Canso Investment Counsel reveals 25.3% New Horizon Aircraft (HOVR) ownership

Rhea-AI Filing Summary

Canso Investment Counsel Ltd. filed an amended Schedule 13G reporting beneficial ownership of 13,323,128 New Horizon Aircraft Ltd. Class A Ordinary Shares, representing 25.3% of the class. This total includes 4,834,239 shares held directly and 8,488,889 shares issuable upon conversion of Series A Preferred Shares.

Canso has sole voting and dispositive power over these shares, which are held in certain managed accounts that receive dividends and sale proceeds. Canso certifies the holdings are in the ordinary course of business and not for the purpose of changing or influencing control of New Horizon Aircraft.

Insights

Equity ownership & governance analyst

Canso discloses a 25.3% passive stake in New Horizon Aircraft.

Canso Investment Counsel Ltd. reports beneficial ownership of 13,323,128 New Horizon Aircraft Class A Ordinary Shares, or 25.3% of the class. The position combines 4,834,239 existing shares and 8,488,889 shares issuable upon conversion of Series A Preferred Shares.

Canso reports sole voting and dispositive power over the stake, but certifies the securities are held in the ordinary course of business and not to change or influence control. The shares are owned by certain managed accounts of Canso, which have rights to dividends and sale proceeds.

This filing characterizes Canso as a large passive institutional holder rather than an activist. Any future changes in percentage ownership or filing status would appear in subsequent beneficial ownership reports and could clarify whether the relationship remains passive.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

New Horizon Aircraft Ltd.

(Name of Issuer)

Class A Ordinary Shares

(Title of Class of Securities)

64550A107

(CUSIP Number)

08/30/2025

(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. 64550A107

1

Names of Reporting Persons

Canso Investment Counsel 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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,323,128.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,323,128.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,323,128.00

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)

25.3 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: The shares reported as beneficially owned include (i) 4,834,239 Class A Ordinary Shares held directly by the reporting person and (ii) 8,488,889 Class A Ordinary Shares issuable to the reporting person upon the conversion of the Issuer's Series A Preferred Shares held by the reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: New Horizon Aircraft Ltd.
(b)	Address of issuer's principal executive offices: 3187 Highway 35 Lindsay, Ontario, K9V 4R1
Item 2.
(a)	Name of person filing: Canso Investment Counsel Ltd.
(b)	Address or principal business office or, if none, residence: 100 York Boulevard, Suite 550, Richmond Hill, Ontario, L4B1J8, Canada
(c)	Citizenship: Ontario, Canada
(d)	Title of class of securities: Class A Ordinary Shares
(e)	CUSIP No.: 64550A107
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).
	Portfolio manager registered in Ontario, Canada and other Canadian provinces
Item 4.	Ownership
(a)	Amount beneficially owned: 13,323,128
(b)	Percent of class: 25.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 13,323,128
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 13,323,128
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The securities reported to be beneficially owned by Canso Investment Counsel Ltd. are owned of record by certain managed accounts of Canso Investment Counsel Ltd. These managed accounts have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities.
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. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to a portfolio manager registered in Ontario, Canada and other Canadian provinces is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

Canso Investment Counsel Ltd.

Signature:	/s/ Jeff Tang
Name/Title:	Jeff Tang, Portfolio Manager and Chief Compliance Officer
Date:	01/29/2026

FAQ

How many New Horizon Aircraft (HOVR) shares does Canso Investment Counsel report owning?

Canso Investment Counsel reports beneficial ownership of 13,323,128 New Horizon Aircraft Class A Ordinary Shares, representing 25.3% of the class. This includes shares currently held and additional shares issuable upon conversion of the issuer’s Series A Preferred Shares held by Canso-managed accounts.

What portion of New Horizon Aircraft’s Class A shares does Canso Investment Counsel control?

Canso Investment Counsel reports beneficial ownership of 25.3% of New Horizon Aircraft’s Class A Ordinary Shares. Canso has sole voting and sole dispositive power over these shares, according to the Schedule 13G/A, via certain managed accounts it oversees for its clients.

How is Canso Investment Counsel’s 13,323,128-share position in HOVR structured?

Canso’s reported 13,323,128-share position includes 4,834,239 Class A Ordinary Shares held directly and 8,488,889 Class A Ordinary Shares issuable upon conversion of Series A Preferred Shares. All are attributed to managed accounts for which Canso acts as portfolio manager.

Does Canso Investment Counsel seek control of New Horizon Aircraft (HOVR)?

Canso certifies its New Horizon Aircraft holdings were acquired and are held in the ordinary course of business, not to change or influence control of the issuer. The certification also states the position is not part of any control-related transaction or group activity.

Who ultimately benefits from Canso Investment Counsel’s HOVR shareholdings?

The securities reported as beneficially owned by Canso are owned of record by certain managed accounts. These managed accounts have the right to receive, or direct the receipt of, dividends from the shares and proceeds from any sale of New Horizon Aircraft securities.

What type of institution is Canso Investment Counsel in this HOVR filing?

Canso Investment Counsel is identified as a portfolio manager registered in Ontario and other Canadian provinces. It files as a non-U.S. institution, certifying that its foreign regulatory scheme is substantially comparable to that of functionally equivalent U.S. institutions.