Trading Places is Stockhead’s weekly wrap of ASX small cap substantial holder filings.

Substantial holders are defined as those holding 5 per cent or more of a company’s shares and these could be directors, individual investors or institutional investors.

Shareholders are required to announce to the exchange when their shareholding becomes substantial, when they have ceased to be substantial shareholders or any change in their holdings above 5 per cent.


When your stock is suspended from the ASX it is considerably difficult to buy or sell. Unless it’s a capital raise that will get you re-listed – and Crusader Resources (ASX: CAS) is raising $4 million.

Buying into Crusader was Chris Retzos who now has a 13.34 per cent stake in the company, spending $700,000 for the privilege. However, the stock won’t relist until July.

FIFO flight provider Alliance Aviation (ASX: AQZ) has Qantas as a 20 per cent stakeholder and this week it welcomed Perpetual who have spent $5 million since February on a 5.11 per cent stake.

International payments company OFX Group (ASX: OFX) saw Health Employees Super Fund accumulate a 5 per cent stake in the company.

The major small cap fund managers were active this week. IOOF became a substantial holder in metal detector manufacturer Codan (ASX: CDA) with a $3.9 million buy last Thursday.  It also increased its holdings in Primero Group (ASX: PGX), KYCKR (ASX: KYK) and Calix (ASX: CXL).

Wilson Asset Management has accumulated a 5.60 per cent sake in construction stock Johns Lyng Group (ASX: JLG), topping it off with a $1.9m buy last week. It also topped up its stake in Myer (ASX: MYR), buying $7 million in the last three months.

Naos Asset Management increased its holdings in MNF Group (ASX: MNF) to nearly 20 per cent and in BTC Health (ASX: BTC) to 18.5 per cent.

Spheria Asset Management increased its stake in GR Engineering Services (ASX: GNR) to 10.43 per cent. It has bought $4.2 million in the last fortnight.

Australian Ethical Investment has made some fascinating moves in recent weeks. This week it became a holder in renewable energy stock Infigen Energy (ASX: IFN). It spent $12 million in the last two months to accumulate this stake.

When a company lists, pre-IPO shareholders inevitably become substantial holders. Tech stock Powerwrap (ASX: PWL) listed last week and SG Hiscock and private investor Nelcan became substantial holders. On the day it listed, May 23, Regal Funds Management bought a 6.89 per cent stake for $1.1 million.

CompanyCodeMarket CapHolderStakeStatus
WisrWZR$132.2MAdcock Private Equity0.3226Increasing
OvatoOVT$35.7MWentworth William Management0.0532Becoming
CML GroupCGR$93.6MFirst Samuel0.192Increasing
MNF GroupMNF$295.8MNAOS Asset Management0.1994Increasing
Reverse CorpREF$3.5MMercantile Investment Company0.199Increasing
GR Engineering ServicesGNG$135.2MSpheria Asset Management0.1043Increasing
John Lyng GroupJLG$306.5MWilson Asset Management0.056Becoming
Sun ResourcesSNR$1.8MFast Lane Australia0.1983Increasing
PowerwrapPWL$205.8MNelcan Pty Ltd0.065Becoming
PowerwrapPWL$86.5MSG Hiscock0.0503Becoming
Boom LogisticsBOL$69.4MCastle Point Funds Management0.0502Becoming
Kopore MetalsKMT$6.4MMerchant Funds Management0.05Becoming
BTC HealthBTC$14.3MNAOS Asset Management0.1854Increasing
Roots Sustainable Agricultural TechnologiesROO$3.9MJamber Investments0.1275Becoming
Equatorial ResourcesEQX$34.8MWestoz Funds Management0.1096Increasing
Santana MineralsSMI$2.0MCremourne Capital0.0576Becoming
ParkdPKD$3.1MBronte Howson0.0847Increasing
ParkdPKD$3.1MBryant McLarty0.0564Becoming
Reward MineralsRWD$14.6MMichael Ruane0.3765Increasing
MyerMYR$554.4MWilson Asset Management0.0776Increasing
Aurelia MetalsAMI$572.8MAustralianSuper0.052Increasing
Pantoro PNR$215.2MRobmar Investments0.169Increasing
Coventry GroupCYG$71.8MCastle Point Funds Management0.0575Becoming
Alliance Aviation ServicesAQZ$338.9MPerpetual0.0511Becoming
Virtus HealthVRT$312.7MAllan Gray0.0842Increasing
Infigen EnergyIFN$444.8MAustralian Ethical Investment0.0528Becoming
Crusader ResourcesCASSuspendedChris Retzos0.1334Becoming
S2 ResourcesS2R$28.5MMerian Global Investors0.0938Becoming
Donaco InternationalDNA$67.5MSpenceley Management0.0504Becoming
BTC HealthBTC$17.0MSigma Company0.0502Becoming
Traffic TechnologiesTTI$12.2MRobert Minney0.104Increasing
OFX GroupOFX$385.6MHealth Employees Superannuation Trust0.0502Becoming
Cradle ResourcesCXX$15.0MHarvest Lane Asset Management0.0752Increasing
Primero GroupPGX$56.9MIOOF0.1278Increasing
Meteoric ResourcesMEI$13.4MTolga Kumova0.1061Increasing
Australis Oil and GasATS$251.2MEley Griffiths0.0598Becoming
MMA OffshoreMRM$167.3MEley Griffiths0.0672Increasing
NanoveuNVU$8.0MManaged Account Holdings0.0511Becoming
Betmakers HoldingsTBH$12.4MTekkorp Holdings0.1999Becoming



