SCHEDULE: Hexstone Capital Discloses 9.9% Stake in Garden Stage Limited
Beneficial Ownership Report
Hexstone Capital LLC and its managing member, Brendan O'Neil, have disclosed a 9.9% beneficial ownership stake in Garden Stage Limited, totaling 7,110,764 ordinary shares.
Summary
- Hexstone Capital LLC and Brendan O'Neil, collectively referred to as the Reporting Persons, have filed a Schedule 13G disclosing their beneficial ownership in Garden Stage Limited.
- The Reporting Persons beneficially own an aggregate of 7,110,764 Ordinary Shares of Garden Stage Limited.
- This ownership represents 9.9% of the total outstanding Ordinary Shares, calculated based on 71,168,820 Ordinary Shares outstanding following a recent offering disclosed in the issuer's prospectus supplement dated July 24, 2025.
- Hexstone Capital LLC also holds Pre-Funded Warrants exercisable for up to 570,505 Ordinary Shares, but these are not included in the beneficial ownership calculation due to a 9.99% beneficial ownership limitation provision (the 'Blocker').
- Both Hexstone Capital LLC and Brendan O'Neil share voting and dispositive power over the 7,110,764 Ordinary Shares.
- The shares were not acquired for the purpose of changing or influencing the control of Garden Stage Limited, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.
Sentiment
Score: 5
Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would typically indicate positive or negative sentiment regarding the company's performance or prospects.
Risks
- The Reporting Persons' ability to increase their beneficial ownership through the exercise of Pre-Funded Warrants is limited by a 9.99% beneficial ownership limitation provision (the 'Blocker'), preventing them from exceeding this threshold immediately after exercise.
Future Outlook
NA
Industry Context
This filing is a standard disclosure of beneficial ownership by an investment entity, indicating a significant stake in Garden Stage Limited. It does not provide broader industry trends or competitive analysis.
Related Party Transactions
- Hexstone Capital LLC and Brendan O'Neil have entered into a Joint Filing Agreement to file this Schedule 13G and subsequent amendments jointly, acknowledging shared responsibility for their respective information.
Stakeholder Impact
- Shareholders: Disclosure of a significant 9.9% ownership stake by Hexstone Capital LLC and Brendan O'Neil provides transparency regarding the company's ownership structure and the presence of a notable institutional investor.
Key Dates
| Date | Description |
|---|---|
| 03/10/2025 | Registration statement on Form F-3 (File No. 333-283618) declared effective by the U.S. Securities and Exchange Commission. |
| 07/24/2025 | Date of the issuer's prospectus supplement related to the offering that determined the outstanding share count. |
| 07/25/2025 | Date of event which requires the filing of this statement. |
| 07/30/2025 | Date of the Joint Filing Agreement and signature date for the Schedule 13G. |
Keywords
Beneficial Ownership, Schedule 13G, Garden Stage Limited, Hexstone Capital LLC, Brendan O'Neil, Ordinary Shares, SEC Filing, Investment, Shareholder, Corporate Governance
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