Mawer Investment Management Updates Passive Stake in NACG

TL;DR

**Mawer Investment Management still holds a big chunk of North American Construction Group, signaling continued institutional confidence.**

AI Summary

Mawer Investment Management Ltd. filed an Amendment No. 5 to Schedule 13G on February 5, 2024, indicating their ownership of Common Shares in North American Construction Group Ltd. as of December 31, 2023. This filing, under Rule 13d-1(b), updates their previous disclosures regarding their passive investment in the oil and gas field services company. This matters to investors because it shows a significant institutional investor maintains a position, which can signal confidence in the stock's long-term prospects.

Why It Matters

This filing confirms Mawer Investment Management Ltd. continues to hold a significant, passive stake in North American Construction Group Ltd., which can be a positive signal for current and prospective shareholders.

Risk Assessment

Risk Level: low — This is a routine update from a passive institutional investor and does not indicate any immediate risks or changes in company control.

Analyst Insight

Investors should note that a reputable institutional investor like Mawer Investment Management Ltd. maintains a position, suggesting a degree of confidence in North American Construction Group Ltd. However, as this is a passive stake, it doesn't signal any immediate strategic changes or activist intentions. It's a data point to consider as part of a broader due diligence process.

Key Players & Entities

• Mawer Investment Management Ltd. (company) — the reporting person and institutional investor
• North American Construction Group Ltd. (company) — the issuer of the securities
• December 31, 2023 (date) — the date of the event requiring the filing
• February 5, 2024 (date) — the filing date of the SC 13G/A
• Canada (company) — place of organization for Mawer Investment Management Ltd.

FAQ

Filing Documents

• noa13ga4q2022.htm (SC 13G/A) — 97KB
• 0000945621-24-000165.txt ( ) — 99KB

From the Filing

SC 13G/A 1 noa13ga4q2022.htm AMENDMENT NO. 5 TO SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 5) North American Construction Group Ltd. (Name of Issuer) Common Shares (Title of Class of Securities) 656811106 (CUSIP Number) December 31, 2023 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) CUSIP No. Page 2 of 5 Pages 656811106 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Mawer Investment Management Ltd. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION Canada NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 1,689,095 6 SHARED VOTING POWER 0 7 SOLE DISPOSITIVE POWER 2,753,895 8 SHARED DISPOSITIVE POWER 0 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,753,895 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.90% (1) 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) Investment Advisor (1) Based upon 27,827,282 Common Shares of North American Construction Group Ltd. (the "Issuer") outstanding as of October 27, 2023 as reported in the Issuer's Management's Discussion and Analysis filed with the Canadian Securities Administrators on November 1, 2023. CUSIP No. Page 3 of 5 Pages 656811106 Item 1. (a) Name of Issuer: North American Construction Group Ltd. (b) Address of Issuer's Principal Executive Offices: 27287-100 Avenue Acheson, Alberta, T7X 6H8 Item 2. (a) Name of Persons Filing: Mawer Investment Management Ltd. (b) Address of Principal Business Office or, if none, Residence : 600, 517 – 10th Avenue SW Calgary, Alberta, Canada T2R 0A8 (c) Citizenship: Canada (d) Title of Class of Securities: Common Shares (e) CUSIP Number: 656811106 Item 3. If this statement is filed pursuant to Sections 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) [ ] Broker or dealer registered under Section 15 of the Act. (b) [ ] Bank as defined in Section 3(a)(6) of the Act. (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act. (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940. (e) [X] An investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E). (f) [ ] An employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F). (g) [ ] A parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G). (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act. (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940. CUSIP No. Page 4 of 5 Pages 656811106 (j) [ ] A non-U.S. institution in accordance with Section 240.13d-1(b)(1) (ii)(J). (k) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Section 240.13d-1(b)(1)(ii)(J), please specify the type of institution: _____________________________________________ Item 4. (a) Amount Beneficially Owned: 2,753,895 (b) Percent of Class: 9.90% (c) Number of Shares as to which the person has: (i) sole power to vote or to direct the vote: 1,689,095 (ii) shared power to vote or direct the vote: 0 (iii) sole power to dispose or direct the disposition of: 2,753,895 (iv) shared power to dispose or to direct the disposition of: 0 Item 5. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: Item 6. Not Applicable CUSIP No. Page 5 of 5 Pages 656811106 Item 7. Identification and Classification of Subsidiaries Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. Not Applicable Item 8. Identification and Classification of Members of the Group. Not Applicable Item 9. Notice of Dissolution of Group. Not Applicable Item 10. Certification: By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above 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. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set

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