Bank of Nova Scotia Holds 2.7M Open Text Shares
Ticker: OTEX · Form: SC 13G/A · Filed: Feb 13, 2024 · CIK: 1002638
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, amendment, SC-13G/A
TL;DR
**Bank of Nova Scotia still holds 2.7M Open Text shares, showing continued institutional interest.**
AI Summary
The Bank of Nova Scotia, a major Canadian financial institution, filed an amended SC 13G/A on February 13, 2024, disclosing its beneficial ownership in Open Text Corp. As of December 29, 2023, the bank held sole voting power over 2,747,899 common shares of Open Text Corp. This filing indicates a significant, though not controlling, institutional stake, which matters to investors as it shows a large financial entity's continued interest in the company, potentially signaling confidence in its future.
Why It Matters
This filing confirms a major financial institution's substantial investment in Open Text Corp., which can be a positive signal for current and prospective shareholders, indicating institutional confidence.
Risk Assessment
Risk Level: low — This filing is a routine disclosure of beneficial ownership by a large institution and does not indicate any immediate risks to the company or its stock.
Analyst Insight
Investors should note that a major financial institution like The Bank of Nova Scotia continues to hold a substantial position in Open Text Corp., which could be interpreted as a sign of stability or long-term value, but it doesn't necessarily signal an immediate catalyst for price movement.
Key Numbers
- 2,747,899 — Common Shares (Number of Open Text Corp. common shares with sole voting power held by The Bank of Nova Scotia as of December 29, 2023.)
Key Players & Entities
- The Bank of Nova Scotia (company) — reporting person, beneficial owner of Open Text Corp. shares
- Open Text Corp. (company) — the issuer whose common shares are being reported
- 2,747,899 (dollar_amount) — number of common shares beneficially owned with sole voting power by The Bank of Nova Scotia
- December 29, 2023 (date) — date of the event requiring the filing of this statement
Forward-Looking Statements
- The Bank of Nova Scotia will maintain a significant, non-controlling stake in Open Text Corp. for the foreseeable future. (The Bank of Nova Scotia) — medium confidence, target: December 29, 2024
FAQ
What is the purpose of this SC 13G/A filing?
This SC 13G/A filing is an amendment to a Schedule 13G, indicating that The Bank of Nova Scotia is reporting its beneficial ownership of common shares in Open Text Corp. as required by the Securities Exchange Act of 1934, specifically under Rule 13d-1(b).
Who is the reporting person in this filing?
The reporting person is The Bank of Nova Scotia, a financial institution based in Canada, as stated on the cover page and Item 1 of the filing.
What is the CUSIP number for Open Text Corp. common shares?
The CUSIP number for Open Text Corp. common shares is 683715106, as listed on the cover page of the filing.
How many shares of Open Text Corp. does The Bank of Nova Scotia beneficially own with sole voting power?
As of December 29, 2023, The Bank of Nova Scotia beneficially owns 2,747,899 common shares of Open Text Corp. with sole voting power, as detailed in Item 5 of the filing.
When was the event that required this filing?
The date of the event which required the filing of this statement was December 29, 2023, as specified on the cover page of the SC 13G/A.
Filing Stats: 989 words · 4 min read · ~3 pages · Grade level 9.1 · Accepted 2024-02-13 14:46:27
Filing Documents
- otexa1_21324.htm (SC 13G/A) — 26KB
- 0001085146-24-001174.txt ( ) — 28KB
(a)
ITEM 1(a). NAME OF ISSUER: Open Text Corp.
(b)
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 275 FRANK TOMPA DRIVE, WATERLOO, ONTARIO CANADA, Ontario, Canada, N2L 0A1
(a)
ITEM 2(a). NAME OF PERSON FILING: The Bank of Nova Scotia
(b)
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: 40 Temperance Street, Toronto, Ontario, M5H 0B4
(c)
ITEM 2(c). CITIZENSHIP: Canada
(d)
ITEM 2(d). TITLE OF CLASS OF SECURITIES: Common Shares
(e)
ITEM 2(e). CUSIP NUMBER: 683715106 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c); (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) [ ] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (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 (15 U.S.C. 80a-3); (j) [X] A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution: g ITEM 4. (a) Amount beneficially owned: 2,747,899 (b) Percent of class: 1.01% (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: 2,747,899 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or direct the disposition of: 2,747,899 (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 securit