Mawer Investment Cuts Sangoma Stake to 10.9%

TL;DR

**Mawer just trimmed its Sangoma stake to 10.9%, watch for potential bearish sentiment.**

AI Summary

Mawer Investment Management Ltd. filed an amended Schedule 13G/A on February 5, 2024, reporting its ownership in Sangoma Technologies Corporation. As of December 31, 2023, Mawer beneficially owned 3,214,679 common shares, representing 10.9% of Sangoma's outstanding shares. This is a decrease from their previous filing, indicating Mawer has reduced its stake, which could signal a shift in their investment strategy or outlook on Sangoma's future performance.

Why It Matters

This filing shows a significant institutional investor, Mawer Investment Management, has reduced its ownership in Sangoma, which could be interpreted as a lack of confidence or a rebalancing of their portfolio, potentially influencing other investors' perceptions of the stock.

Risk Assessment

Risk Level: medium — A major institutional investor reducing its stake can sometimes precede further stock price declines if other investors follow suit.

Analyst Insight

Investors should monitor Sangoma's stock for potential price weakness and consider if Mawer's reduced stake reflects a fundamental change in the company's outlook or simply portfolio rebalancing. Further research into Sangoma's recent performance and upcoming catalysts would be prudent.

Key Numbers

• 3,214,679 — Shares Beneficially Owned (Mawer Investment Management Ltd. holds sole dispositive power over this many shares of Sangoma Technologies Corporation.)
• 10.9% — Percentage of Class (This represents the total percentage of Sangoma's common shares beneficially owned by Mawer Investment Management Ltd. as of December 31, 2023.)
• 1,961,955 — Sole Voting Power Shares (Mawer Investment Management Ltd. has sole voting power over this many shares.)

Key Players & Entities

• Mawer Investment Management Ltd. (company) — the reporting person, an institutional investor
• Sangoma Technologies Corporation (company) — the issuer whose shares are being reported
• 3,214,679 (dollar_amount) — number of shares Mawer has sole dispositive power over
• 10.9% (dollar_amount) — percentage of Sangoma's class of securities beneficially owned by Mawer
• December 31, 2023 (date) — the date of the event requiring this filing
• February 5, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

• Sangoma's stock price may experience downward pressure due to the reduction in institutional ownership. (Sangoma Technologies Corporation) — medium confidence, target: Q1 2024

FAQ

Filing Documents

• sangga4q2022.htm (SC 13G/A) — 112KB
• 0000945621-24-000171.txt ( ) — 113KB

From the Filing

SC 13G/A 1 sangga4q2022.htm AMENDMENT NO. 2 TO SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 2) Sangoma Technologies Corporation (Name of Issuer) Common Shares (Title of Class of Securities) 80100R408 (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 80100R408 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 1,961,955 6 SHARED VOTING POWER 0 7 SOLE DISPOSITIVE POWER 3,214,679 8 SHARED DISPOSITIVE POWER 0 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,214,679 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.69% (1) 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) Investment Advisor (1) Based upon 33,184,200 Common Shares of Sangoma Technologies Corporation (the "Issuer") outstanding as of September 30, 2023, as reported in the Issuer's Management Discussion and Analysis filed with the Canadian Securities Administrators on November 8, 2023. CUSIP No. Page 3 of 5 Pages 80100R408 Item 1. (a) Name of Issuer: Sangoma Technologies Corporation (b) Address of Issuer's Principal Executive Offices: 100 Renfrew Drive, Suite 100 Markham, Ontario, L3R 9R6 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: 80100R408 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 80100R408 (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: 3,214,679 (b) Percent of Class: 9.69% (c) Number of Shares as to which the person has: (i) sole power to vote or to direct the vote: 1,961,955 (ii) shared power to vote or direct the vote: 0 (iii) sole power to dispose or direct the disposition of: 3,214,679 (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 80100R408 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 forth

View Full Filing

View this SC 13G/A filing on SEC EDGAR