Two ‘sell-outs’ occurred this week. First UUV Aquabotix (ASX: UUV) saw New York-based Eagles’ View Partners sell out. It spent $2.4 million during its IPO and a capital raising some months later.

But thanks to the substantial drop, it’s sold all its stake for a total of $444,000 – $118,000 last July and $326,000 last Thursday.

The other sell-out happened to investment company Lion Selection Group (ASX: LSX). Select Investments sold its entire stake for $3.3 million.

Industry Super Holdings were significant sellers this week, ceasing  to be substantial holders in cannabis play Bod Australia (ASX: BDA) and tech play Xref (ASX: XF1). Wilson Asset Management decreased its stake in City Chic Collective (ASX: CCX), selling $1.6 million in the last week. This was a fair gain but it did not quite reap as much as Nigel Evans.

IOOF decreased its stakes in Adairs (ASX: ADH), Redbubble (ASX: RBL) and Oliver’s Real Foods (ASX: OLI). It netted $4 million, $1 million and $81,000 respectively. Its Oliver’s sale was timed… unfortunately.

On the other hand, it was good timing for Regal which sold more shares in Zip Co (ASX: Z1P), bringing $12.8m to its coffers. At the start of this year such a sale would have only reaped $4 million and had it done it this week it would have netted less as the stock has begun to fall from its all time highs.

CompanyCodeMarket CapHolderCurrent StakeStatus
Prophecy International HoldingsPRO$18.2MMicroequities Asset Management0.0833Decreasing
Andromeda MetalsADN$14.9MBuratu (Robert Connolly Super fund0.0989Decreasing
Cedar Woods PropertiesCWP$470.3MWestoz Fund Management0.0294Ceasing
Chase MiningCML$6.0MGTT Global Opportunities0.0313Ceasing
Zip CoZ1P$1.3BRegal Funds Management0.0512Decreasing
RuralCo HoldingsRHL$463.3MPerpetual0.0553Decreasing
Lion Selection GroupLSX$48.0MSelect Investment Partners0Ceasing
City Chic CollectiveCCX$376.8MWilson Asset Management0.0595Decreasing
UUV AquabotixUUV$1.6MEagles View Partners0Ceasing
Bod AustraliaBDA$18.4MIndustry Super Holdings0.0484Ceasing
XrefXF1$104.3MIndustry Super Holdings0.0249Ceasing
Collection HouseCLH$176.9MMizikovsky Group0.0947Decreasing
AdairsADH$341.7MIOOF (Perennial Fund)0.0446Ceasing
Timah ResourcesTML$4.5MTimah Pasir0.0323Ceasing
Olivers Real FoodsOLI$5.3MIOOF (Perennial Fund)0.081Decreasing
RedbubbleRBL$256.2MIOOF (Perennial Fund)0.0516Decreasing
Gib River DiamondsGIB$7.2MMercantile Investment Company0.0498Ceasing
MMA OffshoreMRM$167.3MSpheria Asset Mgmt0.0444Ceasing



These shareholders sat out of capital raisings and saw their shares in the company decline accordingly.

CompanyCodeMarket CapHolderPast StakePresent Stake
Syndicated MetalsSMD$3.3MBrickworks0.28810.2743
Integrated Payment TechnologiesIP1$3.0MColin Scully, Valebark & Starmay Superannuation0.4310.3228
Integrated Payment TechnologiesIP1$3.0MDonald Sharp0.3820.2863
Integrated Payment TechnologiesIP1$3.0MInvestment Administration Services0.18030.1559
Hammer MetalsHMX$7.9MResource Capital Fund0.09350.0712
BTC healthBTC$14.3MRichard and Karen Treagus0.17070.1372
Saturn MetalsSTN$14.6MPeel Mining0.36360.3143
99 WuxianNNW$81.2MNation Pride Investments0.070.0619
Pacifico MineralsPMY$14.0MCraig Chapman0.05110.0487