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.


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.

CompanyCodeMarket CapHolderStakeStatus
Whitebark EnergyWBE$6.3MGrand Gulf Energy0.1987Becoming
Empire ResourcesERL$5.0MMichael Ruane0.1997Increasing
GBST HoldingsGBT$176.6MSpheria Asset Mgmt0.1074Increasing
Axiom MiningAVQ$21.0MInCoR Holdings0.0555Becoming
SeafarmsSFG$172.0MNippon Suisan Kaisha0.1473Increasing
Aura EnergyAEE$12.1MAsean Deep Fund0.141Increasing
Secos GroupSES$15.2MRichard Tegoni0.05Becoming
Pro-Pac PackagingPPG$113.5MBennamon & Kin Group0.496Increasing
Capricorn MetalsCMM$84.3MNero Resource Fund0.0537Becoming
Redhill EducationRDH$63.1MAcorn Capital0.0622Increasing
Central PetroleumCTP$99.8MTroy Harry0.0645Increasing
iSelectISU$138.3MThorney International0.0656Increasing
Galilee EnergyGLL$144.4MCopulos Group0.0664Increasing
Asaleo CareAHY$497.0MSpheria Asset Mgmt0.0573Becoming
Mortgage ChoiceMOC$99.4MSpheria Asset Mgmt0.1778Increasing
Horizon OilHZN$162.8MSpheria Asset Mgmt0.1073Increasing
City Chic CollectiveCCX$334.5MSpheria Asset Mgmt0.1006Increasing
Caravel MineralsCVV$8.2MCopulos Group0.0554Becoming
ClassCL1$175.3MSpheria Asset Mgmt0.1922Increasing
Capitol HealthCAJ$186.1MChallenger0.0927Increasing
A2BA2B$225.2MSpheria Asset Mgmt0.1491Increasing
AdairsADH$274.5MLennox Capital Partners0.0614Increasing
WisrWZR$108.9MRegal Funds Management0.0523Becoming
Cannpal Animal TherapeuticsCP1$14.4MMerchant Funds Management0.1961Increasing
Alexium International GroupAJX$48.4MStuart Phillips0.0508Becoming
Eureka GroupEGH$61.0MSalt Funds Management0.062Increasing
Golden Rim ResourcesGMR$7.1MCapital Drilling0.118Becoming
AdslotADJ$38.6MPeter & Diana Diamond Super Fund0.0901Increasing
Base ResourcesBSR$285.8MFidelity0.0722Increasing
Speciality MetalsSEI$19.8MWhitfords Holdings Investments0.062Becoming
Spirit TelecomST1$54.3MPeter & Diana Diamond Super Fund0.199Increasing
RedbubbleRBL$292.0MOsmium Partners0.092Increasing
MobecomMBM$12.1MLakeba Ventures0.1787Increasing
Boom LogisticsBOL$67.2MCastle Point Funds Mgmt0.0502Becoming
1st Group1ST$15.7MFocus Asset Management0.0676Becoming
White Cliff MineralsWCN$2.4MRyan Rowe0.0544Becoming
Japara HealthcareJHC$374.2MDimensional Entites0.05Becoming
MCS ServicesMCS$3.2MGabriel Hewitt0.06Becoming
Secos GroupSES$16.8MR&K Edwards Investments0.129Increasing
PNX MetalsPNX$7.6MDelphi0.4061Increasing
Lindian ResourcesLIN$3.8MFuturity Private0.0574Becoming
Resources & Energy GroupREZSuspendedGaffwick Pty Ltd - Campbell Duncan0.2269Increasing
Evolve EducationEVO$64.6MRegal Funds Management0.2678Increasing
BigtincanBTH$146.9MAustralian Ethical Investments0.13Increasing
EmpiredEPD$43.6MWestoz Funds Management0.0562Increasing
ImdexIMD$416.8MYarra Funds Management0.081Increasing
WingaraWNR$28.9MNAOS Asset Management0.2426Increasing
Uniti WirelessUWL$125.8MCornish Group Investments0.1145Increasing
TesserentTNT$9.7MGeoffrey Lord0.118Increasing


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.

CompanyCodeMarket CapHolderCurrent StakeStatus
Havilah ResourcesHAV$35.0MMelissa Kate Johnson0.0035Ceasing
Cobalt Blue HoldingsCOB$19.3MHill Family Group0.0476Ceasing
GetswiftGSW$30.2MRegal Funds Management0.0796Decreasing
Blue Sky Alternative InvestmentsBAS$5.2MFidelity0.0564Decreasing
THC GlobalTHC$62.0MJason Colquhoun0.0497Ceasing
Eureka GroupEGH$61.0MAdam Smith Asset Mgmt0.0564Ceasing
OrthocellOCC$45.5MStone Ridge Ventures0.0681Decreasing
Uniti WirelessUWL$125.8MIOOF0.0457Ceasing
Total BrainTTB$21.8MOch-Ziff0Ceasing
JatenergyJAT$47.1MAnthony Crimmins0.0061Ceasing
Olivers Real FoodsOLI$6.3MIOOF0.0942Decreasing
IodmIOD$18.0MDamian Arena0.105Decreasing


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.

CompanyCodeMarket CapHolderPast StakePresent Stake
Cougar MetalsCGM$1.1MRandal Swick0.42370.3689
Golden Rim ResourcesGMR$6.5MAcorn Capital0.07130.0546
Capricorn MetalsCMM$85.2MCentrepeak Resources Group0.10460.0794
Speciality MetalsSEI$19.8MBodie Investments0.05230.0454
Speciality MetalsSEI$19.8MCovenant Holdings0.05050.0475
MobecomMBM$12.1MHotazel Holdings0.1260.1081
MobecomMBM$12.1MChristopher Lawrence0.08830.0757
1st Group1ST$15.7MJohn Plummer; Gold Tiger Investments0.37040.296
Tribune ResourcesTBR$238.7MGeneral Energy Holdings0.12310.1109
Carpentaria ResourcesCAP$14.6MSG Hiscock & Company0.07560.0548
Syndicated MetalsSMD$3.2MWashington H. Soul Pattinson0.28810.2743
AdslotADJ$43.8MGeoffrey Dixon0.07720.0602