SCHEDULE 13G/A: Heard Capital Increases Stake in Telesat Corp to 11.5%

Heard Capital LLC and its affiliated entities have reported an 11.5% beneficial ownership stake in Telesat Corp's Class B Variable Voting Shares as of March 31, 2025.

Summary

• Heard Capital LLC, Heard Investment Manager LLC, William Heard, and William E. Heard Declaration of Trust (collectively, the "Reporting Persons") have filed an Amendment No. 5 to Schedule 13G.
• The Reporting Persons collectively beneficially own 1,646,695 Class B Variable Voting Shares of Telesat Corp.
• This ownership represents 11.5% of the total 14,362,541 Class A common shares and Class B variable voting shares of Telesat Corp outstanding as of March 31, 2025.
• The shares are held with shared voting and shared dispositive power by the Reporting Persons.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Telesat Corp.

Sentiment

Score: 7

Explanation: The filing indicates a significant and passive ownership stake by a reputable investment firm, suggesting confidence in the issuer's long-term prospects without any negative implications for the company's operations or financial health.

Positives

• The disclosure of a significant 11.5% stake by Heard Capital LLC and its affiliates indicates a strong vote of confidence from a notable institutional investor in Telesat Corp's long-term prospects.
• The passive nature of the investment, as certified in the filing, suggests a belief in the company's current strategic direction without intent to influence control.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from Telesat Corp or the Reporting Persons regarding the issuer's future performance.

Industry Context

This filing highlights continued institutional investor interest in Telesat Corp, a key player in the satellite communications industry. Such significant passive stakes by investment firms can signal a positive long-term outlook for companies within the sector, particularly those involved in developing next-generation satellite constellations like Telesat's Lightspeed network.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may be viewed positively, potentially enhancing market confidence and stability in the stock due to the implied long-term commitment of a major investor.

Key Dates

Keywords

Telesat Corp, Heard Capital LLC, Schedule 13G, Beneficial Ownership, Class B Variable Voting Shares, Institutional Investor, SEC Filing, Satellite Communications