GAMCO Investors Amends Telesat Corp Stake Filing

TL;DR

GAMCO updated its Telesat stake filing. Watch for potential moves.

AI Summary

GAMCO Investors, Inc. filed an amendment (No. 15) to its Schedule 13D on July 29, 2024, regarding its holdings in Telesat Corp. The filing indicates a change in the reporting person's beneficial ownership of Telesat's Class A common and Class B variable voting shares.

Why It Matters

This amendment signals a potential shift in the investment strategy or ownership structure of a significant shareholder in Telesat Corp, which could impact the company's future direction.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often indicate changes in a significant investor's position, which can lead to market volatility.

Key Players & Entities

• GAMCO Investors, Inc. (company) — Filing entity
• Telesat Corp (company) — Subject company
• David Goldman (person) — Contact person for GAMCO Investors

FAQ

Filing Documents

• tsat_15.htm (SC 13D/A) — 210KB
• 0000807249-24-000079.txt ( ) — 212KB

Security and Issuer

Item 1. Security and Issuer This Amendment No. 15 to Schedule 13D on the Class A common and Class B variable voting shares (the "Common Shares") of Telesat Corporation is being filed on behalf of the undersigned to amend the Schedule 13D, as amended (the "Schedule 13D") which was originally filed on November 23, 2021. Unless otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meanings as set forth in the Schedule 13D.

Identity and Background

Item 2. Identity and Background

to Schedule 13D is amended, in pertinent part, as follows

Item 2 to Schedule 13D is amended, in pertinent part, as follows: This statement is being filed by various entities which except for LICT Corporation ("LICT) and CIBL, Inc. ("CIBL"), engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as general partner or the equivalent of various private investment partnerships or private funds and as a registered broker-dealer. Certain of these entities may also make investments for their own accounts. Mario J. Gabelli ("Mario Gabelli") is deemed to directly or indirectly control these entities through his ownership interest. The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer. Although several of the foregoing persons are treated as institutional investors for purposes of reporting their beneficial ownership on the short-form Schedule 13G, the holdings of those who do not qualify as institutional investors may exceed the 1% threshold presented for filing on Schedule 13G or implementation of their investment philosophy may from time to time require action which could be viewed as not completely passive. In order to avoid any question as to whether their beneficial than on the short-form Schedule 13G and thereby to provide more expansive disclosure than may be necessary. (a), (b) and (c) - This statement is being filed by one or more of the following persons: GGCP, Inc. ("GGCP"), GGCP Holdings LLC ("GGCP Holdings"), GAMCO Investors, Inc. ("GBL"), Associated Capital Group, Inc. ("AC"), Gabelli Funds, LLC ("Gabelli Funds"), GAMCO Asset Management Inc. ("GAMCO"),

Interest In Securities Of The Issuer

Item 5. Interest In Securities Of The Issuer

to Schedule 13D is amended, in pertinent part, as follows

Item 5 to Schedule 13D is amended, in pertinent part, as follows: (a) The aggregate number of Securities to which this Schedule 13D relates is 3,071,758 shares, representing 22.52% of the 13,641,019 shares outstanding as reported by the Issuer as of April 25, 2024. The Reporting Persons beneficially own those Securities as follows: Name Common Shares % of Common Shares Gabelli Funds 879,603 6.45% GAMCO 1,961,427 14.38% GCIA 89,711 0.66% AC 11,100 0.08% MJG Associates 55,600 0.41% Foundation 63,317 0.46% GGCP 10,000 0.07% GBL 1,000 0.01% Mario Gabelli is deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons. AC, GBL and GGCP are deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons other than Mario Gabelli and the Foundation. (b) Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) GAMCO does not have the authority to vote 53,100 of the reported shares, (ii) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Fund's shares, (iii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special circumstances such as regulatory considerations, and (iv) the power of Mario Gabelli, AC, GBL, and GGCP is indirect with respect to Securities beneficially owned directly by other Reporting Persons. (c)

View Full Filing

View this SC 13D/A filing on SEC EDGAR