SCHEDULE: Alithya Group: Beneficial Ownership Update Filed

Alithya Group Inc. files Amendment No. 3 to Schedule 13D, updating beneficial ownership details for a group of reporting persons holding 9.84% of Class A subordinate voting shares.

Summary

• This filing is an amendment (Amendment No. 3) to a previously filed Schedule 13D concerning Alithya Group Inc.'s Class A subordinate voting shares.
• It updates the beneficial ownership information for a group of reporting persons, who collectively hold 9,632,964 shares, representing 9.84% of the class.
• The reporting persons include individuals (Ghyslain Rivard, Pierre Turcotte, Paul Raymond) and various corporate entities and trusts (Services informatiques MixMedia inc., Gestion Ghyslain Rivard Inc., Triaxions Technologie Inc., 9387-1010 Quebec inc., Fiducie Triaxions, Fiducie Direxions).
• Ghyslain Rivard, Pierre Turcotte, and Paul Raymond are directors of Alithya Group Inc., with Paul Raymond also serving as President and CEO.
• The filing clarifies that transactions within the 60 days prior to filing included minor share purchases by Mr. Raymond through an employee plan, forfeiture of performance share units, and a sale of Multiple Voting Shares by MixMedia to Mr. Turcotte and Mr. Raymond for estate planning.
• It reiterates the existence of a voting agreement among several reporting persons and details compensation arrangements for directors and the CEO, including stock options, DSUs, and PSUs, but only includes those exercisable or settlable within 60 days.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily an administrative update to a Schedule 13D, reflecting existing beneficial ownership and group arrangements without significant new strategic information or changes in holdings.

Positives

• The filing confirms the continued engagement of key management and directors (Rivard, Turcotte, Raymond) in the company's shareholding structure.
• Minor share purchases by the CEO through an employee plan indicate continued personal investment in the company.
• The sale of shares by MixMedia for estate planning purposes suggests a structured approach to personal financial management by the involved parties.

Negatives

• The filing does not disclose any new positive developments or strategic initiatives, focusing primarily on maintaining existing disclosures.
• The forfeiture of 352,037 Performance Share Units by Mr. Raymond indicates a reduction in potential future equity compensation.

Risks

• The concentration of beneficial ownership among a defined group could influence corporate governance decisions and potential future strategic actions.
• While not explicitly stated as a risk, the ongoing nature of voting agreements and group filings implies a coordinated approach that could limit independent shareholder influence.

Future Outlook

The filing does not contain specific forward-looking statements or guidance. It notes that the reporting persons may from time to time hold discussions with management, the board, other shareholders, or third parties regarding various corporate actions and may acquire or dispose of shares depending on market conditions and personal planning.

Management Comments

• The reporting persons may from time to time hold discussions with, or make formal proposals to, management of the Issuer, the board of directors of the Issuer, other shareholders of the Issuer and/or other third parties with respect to any of the items listed in items (a) to (j) [of Item 4].
• The reporting persons may from time to time acquire or dispose of Subordinate Voting Shares of the Issuer, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of the Issuer, the whole depending on relevant factors and conditions including, without limitation, general market, economic and industry conditions, the business, financial condition and prospects of the Issuer, reformulation of plans, estate planning, investment diversification and charitable giving purpose.
• As such, the Reporting Persons may at any time develop other plans or intentions in the future relating to one or more of the above items.

Industry Context

StockSavvy.ai notes that Schedule 13D filings are common for significant beneficial owners of public companies, particularly in sectors where founder or early investor influence is substantial. This filing pertains to Alithya Group, an IT consulting and digital transformation services company, where such concentrated ownership is not unusual.

Corporate Governance

Related Party Transactions

• On September 2, 2026, MixMedia sold an aggregate of 150,000 Multiple Voting Shares, in equal parts to Mr. Turcotte and Mr. Raymond, for estate planning purposes.

Stakeholder Impact

• Shareholders: The continued existence of a voting group with significant ownership (9.84%) may influence corporate governance and strategic direction, potentially impacting shareholder value.
• Management and Employees: The filing details compensation arrangements for the CEO and directors, including options and share units, which are tied to the company's performance and share price.
• Creditors: No direct impact mentioned, but significant changes in control or strategy could indirectly affect financial stability.

Next Steps

• The reporting persons may continue to engage in discussions with management, the board, and other parties regarding potential corporate actions.
• The reporting persons may acquire or dispose of additional shares of the Issuer.
• The reporting persons may develop new plans or intentions related to their holdings.

Key Dates

Keywords

Alithya Group, Schedule 13D, Beneficial Ownership, Voting Agreement, Class A subordinate voting shares, Ghyslain Rivard, Pierre Turcotte, Paul Raymond