disclosed European-style call spread option transactions entered on August 20, 2025 that provided economic exposure to Millicom shares, exercisable in 40 staggered tranches.

How many Millicom shares are covered by the option transactions after adjustments?

After confirmations and adjustments, the filing reports the final aggregate number of Common Shares covered by the transactions is 1,691,380.

Did Atlas amend the option confirmations and what changed?

Yes. On September 2, 2025 Atlas amended the confirmations to extend the initial hedging period from 10 to 20 business days; the aggregate options were later reduced as described.

Can the disclosed options be settled in shares?

Yes. The confirmations state the Transactions can be settled in Common Shares or cash subject to certain conditions.