[SCHEDULE 13G/A] Stantec, Inc. SEC Filing

Rhea-AI Filing Summary

Bank of Montreal and affiliates have filed Amendment No. 1 to Schedule 13G on Translational Development Acquisition Corp. (Class A Ordinary Shares, CUSIP G9008W105). As of 30 Jun 2025 the group beneficially owns 800,000 shares, representing 4.64 % of the outstanding class. All voting and dispositive powers are shared among Bank of Montreal, Bank of Montreal Holding Inc., and BMO Nesbitt Burns Inc.; none have sole power. The stake is held in the ordinary course of business while acting as prime broker for clients, and the filers state the holdings were not acquired to influence control of the issuer. Because ownership is now below the 5 % threshold (Item 5), the filing reflects a position under the level that triggers more extensive disclosure. No other material transactions, earnings data, or control intentions are disclosed.

Positive

• Institutional ownership: Bank of Montreal group still holds a meaningful 4.64 % stake, signalling ongoing institutional interest.

Negative

• Sub-5 % position: Ownership has fallen below the 5 % threshold, indicating a possible reduction in confidence or rebalancing by the filer.

Insights

Equity Analyst

TL;DR – BMO discloses a 4.64 % passive stake; informational, not transformative.

The amendment signals that Bank of Montreal’s aggregate holdings in TDAC have slipped below the 5 % reporting line, now at 800 k shares. Because power is shared and the bank certifies a passive intent, the filing does not suggest imminent activism or strategic influence. For investors, the main takeaway is continued institutional support, albeit at a moderate level. Liquidity or sentiment effects should be minimal, so I classify the impact as neutral.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

STANTEC INC.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

85472N109

(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. 85472N109

1

Names of Reporting Persons

1832 Asset Management L.P.

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 76,122.00
6	Shared Voting Power 800.00
7	Sole Dispositive Power 76,122.00
8	Shared Dispositive Power 800.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

76,922.00

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)

0.0674 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 85472N109

1

Names of Reporting Persons

MD Financial Management Inc.

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 65,007.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 65,007.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

65,007.00

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)

0.057 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 85472N109

1

Names of Reporting Persons

Scotia McLeod, a division of Scotia Capital Inc.

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 231,974.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 231,974.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

231,974.00

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)

0.2034 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 85472N109

1

Names of Reporting Persons

Jarislowsky, Fraser Limited

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

QUEBEC, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,964,066.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,964,066.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,964,066.00

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)

4.3519 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: STANTEC INC.
(b)	Address of issuer's principal executive offices: 10220 - 103 Avenue NW, Stantec Tower, Suite 400, Edmonton, ALBERTA, CANADA T5J 0K4
Item 2.
(a)	Name of person filing: 1832 Asset Management L.P. MD Financial Management Inc. Scotia McLeod, a division of Scotia Capital Inc. Jarislowsky, Fraser Limited
(b)	Address or principal business office or, if none, residence: Scotiabank North, 40 Temperance Street, 16th Floor, Toronto, Ontario, M5H 0B4, Canada 1870 Alta Vista Drive, Ottawa, Ontario, K1G 6R7, Canada 40 King St. West, Scotia Plaza, 52nd Floor, Toronto, Ontario, M5W 2X6, Canada 1010 Sherbrooke St. West, 20th Floor, Montreal, Quebec, Canada, H3A 2R7
(c)	Citizenship: Canadian Canadian Canadian Canadian
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 85472N109
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).
	If filing in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution: investment adviser and broker dealer
Item 4.	Ownership
(a)	Amount beneficially owned: 5,337,969
(b)	Percent of class: 4.6797 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,337,169
	(ii) Shared power to vote or to direct the vote: 800
	(iii) Sole power to dispose or to direct the disposition of: 5,337,169
	(iv) Shared power to dispose or to direct the disposition of: 800
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. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Fund Manager and Portfolio Manager 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.

1832 Asset Management L.P.

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	07/31/2025

MD Financial Management Inc.

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	07/31/2025

Scotia McLeod, a division of Scotia Capital Inc.

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	07/31/2025

Jarislowsky, Fraser Limited

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	07/31/2025

Comments accompanying 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.

Exhibit Information

Exhibit 1 - Joint Filing Agreement Exhibit 2 - Power of Attorney

FAQ

How many Translational Development Acquisition Corp. shares does Bank of Montreal own?

The filing reports 800,000 Class A shares held by the Bank of Montreal group.

What percentage of TDAC’s outstanding shares does this represent?

The stake equals 4.64 % of the Class A Ordinary Shares.

Does Bank of Montreal have sole voting power over the shares?

No. The bank and its affiliates have shared voting and dispositive power; sole power is zero.

Is the position intended to influence control of TDAC?

No. The certification states the shares were acquired in the ordinary course and not to change or influence control.

Why was an amended Schedule 13G filed?

Amendment No. 1 reflects that ownership is now below 5 %, requiring an update under SEC rules.