Ann: Change in substantial holding, page-19

‘The put option is the opportunity to purchase shares of a stock at a set price, usually lower than the existing share price (though you CAN buy puts at a price higher than the existing price), on a set date. The truth is, most people only trade the options. Far more than 50% of put options expire, and become worthless.The put option requires that someone who actually owns the stock to underwrite the put option putting the shares that they own at risk of being sold at a certain price, and collecting a fee for taking that risk.’

From @yaschmidt on LTR thread

Looks like Regal are hedging with a short bias.