In September, nearly 20 ASX companies are releasing nearly 250 million escrowed shares.

Escrow Watch is Stockhead’s monthly recap of the ASX companies that are releasing shares currently in escrow (also known as restricted securities) over the coming weeks.

ASX shares in escrow are “locked away” and not listed on the bourse so owners can’t sell them – until they’re released.

This is intended to depict to would-be investors when raising capital that the management and previous investors are still backing the venture and aren’t raising capital just so they can “sell out”.

While there’s no guarantee holders of escrowed shares will sell at that point, the mere fact that they will be able to is worth knowing – particularly if shares have substantially moved one way or the other.

Click here for a more detailed description of the ASX rules surrounding escrow arrangements.


Here’s a list of ASX companies releasing restricted securities in September 2021…

Code Company Date of Release Shares Approximate % of shares on issue
RAS Ragusa Minerals Ltd 29-Sep 7,214,468 6.5%
OSX Osteopore 23-Sep 39,230,438 50.3%
1VG Victory Goldfields Ltd 23-Sep 2,400,000 7.7%
PRS Prospech Ltd 1-Sep 160,416 <1%
LBY Laybuy Group Holdings Ltd 7-Sep 1,016,793 <1%
CHM Chimeric Therapeutics Ltd 1-Sep 18,800,065 5.7%
TNT Tesserent 3-Sep 9,987,554 <1%
TRN Torrens Mining 1-Sep 1,450,000 2.1%
ST1 Spirit Telecom 1-Sep 7,940,080 1.2%
MOQ MOQ 2-Sep 8,071,469 4.2%
AWJ Auric Mining 4-Sep 277,468 <1%
TI1 Tombador Iron Ltd 25-Sep 102,785,273 10.0%
OZM OzAurum Resources Ltd 15-Sep 4,950,000 9.5%
SRJ SRJ Technologies Group PLC 14-Sep 250,000 <1%
MR1 Montem Resources Ltd 15-Sep 7,532,686 3.8%
VYS Vysarn Ltd 11-Sep 31,800,000 9.0%
HXL Hexima Ltd 25-Sep 3,559,437 3.0%
M3M M3 Mining Ltd 22-Sep 247,500 <1%
LV1 Live Verdure Ltd 14-Sep 1,575,837 4.0%
WSR Westar Resources Ltd 8 and 18 Sep 1,469,945 4.6%
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Largest releases

The company releasing the most shares as a percentage of shares on issue is Osteopore (ASX:OSX) which is releasing more than half of its 78 million shares on issue.

The medical scaffold company listed in September 2019 and while it’s off its all-time highs, it’s still on a healthy gain from its IPO price of 70%.

At the time of listing that parcel of 39 million shares was nearly 80% of shares on issue but capital raisings have diluted this stake in the company.

The company with the largest release of shares in escrow on a number of shares basis is Brazil focused iron ore company Tombador Iron (ASX:TI1)

Tombador is releasing nearly 103 million in shares later this month although this is a relatively small package compared to another package of 1 billion in shares set for release next October.

One of the first IPOs this year, Chimeric Therapeutics (ASX:CHM) is releasing just over 5% of its shares on issue today, amounting to 18.8 million, as is Spirit Telecom (ASX:ST1) releasing just over 1%.

And BNPL company Laybuy (ASX:LBY) is releasing just over 1 million in escrowed shares, on September 7, although this package is under 1% of shares on issue.


Resources releases

IOCG hunter Torrens Mining (ASX:TRN), is releasing 2.1% of its shares on issue on Saturday. Torrens and its joint venture partner Coda Minerals (ASX:COD) ran hot in June after exploration success at their project in South Australia although shares have retreated since then.

One very recent IPO, Victory Goldfields (ASX:1VG), is releasing 2.4 million shares on September 23.

Although it is most common for shares in escrow to be released a year or two from IPO or immediately after the first or second set of financial results after listing, others are dated from the date of issue and such is the case with this company.

The release date of Victory Goldfield’s package, worth 7.7% of shares on issue, marks 12 months since those shares were issued.

It’s a similar story with OzAurum Resources (ASX:OZM) which listed in January but is releasing a package of nearly 5 million shares (worth 9.5% of the company) on September 15 – 12 months since  those shares were issued.