SCHEDULE: National CineMedia Stakeholders Report

Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd report a combined 9.8% stake in National CineMedia, Inc. as of March 31, 2026.

Summary

• Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd have jointly filed a Schedule 13G, indicating their beneficial ownership of National CineMedia, Inc. common stock.
• As of March 31, 2026, Orbis Investment Management Ltd holds 9,048,142 shares, representing 9.7% of the class.
• Allan Gray Australia Pty Ltd holds 89,900 shares, representing 0.1% of the class.
• The aggregate beneficial ownership by both entities is 9,138,042 shares, totaling 9.8% of the class.
• Both entities are classified as Non-U.S. Institutions (FI) equivalent to Investment Advisers (IA).
• The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It reports ownership stakes without providing new financial performance data or strategic shifts, making it informative but not indicative of immediate positive or negative sentiment.

Positives

• Significant combined ownership stake of 9.8% by Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd, indicating investor confidence.
• The filing confirms that the shares are held in the ordinary course of business, suggesting a stable, long-term investment approach rather than a hostile takeover attempt.

Negatives

• The filing does not provide specific financial performance data for National CineMedia, Inc., making it difficult to assess the company's current health.
• Details regarding the specific rights of other persons to receive dividends or proceeds from the sale of securities held by Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd are not fully elaborated.

Risks

• The filing does not explicitly detail any risks associated with National CineMedia, Inc. or the investment itself.
• Potential for future changes in ownership or investment strategy by Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd, which could impact share price.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from National CineMedia, Inc. The statements made by the reporting persons are certifications regarding their investment practices.

Management Comments

• "Information with respect to each of Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd (collectively, the 'Reporting Persons') is given solely by each such Reporting Person and no Reporting Person has responsibility for the accuracy or completeness of information supplied by any other Reporting Person."
• "Notwithstanding that the Reporting Persons are making this filing together, none of the Reporting Persons represents that it is a member of a group for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended."
• "Each Reporting Person disclaims beneficial ownership of any shares beneficially owned by any other Reporting Person as specified in Item 4(a)."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."
• "By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s)."

Industry Context

StockSavvy.ai notes that this Schedule 13G filing by Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd signifies a notable institutional ownership level in National CineMedia, Inc. Such filings are common for investment firms exceeding a 5% ownership threshold and typically indicate a passive investment strategy unless otherwise specified.

Stakeholder Impact

• Shareholders: The increased institutional ownership may signal stability or potential future influence on corporate strategy, though the passive nature of the filing suggests no immediate impact.
• Management: The reporting persons' certifications indicate they are not seeking to influence control, which may provide management with a degree of operational stability from these specific investors.
• Creditors: No direct impact is indicated by this filing.

Next Steps

• Monitor future filings from Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd for any changes in their ownership stake.
• Observe National CineMedia, Inc.'s future financial reports and strategic announcements for context regarding this investment.

Key Dates

Keywords

National CineMedia, Schedule 13G, Orbis Investment Management Ltd, Allan Gray Australia Pty Ltd, Beneficial Ownership, Common Stock, Investment Adviser, SEC Filing