Blacksheep Fund Management Reports 915,154 TCX Shares

TL;DR

**Blacksheep Fund Management still holds a big chunk of Tucows, signaling continued interest.**

AI Summary

Blacksheep Fund Management Ltd. has updated its ownership stake in Tucows Inc. /PA/ (NASDAQ: TCX) as of January 8, 2024. The Irish fund now beneficially owns 915,154 shares of Tucows' Common Stock, representing a significant holding with shared voting and dispositive power. This matters to investors because it indicates a notable institutional investor maintains a substantial position in Tucows, potentially signaling confidence in the company's future or a strategic shift in their investment thesis.

Why It Matters

This filing shows a major institutional investor's current stake in Tucows, providing insight into their conviction and potentially influencing other investors' perceptions of the stock.

Risk Assessment

Risk Level: low — This is a routine update on institutional ownership and does not inherently introduce new risks to the company or its stock.

Analyst Insight

Investors should note that a significant institutional holder, Blacksheep Fund Management Ltd., continues to hold a substantial position in Tucows Inc. This could be a signal of long-term confidence, but further due diligence into Tucows' fundamentals and Blacksheep's investment strategy would be prudent before making investment decisions.

Key Numbers

• 915,154 — Shares Beneficially Owned (Represents Blacksheep Fund Management Ltd.'s shared voting and dispositive power in Tucows Inc.)
• 898697206 — CUSIP Number (Identifies Tucows Inc. Common Stock for trading and regulatory purposes.)

Key Players & Entities

• Blacksheep Fund Management Ltd. (company) — the reporting person and beneficial owner of shares
• Tucows Inc. /PA/ (company) — the issuer of the common stock
• 915,154 (dollar_amount) — number of shares beneficially owned with shared voting power
• January 8, 2024 (date) — date of the event requiring the filing
• Ireland (company) — place of organization for Blacksheep Fund Management Ltd.

Forward-Looking Statements

• Blacksheep Fund Management Ltd. will maintain a significant stake in Tucows Inc. for the foreseeable future. (Blacksheep Fund Management Ltd.) — medium confidence, target: Q3 2024

FAQ

Filing Documents

• d10932627_13g-a.htm (SC 13G/A) — 100KB
• 0000919574-24-000398.txt ( ) — 102KB

From the Filing

SC 13G/A 1 d10932627_13g-a.htm SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b) (Amendment No. 2*) Tucows Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 898697206 (CUSIP Number) January 8, 2024 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [_] Rule 13d-1(b) [x] Rule 13d-1(c) [_] Rule 13d-1(d) The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). * This Schedule 13G operates as an amendment to the Schedule 13D filed by the reporting persons with respect to Tucows Inc. on December 20, 2022. CUSIP No. 898697206 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Blacksheep Fund Management Ltd. 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [_] (b) [_] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Ireland NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 915,154 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 915,154 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 915,154 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.4% 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA CUSIP No. 898697206 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Blacksheep Master Fund Ltd. 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [_] (b) [_] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 915,154 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 915,154 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 915,154 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.4% 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO CUSIP No. 898697206 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Herdwick Capital Ltd. 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [_] (b) [_] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Ireland NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 915,154 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 915,154 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 915,154 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.4% 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC CUSIP No. 898697206 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Alexis Fortune 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [_] (b) [_] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Ireland NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 915,154 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 915,154 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 915,154 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.4% 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN CUSIP No. 898697206 Item 1. (a). Name of Issuer: Tucows Inc. (b). Address of issuer's principal executive offices: 96 Mowat Avenue Toronto, Ontario M6K 3M1 Canada Item 2. (a)-(c). Name Principal Business Address, and Citizenship of Person Filing: Blacksheep Fund Management Ltd. Rock House, Main Street, Blackrock Co. Dublin, Ireland A94 YY39 Blacksheep Master Fund Ltd. c/o Mourant Governance Services 94 Solaris Avenue, Camana Bay, PO Box 1348 Grand Cayman KY1-1108 Herdwick Capital Ltd. Rock House, Main Street, Blackrock Co. Dublin, Ireland A94 YY39 Alexis Fortune Rock House, Main Street, Blackrock Co. Dublin, Ir

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