First Trust discloses 5.56% and 6.40% holdings in Voyager Acquisition (VACHW)

Rhea-AI Filing Summary

Voyager Acquisition Corp./Cayman Islands received a joint Schedule 13G/A disclosing sizable passive stakes held by First Trust entities. First Trust Merger Arbitrage Fund (VARBX) reports ownership of 1,405,632 shares representing 5.56% of the Class A common shares, with sole voting and dispositive power. First Trust Capital Management L.P., First Trust Capital Solutions L.P. and FTCS Sub GP LLC collectively report ownership of 1,617,947 shares, representing 6.40%, also with sole voting and dispositive power. The filers state the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Positive

• VARBX disclosed a 5.56% stake (1,405,632 shares) with sole voting and dispositive power, meeting material disclosure thresholds
• FTCM/FTCS/Sub GP disclosed a 6.40% stake (1,617,947 shares) with sole voting and dispositive power, providing transparency on concentrated ownership
• Filers certify holdings are in the ordinary course of business and not intended to change or influence control, clarifying intent

Negative

• None.

Insights

Financial Analyst

TL;DR: Two First Trust reporting persons disclose material passive stakes totaling roughly 12% combined, flagged as held in the ordinary course.

The Schedule 13G/A shows two related First Trust lines of ownership in Voyager Acquisition Corp.'s Class A shares: VARBX with 1,405,632 shares (5.56%) and FTCM/FTCS/Sub GP collectively with 1,617,947 shares (6.40%). Both report sole voting and dispositive power over the reported shares, indicating direct control over voting and disposition for these holdings. Item 10 certifies the positions are held in the ordinary course and not to influence control, which classifies this filing as a passive disclosure rather than an activist move. For investors, the filing documents transparency around concentrated ownership but does not, by itself, signal a change in corporate control or strategy.

Corporate Governance Expert

TL;DR: Material ownership crosses the 5% disclosure threshold; the filers explicitly assert no intent to influence control.

The report identifies reporting persons and their roles: an investment company (VARBX) and an SEC-registered investment adviser structure (FTCM, FTCS, Sub GP). The disclosures state sole voting and dispositive power for the reported shares and include the standard certification that holdings are not for control-changing purposes. From a governance standpoint, crossing the 5% threshold triggers investor attention and regulatory reporting, but the explicit certification and Schedule 13G/A format indicate a passive stake rather than an active governance campaign. This is a routine yet material ownership disclosure relevant to shareholder composition monitoring.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Voyager Acquisition Corp./Cayman Islands

(Name of Issuer)

Class A Common Shares, par value $0.0001 per share ("Common Shares")

(Title of Class of Securities)

G93A7H104

(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. G93A7H104

1

Names of Reporting Persons

First Trust Merger Arbitrage Fund

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,405,632.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,405,632.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,405,632.00

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)

5.56 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

CUSIP No. G93A7H104

1

Names of Reporting Persons

First Trust Capital 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,617,947.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,617,947.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,617,947.00

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)

6.40 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G93A7H104

1

Names of Reporting Persons

First Trust Capital Solutions 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,617,947.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,617,947.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,617,947.00

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)

6.40 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G93A7H104

1

Names of Reporting Persons

FTCS Sub GP LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,617,947.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,617,947.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,617,947.00

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)

