Trading Places: Which substantial holders have made major moves this week?

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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.

Buyers

German investor Delphi had an 18 per cent stake in Northern Territory-focused base metals explorer PNX Metals (ASX: PNK). Now it owns over 40 per cent after forking out $4.2 million in a placement. Of this, $3.2 million was a shortfall.

Everyone’s looking for the next big tech stock and perhaps San Francisco Bay-area investor Osmium Partners believe it will be Redbubble (ASX: RBL). It’s bought $2.7 million in Redbubble shares in the last seven weeks and now holds a 9.2 per cent stake.

While two of Base Resource’s (ASX: BSE) directors were selling shares, Fidelity was buying. This month it bought 11.8 million shares for $2.8 million.

Small cap fund manager Regal Funds Management spent over $9 million in Evolve Education’s (ASX: EVO) placement, taking its stake from 16 per cent to 26 per cent. It also became substantial holders in market place lender Wisr (ASX: WSR), taking a 5.23 per cent stake after $1.6 million in net buys.

Spheria Asset Management made several purchases this week. It became substantial holders in Asaleo Care (ASX: AHY) and paid $11.56 million. It topped up its stakes in SMSF software provider Class (ASX: CL1), GBST Holdings (ASX: GBT), Mortgage Choice (ASX: MOC) and Horizon Oil (ASX: HZN). Between these four companies, Spheria paid out over $5.7 million.

Retiree-focused investment manager Challenger increased it stakes in Adairs (ASX: ADH) and A2B Australia (ASX: A2B), while listed investment company Thorney Opportunities (ASX: TOP) did the same with its stake in iSelect (ASX: ISU).

Nero Resource Fund bought a 5.37 per cent stake in Capricorn Metals (ASX: CMM), costing it $1.1 million and Dimensional Entities became substantial holders (with a 5 per cent stake) in Japara Healthcare (ASX: JHC) after buying $1.26 million in shares this year.

Sellers

This week only one substantial holder sold all their shares in their company. America hedge fund manager Och-Ziff sold out of neuroscience play Total Brain (ASX: TTB) for $1.3 million.

Only six months ago Och-Ziff held 97 million shares – an 18 per cent stake – but sold half its stake in December then was diluted twice. It sold the rest of its stake this week.

Two financial firms in the headlines for wrong reasons were Getswift (ASX: GSW) and Blue Sky Alternative Investments (ASX: BAS), and the latter went into administration this week. Fidelity sold $191,000 in Blue Sky shares while Regal’s latest substantial holder notice for GetSwift showed it’d sold $1.4 million in the last 12 months. Yet both remained substantial holders.

IOOF sold another parcel of Oliver’s Real Foods (ASX: OLI) shares, this one only $50,000, which would undoubtedly be far less than what it bought it for.

The Hill Family Group ceased to be substantial holders in Cobalt Blue (ASX: COB) right as the company launched a capital raising. While there is a Cobalt Blue director who shares the surname, they do not appear related entities – a different ‘Mr Hill’ signed the substantial holder form.

Diluted

Sitting out of capital raisings will mean your holding goes down and you may lose your ‘substantial holder’ crown. Two Speciality Metals (ASX: SEI) investors, Bodie Investments and Covenant Holdings, had this happen to them this week.

Major shareholder in 1st Group (ASX: 1ST), John Plummer, saw his stake fall from 37 per cent to 30 per cent.

Although Adslot (ASX: ADJ) director Geoffrey Dixon bought nearly $500,000 in Adslot shares in recent months, his stake went from 7.72 per cent to 6.02 per cent.

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