UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13G
 
Under the Securities Exchange Act of 1934
 
(Amendment No. 5)
 
 
North American Construction Group Ltd.
(Name of Issuer)
 
Common Shares
(Title of Class of Securities)
 
656811106
(CUSIP Number)
 
December 31, 2023
(Date of Event which Requires Filing of this Statement)
 

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)


 
 


CUSIP No.
 
Page 2 of 5 Pages
656811106
 
 
 
1
NAMES OF REPORTING PERSONS
 
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
 
Mawer Investment Management Ltd.
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    
(a)☐
    
(b)☐
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
Canada
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
 
 
1,689,095
 
 
 
 
6
SHARED VOTING POWER
 
 
0
 
 
 
 
7
SOLE DISPOSITIVE POWER
 
 
2,753,895
 
 
 
 
8
SHARED DISPOSITIVE POWER
 
 
0
 
 
 
 
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
2,753,895
 
 
 
 
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
☐
 
 
 
 
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
 
9.90%(1)
 
 
 
 
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
Investment Advisor
 
 
 
 
 
 
(1) Based upon 27,827,282 Common Shares of North American Construction Group Ltd. (the “Issuer”) outstanding as of October 27, 2023 as reported in the Issuer's Management's Discussion and Analysis filed with the Canadian Securities Administrators on November 1, 2023.
 
 


CUSIP No.
  
Page 3 of 5 Pages
656811106
    

 
Item 1.
(a)
Name of Issuer:
 
     
North American Construction Group Ltd.
       
   
(b)
Address of Issuer’s Principal Executive Offices:
       
     
27287-100 Avenue
Acheson, Alberta, T7X 6H8
       
       
 
Item 2.
(a)
Name of Persons Filing:
     
 
Mawer Investment Management Ltd.
       
   
(b)
Address of Principal Business Office or, if none, Residence :
       
     
600, 517 – 10th Avenue SW
Calgary, Alberta, Canada T2R 0A8
       
   
(c)
Citizenship:
       
     
Canada
     
 
   
(d)
Title of Class of Securities:
     
 
Common Shares
       
   
(e)
CUSIP Number:

656811106
       
 
 
Item 3.
If this statement is filed pursuant to Sections 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.
  
   
(b)
[   ]   Bank as defined in Section 3(a)(6) of the Act.
  
   
(c)
[   ]   Insurance company as defined in Section 3(a)(19) of the Act.
  
   
(d)
[   ]   Investment company registered under Section 8 of the Investment
        Company Act of 1940.
  
   
(e)
[X]  An investment adviser in accordance with Section
        240.13d-1(b)(1)(ii)(E).
  
   
(f)
[   ]  An employee benefit plan or endowment fund in accordance with
        Section 240.13d-1(b)(1)(ii)(F).
  
   
(g)
[   ]   A parent holding company or control person in accordance with
         Section 240.13d-1(b)(1)(ii)(G).
  
   
(h)
[   ]   A savings associations as defined in Section 3(b) of the Federal
         Deposit Insurance Act.
  
   
(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.
  
 
 

 
 
 

 
CUSIP No.
  
Page 4 of 5 Pages
656811106
    

 
(j)
[   ]   A non-U.S. institution in accordance with Section 240.13d-1(b)(1) (ii)(J).
     
 
(k)
[   ]   Group, in accordance with Section 240.13d-1(b)(1)(ii)(K).
     
 
If filing as a non-U.S. institution in accordance with Section 240.13d-1(b)(1)(ii)(J), please specify the type of institution:        _____________________________________________

       
 
Item 4.
Ownership.
       
   
(a)
Amount Beneficially Owned:
     
 
2,753,895
       
   
(b)
Percent of Class:
     
 
9.90%
       
   
(c)
Number of Shares as to which the person has:
       
       
     
(i)     sole power to vote or to direct the vote:
     
 
1,689,095
       
     
(ii)     shared power to vote or direct the vote:
     
 
0
       
     
(iii)    sole power to dispose or direct the disposition of:
     
 
2,753,895
       
     
(iv)    shared power to dispose or to direct the disposition of:
     
 
0
       
 
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 Five Percent on Behalf of Another Person:
       
      Not Applicable
       
 

 
 


CUSIP No.
  
Page 5 of 5 Pages
656811106
    

 
Item 7.
Identification and Classification of Subsidiaries 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.
Certification:
       
     
By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above 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.

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.
 

   
Date:   January 31, 2024
  
         
         
    By:  /s/ Samir Taghiyev
  
    Name:
Samir Taghiyev
  
    Title:
Portfolio Manager
  


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