[SCHEDULE 13G/A] Enerflex Ltd. SEC Filing

Rhea-AI Filing Summary

Connor, Clark & Lunn Investment Management Ltd., a British-Columbia-based investment adviser, filed Amendment No. 1 to Schedule 13G for Enerflex Ltd. (EFXT) covering the ownership position as of 30 Jun 2025.

• Beneficial ownership: 5,698,625 common shares, representing 4.6 % of the outstanding class.
• Sole voting power: 5,242,565 shares.
• Sole dispositive power: 5,698,625 shares.
• No shared voting or dispositive power reported.
• The filer is classified as an investment adviser under Rule 13d-1(b)(1)(ii)(E).
• The certification states the shares were acquired in the ordinary course and not to influence control of the issuer.
• The filing notes “Ownership of 5 percent or less,” indicating the stake is below the 5 % threshold that ordinarily triggers initial 13G reporting.
• Signed by Chief Compliance Officer Derrick Crowe on 31 Jul 2025.

No financial performance metrics, transactions, or strategic intentions are disclosed; the document is limited to passive ownership information.

Positive

• Institutional investor retains a 4.6 % stake, indicating ongoing professional interest in Enerflex.

Negative

• None.

Insights

Portfolio Manager

TL;DR — Neutral; passive 4.6 % stake signals routine portfolio adjustment.

The amended 13G shows Connor, Clark & Lunn holds 5.7 M Enerflex shares with full dispositive authority but below the 5 % threshold. As a passive investment adviser, the firm affirms no intent to influence control. From a portfolio perspective, continued institutional ownership lends credibility yet does not meaningfully alter Enerflex’s shareholder structure or governance dynamics. Impact on valuation or float is negligible.

Securities Law Specialist

TL;DR — Regulatory compliance filing; minimal market impact.

This Amendment No. 1 satisfies Rule 13d-2(b) obligations following a change in holding size. The ‘ownership of 5 percent or less’ language suggests the filer’s position slipped under the statutory threshold, yet amendment is still required until year-end. No control, activist, or group activity is alleged. Consequently, the disclosure is largely informational and should not be interpreted as a strategic move.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Enerflex Ltd.

(Name of Issuer)

COM

(Title of Class of Securities)

29269R105

(CUSIP Number)

06/30/2025

(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)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29269R105

1

Names of Reporting Persons

Connor, Clark & Lunn Investment 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

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,242,565.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,698,625.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,698,625.00

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)

4.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Enerflex Ltd.
(b)	Address of issuer's principal executive offices: 1331 MACLEOD TRAIL SE, CALGARY, CA-AB, T2G 0K3, CA
Item 2.
(a)	Name of person filing: Connor, Clark & Lunn Investment Management Ltd.
(b)	Address or principal business office or, if none, residence: #2300 - 1111 West Georgia Street, Vancouver, V6E 4M3, BC, Canada
(c)	Citizenship: BRITISH COLUMBIA, CANADA
(d)	Title of class of securities: COM
(e)	CUSIP No.: 29269R105
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)	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)	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: 5,698,625
(b)	Percent of class: 4.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,242,565
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5,698,625
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary 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.

Certifications:

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. Connor, Clark & Lunn Investment Management Ltd. ("Company") is of the view that it and the investment companies and other accounts that it manages are not acting as a "group" for the purposes of section 13(d) under the Act and that it and such investment companies and accounts are not otherwise required to attribute to each other the "beneficial ownership" of securities "beneficially owned" under Rule 13D-3 promulgated under the 1934 Act. Therefore, it is of the view that the shares held by the Company and such investment companies and accounts should not be aggregated for purposes of section 13(d). 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.

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.

Connor, Clark & Lunn Investment Management Ltd.

Signature:	Derrick Crowe
Name/Title:	Chief Compliance Officer
Date:	07/31/2025

FAQ

How many Enerflex (EFXT) shares does Connor, Clark & Lunn currently own?

The firm reports 5,698,625 common shares, or 4.6 % of the class.

Does Connor, Clark & Lunn have voting control over its Enerflex shares?

Yes. It has sole voting power on 5,242,565 shares and no shared voting power.

Why was this Schedule 13G/A filed?

It amends a prior 13G to reflect the firm’s current 4.6 % passive ownership as of 30 Jun 2025.

Is Connor, Clark & Lunn acting as an activist investor in Enerflex?

No. The certification states the shares were acquired in the ordinary course of business with no intent to influence control.

When was the filing signed and by whom?

Chief Compliance Officer Derrick Crowe signed the filing on 31 Jul 2025.