Trading Places: The fund managers, founders & families who changed substantial holder positions

Pic: Getty Images
In this weekly column, Stockhead overviews all substantial holder filings of ASX small caps.
Substantial shareholders are those holding 5 per cent or more. These could be company directors, individual investors or major institutions.
Companies are required to announce when new substantial holders have come on board, when they have ceased to be shareholders or when they change their holdings.
Entrances
Doray Minerals (ASX: DRM) are a West Australian gold and copper miner which last November announced a merger with Silver Lake Resources (ASX: SLR). It has increased 75 per cent since the merger announcement from 32 cents to 55 cents.

Silver Lake Resources (ASX: SLR) also welcomed a substantial holder in small cap fund manager Paradice Investment Management with a 5.25 per cent stake.
The Commonwealth Bank prefers to invest in large caps so any small cap investment is worth noting. This week it became a substantial holder with a 5 per cent stake in ERM Power (ASX: EPW) – after slowly accumulating all year.
Crocodile Capital took a 7.37 per cent stake in Bowen Coking Coal (ASX: BCB) while AustralianSuper took an 8.49 per cent stake in daycare centre operator Think Childcare (ASX: TNK).
A number of companies saw new holders as a result of capital raises including Geopacific Resources (ASX: GPR), Dateline Resources (ASX: DTR) and ApplyDirect (ASX: AD1).
Company Code Market Cap Holder Stake ApplyDirect AD1 $6.4M Andrew Henderson/Christopher Kuperman 0.4053 Bowen Coking Coal BCB $14.9M Crocodile Capital 0.0737 Site Group SIT $16.2M EGP Capital 0.1075 Geopacific Resources GPR $22.9M Delphi Unternehmensberatung Aktiengesellschaft 0.1722 Doray Minerals DRM $244.8M Morgan Stanley 0.0769 Kingsgate Consolidated KCN $52.0M Westoz Funds Mgmt 0.0531 Property Connect Holdings PCH $1.1M Sufian Ahmad 0.055 Peako Ltd PKO $1.8M RAM Platinum 0.061 Trimantium Growthops TGO $64.0M Paul Mansfield 0.1223 Dateline Resources DTR $15.2M John Fairfax 0.1641 Silver Lake Resources SLR $419.1M Paradice Investment Management 0.0525 ERM Power EPW $480.0M CBA 0.05 Ecofibre EOF $501.2M Barry Martin Lambert 0.2233 KGL Resources KGL $80.1M Marshall Plenty Investments 0.0911 Nuenergy NGY $29.6M Saujana E&P 0.189 Santana Minerals SMI $2.4M Alpha HPA 0.118 Think Childcare TNK $99.2M AustralianSuper 0.0849 White Cliff Minerals WCN $3.3M Rookharp Investments 0.0608 Alchemy Resources ALY $5.7M Neil Watson 0.0527
Company | Code | Market Cap | Holder | Stake |
---|---|---|---|---|
ApplyDirect | AD1 | $6.4M | Andrew Henderson/Christopher Kuperman | 0.4053 |
Bowen Coking Coal | BCB | $14.9M | Crocodile Capital | 0.0737 |
Site Group | SIT | $16.2M | EGP Capital | 0.1075 |
Geopacific Resources | GPR | $22.9M | Delphi Unternehmensberatung Aktiengesellschaft | 0.1722 |
Doray Minerals | DRM | $244.8M | Morgan Stanley | 0.0769 |
Kingsgate Consolidated | KCN | $52.0M | Westoz Funds Mgmt | 0.0531 |
Property Connect Holdings | PCH | $1.1M | Sufian Ahmad | 0.055 |
Peako Ltd | PKO | $1.8M | RAM Platinum | 0.061 |
Trimantium Growthops | TGO | $64.0M | Paul Mansfield | 0.1223 |
Dateline Resources | DTR | $15.2M | John Fairfax | 0.1641 |
Silver Lake Resources | SLR | $419.1M | Paradice Investment Management | 0.0525 |
ERM Power | EPW | $480.0M | CBA | 0.05 |
Ecofibre | EOF | $501.2M | Barry Martin Lambert | 0.2233 |
KGL Resources | KGL | $80.1M | Marshall Plenty Investments | 0.0911 |
Nuenergy | NGY | $29.6M | Saujana E&P | 0.189 |
Santana Minerals | SMI | $2.4M | Alpha HPA | 0.118 |
Think Childcare | TNK | $99.2M | AustralianSuper | 0.0849 |
White Cliff Minerals | WCN | $3.3M | Rookharp Investments | 0.0608 |
Alchemy Resources | ALY | $5.7M | Neil Watson | 0.0527 |
Exits
City Chic Collective (ASX: CCX) has been one of the best performers on the ASX in recent months rising from 11 cents in December 2018 to $1.63 now – an increase of nearly 1,300 per cent!

