# EDGAR Filing Document

**Accession Number:** 0001845840
**File Stem:** 0001796409-25-000003
**Filing Date:** 2025-8
**Character Count:** 15384
**Document Hash:** f8c1ffbf10e95d684398612bb035a956
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001796409-25-000003.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001796409-25-000003

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Telesat Corp
- **CENTRAL INDEX KEY:** 0001845840
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATION SERVICES, NEC [4899]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93078
- **FILM NUMBER:** 251218782

**BUSINESS ADDRESS:**
- **STREET 1:** 160 ELGIN ST
- **STREET 2:** SUITE 2100
- **CITY:** OTTAWA
- **STATE:** A6
- **ZIP:** K2P 2P7
- **BUSINESS PHONE:** (613) 748-8700 X2268

**MAIL ADDRESS:**
- **STREET 1:** 160 ELGIN ST
- **STREET 2:** SUITE 2100
- **CITY:** OTTAWA
- **STATE:** A6
- **ZIP:** K2P 2P7
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Heard Capital LLC
- **CENTRAL INDEX KEY:** 0001796409

**ORGANIZATION NAME:**
- **EIN:** 274012679
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1 N. WACKER DR
- **STREET 2:** SUITE 3650
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3127865210

**MAIL ADDRESS:**
- **STREET 1:** 1 N. WACKER DR
- **STREET 2:** SUITE 3650
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 6)**

**Issuer:** Telesat Corp

**Title of Class of Securities:** Class B Variable Voting Shares, no par value per share

**CUSIP Number:** 879512309

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**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)

---

| 1. | Names of Reporting Persons<br>Heard Capital LLC | Names of Reporting Persons<br>Heard Capital LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>— |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1519410.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>— |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1519410.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1519410.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1519410.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>10.4% | Percent of Class Represented by Amount in Row (9)<br>10.4% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, OO | Type of Reporting Person (See Instructions)<br>IA, OO |

---

| 1. | Names of Reporting Persons<br>Heard Investment Manager LLC | Names of Reporting Persons<br>Heard Investment Manager LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>— |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1519410.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>— |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1519410.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1519410.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1519410.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>10.4% | Percent of Class Represented by Amount in Row (9)<br>10.4% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Heard William | Names of Reporting Persons<br>Heard William |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>— |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1519410.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>— |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1519410.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1519410.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1519410.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>10.4% | Percent of Class Represented by Amount in Row (9)<br>10.4% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

| 1. | Names of Reporting Persons<br>William E. Heard Declaration of Trust | Names of Reporting Persons<br>William E. Heard Declaration of Trust |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>IL | Citizenship or Place of Organization<br>IL |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>— |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1519410.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>— |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1519410.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1519410.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1519410.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>10.4% | Percent of Class Represented by Amount in Row (9)<br>10.4% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

**Item 1(a). Name of Issuer:**
Telesat Corp

**Item 1(b). Address of Issuer's Principal Executive Offices:**
160 ELGIN ST, SUITE 2100, OTTAWA, ONTARIO, CANADA, K2P 2P7

**Item 2(a). Name of Person Filing:**
This Schedule 13G is being filed by

(i) Heard Capital LLC ("Heard Capital"),
(ii) Heard Investment Manager LLC ("Heard Investment Manager"),
(iii) William E. Heard Declaration of Trust (the "Heard Trust"), and
(iv) William Heard ("Mr. Heard").

The foregoing persons are hereinafter collectively referred to as the "Reporting Persons."

The Reporting Persons have entered into a Joint Filing Agreement, dated as of May 15, 2025, a copy of which was previously filed as Exhibit 99.1 to Schedule 13G/A filed with the Securities and Exchange Commission on May 15, 2025 by the Reporting Persons. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13G/A.

**Item 2(b). Address of Principal Business Office:**
The address of each of the Reporting Persons is 1 N. Wacker Dr., Ste. 3650, Chicago, IL 60606.

**Item 2(c). Citizenship:**
The citizenship of each of the Reporting Persons is set forth in Row 4 of the cover page for such Reporting Person, which is incorporated herein by reference.

**Item 2(d). Title of Class of Securities:**
Class B Variable Voting Shares, no par value per share

**Item 2(e). CUSIP Number:**
879512309

**Item 3. If this statement is filed pursuant to §§ 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 (15 U.S.C. 78o).

(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) [x] 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) [x] 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) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

The information set forth in Row 9 of each of the cover pages to this Schedule 13G filing is incorporated herein by reference.
As of June 30, 2025, there were 1,519,410 shares of Class B variable voting shares of Telesat Corporation ("Issuer"), no par value (collectively, the "Shares"), held in the name of Heard High Conviction Long Only Fund LLC (the "Long Only Fund") and separate accounts ("SMAs") for which Heard Capital serves as the investment manager with sole voting, disposition and investment power over the Shares. Heard Investment Manager is the sole member of Heard Capital, the Heard Trust is the sole member of Heard Investment Manager, and Mr. Heard is the sole trustee of the Heard Trust. As a result of the foregoing, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, each of Heard Capital, Heard Investment Manager, the Heard Trust and Mr. Heard may be deemed to beneficially own the Shares.

**(b) Percent of class:**

The information set forth in Row 11 of each of the cover pages to this Schedule 13G filing is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 14,682,322 total Class A common shares and Class B variable voting shares of Telesat Corporation outstanding as of June 30, 2025, as reported in the Issuer's Quarterly Report on Form 6-K, filed with the Securities and Exchange Commission on August 6, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

The information set forth in Row 5 of the cover page for each Reporting Person is incorporated herein by reference.

**(ii) Shared power to vote or to direct the vote:**

The information set forth in Row 6 of the cover page for each Reporting Person is incorporated herein by reference.

**(iii) Sole power to dispose or to direct the disposition of:**

The information set forth in Row 7 of the cover page for each Reporting Person is incorporated herein by reference.

**(iv) Shared power to dispose or to direct the disposition of:**

The information set forth in Row 8 of the cover page for each Reporting Person is incorporated herein by reference.

**Item 5. Ownership of Five Percent or Less of a Class.**

[ ] 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. Ownership of More than 5 Percent on Behalf of Another Person.**

See Item 4(a). The Long Only Fund and the SMAs have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares.

**Item 7. Identification and Classification of the Subsidiary**

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 acquired and are held in the ordinary course of business and 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, other than activities solely in connection with a nomination under § 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Heard Capital LLC**

**Date:** 08/14/2025

**By:** /s/ William Heard

**Name & Title:** Chief Executive Officer and Chief Investment Officer

**Heard Investment Manager LLC**

**Date:** 08/14/2025

**By:** /s/ William Heard

**Name & Title:** Chief Executive Officer

**Heard William**

**Date:** 08/14/2025

**By:** /s/ William Heard

**Name & Title:** Self

**William E. Heard Declaration of Trust**

**Date:** 08/14/2025

**By:** /s/ William Heard

**Name & Title:** Sole Trustee