Key Highlights

● AJB Investment Fund II, LP and affiliated reporting persons disclosed a combined 14.46% stake in Jewett-Cameron Trading Company, totaling 509,069 shares.

● The group says it may communicate with management and the board about corporate governance, board composition, and proposing or nominating director candidates.

● The filing also references potential discussions of strategic transactions, alternatives, direction and plans intended to increase Shareholder value.

● The reporting persons state they have no present plan or proposal tied to any specific action, preserving flexibility while putting the company on notice of the topics they intend to raise.

AJB Investment Fund II, LP disclosed a combined 14.46% stake in Jewett-Cameron Trading Company (NASDAQ:JCTC) in a Schedule 13D/A filed September 25, 2026, saying it intends to press management and the board on corporate governance, strategic alternatives and board composition as it argues the company's shares are undervalued.

Who Holds What

The filing groups four reporting persons: AJB Investment Fund II, LP, a North Carolina limited partnership; AJB Capital LLC; and individuals Adam Bradley and Melinda Bradley. Combined, the group reports beneficial ownership of 509,069 shares, or 14.46% of Jewett-Cameron's outstanding stock. The fund itself holds 382,836 shares (10.88%); Adam Bradley reports sole voting power over 55,024 shares plus shared power over 454,045 shares, totaling 14.5%; and Melinda Bradley reports shared voting power over 441,460 shares, or 12.5%.

What the Group Says It May Do

Item 4 of the filing lays out a broad, non-binding menu of engagement steps. The reporting persons state they "may communicate with members of management of the Issuer and the board of directors" about "corporate governance, including changes to Board composition," and the filing specifically flags the possibility of "proposing or nominating director candidates." It also mentions potential discussions of "strategic transactions, alternatives, direction and plans," and leaves open participation in transactions meant to "increase shareholder value."

As with most activist 13D filings, the document is careful to disclaim any fixed commitment: "The Reporting Persons do not have any present plan or proposal which would relate to or result in any of the matters set forth in clauses (a)-(j) of Item 4 of Schedule 13D except as set forth herein." That standard language preserves the group's flexibility while still putting the company and other shareholders on notice of the topics it intends to raise.

The clauses referenced, (a) through (j), are the standard categories the SEC's Schedule 13D form uses to enumerate possible shareholder actions, ranging from acquiring more securities to a merger, liquidation, or delisting. By referencing that full list while disclaiming a present plan, AJB preserves room to pursue any of those paths later without having to justify a change of position as a surprise to the company or other investors.

Why the Size of the Stake Matters

A combined 14.46% position is large enough to give the Bradleys and their fund real Leverage in conversations with Jewett-Cameron's board, particularly at a company with a relatively small share count, where a position of that size can represent a meaningful bloc of votes at an annual meeting. The filing does not specify a target valuation, a proposed slate of director nominees, or a timeline for the strategic alternatives it references, meaning the current disclosure functions as a notice of intent to engage rather than a formal proposal.

The Company and Next Steps

Jewett-Cameron Trading Company is a diversified holding company; the 13D/A itself does not restate details of its specific Business lines beyond identifying it as the subject issuer of the shares held by the AJB group. Because this is an amendment, it reflects a change from the group's previously disclosed position or intentions rather than a first-time crossing of the 5% ownership threshold.

Deadlines Shareholders Should Track

Watch for a formal director-nomination notice if AJB decides to seek board seats ahead of Jewett-Cameron's next annual meeting, since public companies typically set advance-notice deadlines in their bylaws for shareholder nominations. Also watch for further 13D/A amendments if the group's stake or its stated plans change, or if management responds publicly to the governance and strategic-alternatives points raised in this filing. No specific meeting date or nomination deadline is disclosed in this filing itself, and shareholders will need to watch Jewett-Cameron's own proxy statement and any response filing for the company's side of the conversation AJB says it wants to have.