Interesting that they exercised early.My guess is that they want...

Interesting that they exercised early.
My guess is that they want to influence direction of the company.

The exercise may be related to the 41m trade on Friday.
Specifically, if Samuel Terry purchased the Colonial First State stake of 55,870,923 shares on 26/2/20 @ $0.65, then today's exercise of 300m Warrants would tip them over the 20% "make a bid for HZN" threshold.
Selling 41m shares (warrants?) would take them under the 20%-trigger,

If this is correct, Samuel Terry will announce the they have 314,870,249 shares, being 19.90% of HZN.
This assumes
a) that they purchased the CFS stake
b) they were the seller of the 41m on Friday
c) they haven't purchased or sold any any other HZN shares
They may have to sell a few on market if the BB is more aggressive going forward.
If the BB purchases around 7,641,110 shares, the 20% threshold would be triggered,
This is around 113,000 BB shares / day.
This isn't an issue as they can easily sell 20% of the BB quantity to stay under the 20% threshold.

Somewhat irrelevant, and whilst I am not certain, I think that Friday's 41m S3XT trade was warrants (just exercise) rather than shares.
My understanding is that S1 is the code for shares, and S3 is the code for Warrants and Bonds.

Anyway, this will become clear when Samuel Terry makes their Significant Holder announcement.
I would expect a board appointment to follow.
I suspect/hope that a distribution (most likely a capital return?) won't be far behind - may have to wait till the FY announcement.
.