SCHEDULE 13G/A: Key Investors Disclose Updated Stakes in Telesat Corp via Amended Schedule 13G Filing

Daniel Lau, Christine Man, and affiliated entities LM Asset (IM) Inc. and LM Asset Fund Limited Partnership have filed an amended Schedule 13G, disclosing their beneficial ownership in Telesat Corp as of March 31, 2025.

Summary

• Daniel Lau beneficially owns 622,350 shares, representing 4.3% of Telesat Corp's Class A Common Shares and Class B Variable Voting Shares.
• Christine Man beneficially owns 550,450 shares, representing 3.8% of the outstanding shares.
• LM Asset (IM) Inc. and LM Asset Fund Limited Partnership each beneficially own 494,000 shares, representing 3.4% of the outstanding shares.
• The percentages are calculated based on 14,362,541 Class A Common Shares and Class B Variable Voting Shares outstanding as of March 31, 2025, as reported by Telesat Corp in a Form 6-K filed on May 6, 2025.
• Daniel Lau and Christine Man are control persons of LM Asset (IM) Inc., which serves as the investment adviser to LM Asset Fund Limited Partnership.
• The reporting persons are filing jointly but explicitly disclaim membership in a group or any intent to change or influence control of Telesat Corp.

Sentiment

Score: 5

Explanation: Neutral, as this is a factual regulatory disclosure of beneficial ownership, not a performance or strategic announcement.

Positives

• Increased transparency regarding significant beneficial ownership stakes in Telesat Corp.
• The filing explicitly states that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control, which can provide stability to the market.

Risks

• While the filing disclaims any intent to change or influence control, the aggregation of significant beneficial ownership by related parties could still be perceived as a potential factor in future corporate governance discussions or shareholder activism, albeit not explicitly stated as a risk in the document.

Future Outlook

NA

Industry Context

This filing provides transparency on significant ownership stakes within the satellite communications industry, specifically for Telesat Corp, a key player in the sector. Such disclosures are standard regulatory requirements for large shareholders and contribute to market transparency.

Corporate Governance

Related Party Transactions

• The filing details the relationship between the reporting persons: LM Asset (IM) Inc. is the investment adviser to LM Asset Fund Limited Partnership, and Daniel Lau and Christine Man are the control persons of LM Asset (IM) Inc. This structure dictates the shared voting and dispositive power among them for the reported shares.

Stakeholder Impact

• Shareholders: Provides updated information on significant beneficial ownership, enhancing transparency regarding who holds substantial stakes in the company.
• Regulatory Bodies: Fulfills SEC disclosure requirements, ensuring compliance with beneficial ownership reporting rules.

Key Dates

Keywords

Telesat Corp, Schedule 13G, Beneficial Ownership, SEC Filing, Class A Common Shares, Class B Variable Voting Shares, Daniel Lau, Christine Man, LM Asset (IM) Inc., LM Asset Fund Limited Partnership, Investment Adviser, Shareholder Disclosure