6.40 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Voyager Acquisition Corp./Cayman Islands
(b)	Address of issuer's principal executive offices: C/O WINSTON & STRAWN LLP, 800 CAPITOL ST., STE 2400, HOUSTON, TX, 77002
Item 2.
(a)	Name of person filing: This Schedule 13G/A is being filed jointly by First Trust Merger Arbitrage Fund ("VARBX"), First Trust Capital Management L.P. ("FTCM"), First Trust Capital Solutions L.P. ("FTCS") and FTCS Sub GP LLC ("Sub GP"). (1) VARBX, a series of Investment Managers Series Trust II, an investment company registered under the Investment Company Act of 1940. (2) FTCM, an investment adviser registered with the SEC that provides investment advisory services to, among others, (i) series of Investment Managers Series Trust II, an investment company registered under the Investment Company Act of 1940, specifically First Trust Multi-Strategy Fund and VARBX, (ii) First Trust Alternative Opportunities Fund, an investment company registered under the Investment Company Act of 1940, and (iii) Highland Capital Management Institutional Fund II, LLC, a Delaware limited liability company (collectively, the "Client Accounts"). (3) FTCS, a Delaware limited partnership and control person of FTCM. (4) Sub GP, a Delaware limited liability company and control person of FTCM. Each of the persons identified herein is referred to as a "Reporting Person" and, collectively, as the "Reporting Persons." Each of the Reporting Persons is a party to that certain Joint Filing Agreement attached hereto.
(b)	Address or principal business office or, if none, residence: The principal business address of FTCM, FTCS and Sub GP is 225 W. Wacker Drive, 21st Floor, Chicago, IL 60606. The principal business address of VARBX is 235 West Galena Street, Milwaukee, WI 53212.
(c)	Citizenship: United States
(d)	Title of class of securities: Class A Common Shares, par value $0.0001 per share ("Common Shares")
(e)	CUSIP No.: G93A7H104
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: As investment adviser to the Client Accounts, FTCM has the authority to invest the funds of the Client Accounts in securities (including Common Shares of Voyager Acquisition Corp./Cayman Islands (the Issuer)) as well as the authority to purchase, vote and dispose of securities, and may thus be deemed the beneficial owner of any shares of the Issuer's Common Shares held in the Client Accounts. As of June 30, 2025 VARBX owned 1,405,632 shares of the outstanding Common Shares of the Issuer FTCM, FTCS and Sub GP collectively owned 1,617,947 shares of the outstanding Common Shares of the Issuer. FTCS and Sub GP may be deemed to control FTCM and therefore may be deemed to be beneficial owners of the Common Shares reported in this Schedule 13G/A. No one individual controls FTCS or Sub GP. FTCS and Sub GP do not own any Common Shares of the Issuer for their own accounts.
(b)	Percent of class: VARBX: 5.56% FTCM, FTCS and Sub GP: 6.40%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: VARBX: 1,405,632 FTCM, FTCS and Sub GP: 1,617,947
	(ii) Shared power to vote or to direct the vote: VARBX: 0 FTCM, FTCS and Sub GP: 0
	(iii) Sole power to dispose or to direct the disposition of: VARBX: 1,405,632 FTCM, FTCS and Sub GP: 1,617,947
	(iv) Shared power to dispose or to direct the disposition of: VARBX: 0 FTCM, FTCS and Sub GP: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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. See Item 4.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 2.
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.

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.

First Trust Merger Arbitrage Fund

Signature:	/s/ Joy Ausili
Name/Title:	Trustee, Vice President and Assistant Secretary
Date:	08/14/2025

First Trust Capital Management L.P.

Signature:	/s/ Chad Eisenberg
Name/Title:	Chief Operating Officer
Date:	08/14/2025

First Trust Capital Solutions L.P.

Signature:	/s/ Chad Eisenberg
Name/Title:	Chief Operating Officer
Date:	08/14/2025

FTCS Sub GP LLC

Signature:	/s/ Chad Eisenberg
Name/Title:	Chief Operating Officer
Date:	08/14/2025

Exhibit Information

Exhibit I: Joint Filing Statement

FAQ

What stake does First Trust Merger Arbitrage Fund (VARBX) report in Voyager Acquisition (VACHW)?

VARBX reports owning 1,405,632 shares, representing 5.56% of the Class A common shares, with sole voting and dispositive power.

How many Voyager Acquisition shares do First Trust Capital Management/FTCS/FTCS Sub GP report (VACHW)?

FTCM, FTCS and FTCS Sub GP collectively report owning 1,617,947 shares, representing 6.40% of the Class A common shares, with sole voting and dispositive power.

Are the First Trust holdings reported as passive or active in the Schedule 13G/A for VACHW?

The filers certify the securities are held in the ordinary course of business and were not acquired to change or influence control, indicating a passive holding on this Schedule 13G/A.

Did the filers report shared voting or dispositive power for the Voyager Acquisition shares?

No. Both VARBX and FTCM/FTCS/Sub GP report 0 shared voting power and 0 shared dispositive power; all reported shares are listed with sole voting and dispositive power.

Who signed and certified the Schedule 13G/A filing for these First Trust entities?

Signatures in the filing include Joy Ausili signing for First Trust Merger Arbitrage Fund and Chad Eisenberg signing for First Trust Capital Management L.P., First Trust Capital Solutions L.P., and FTCS Sub GP LLC, certifying the information.