Founder Arnold Miller decided to sell $8.6 million worth of shares. Back in December 2017 such a parcel would have fetched just under $700,000 so it’s fair to say he picked the right time to sell now.
Ellerston Capital ceased to be a substantial holder in property developer Peet (ASX: PPC). It first bought shares in July 2015 when the share price was around $1.10.
Peet shares have gone as high as $1.48 in late 2017 but are now $1.00 and a $1.3m sale saw Ellerston fall under the 5 per cent threshold.
Small cap fund manager Regal sold its 5 per cent stake in financial administrator Mainstream Group (ASX: MAI) for $6.3m.
IOOF sold a 6 per cent stake in Red Bubble (ASX: RBL) and Challenger a 5 per cent stake in Think Childcare (ASX: TNK).
Company Code Market Cap Holder Stake City Chic Collective CCX $298.0M LandCharm 0.0754 Peet Ltd PPC $471.3M Ellerston Capital 0.053 Weebit Nano WBT $24.8M Ariel Malik 0.057 Alcidion Group ALC $54.8M BSPE Medical Technology 0.105 CrowdMedia CM8 $3.2M Collins St Asset Mgmt 5.62 Eclipx Group ECX $214.2M Renaissance Smaller Companies 0.0737 Mainstream Group Holdings MAI $81.0M Regal Funds Mgmt 0.05 Trimantium Growthops TGO $64.0M Forci Alternative Strategies 0.1223 Red Bubble RBL $275.4M IOOF 0.0602 Think Childcare TNK $99.2M Challenger 0.05 Mod Resources MOD $106.3M Long Investment Mgmt Asia 0.0513 Metro Performance Glass MPP $74.2M BNZ 0.05 Think Childcare TNK $99.2M Nova Port Capital 0.0409
Company | Code | Market Cap | Holder | Stake |
---|---|---|---|---|
City Chic Collective | CCX | $298.0M | LandCharm | 0.0754 |
Peet Ltd | PPC | $471.3M | Ellerston Capital | 0.053 |
Weebit Nano | WBT | $24.8M | Ariel Malik | 0.057 |
Alcidion Group | ALC | $54.8M | BSPE Medical Technology | 0.105 |
CrowdMedia | CM8 | $3.2M | Collins St Asset Mgmt | 5.62 |
Eclipx Group | ECX | $214.2M | Renaissance Smaller Companies | 0.0737 |
Mainstream Group Holdings | MAI | $81.0M | Regal Funds Mgmt | 0.05 |
Trimantium Growthops | TGO | $64.0M | Forci Alternative Strategies | 0.1223 |
Red Bubble | RBL | $275.4M | IOOF | 0.0602 |
Think Childcare | TNK | $99.2M | Challenger | 0.05 |
Mod Resources | MOD | $106.3M | Long Investment Mgmt Asia | 0.0513 |
Metro Performance Glass | MPP | $74.2M | BNZ | 0.05 |
Think Childcare | TNK | $99.2M | Nova Port Capital | 0.0409 |
Increasing
Among the notable increases was Spheria Asset Management’s increase in Mortgage Choice (ASX: MOC), from 15.54 per cent to 16.63 per cent.
Justice Kenneth Hayne’s recommendation to switch to a user-pays model led to fears for the industry’s viability. But the government and the opposition opposed the recommendation and the industry breathed a sigh of relief.

IOOF increased its stake in FIFO-flight provider Alliance Aviation (ASX: AQZ) from 5.4 per cent to 6.6 per cent through buying two lots of $1.9 million worth of shares last Thursday and the preceding Friday.
On February 1, Qantas bought a 20% stake in it and it made clear ‘a longer-term view of taking a majority position in Alliance Airlines’. IOOF sold $4.9 million of shares in the immediate week thereafter but now has more shares than it did before.
Samuel Terry Asset Management forked out $1.9m last Friday and $1.3 million on Tuesday to increase its stake in retail technology company Onemarket (ASX: OMN) from 10.1 per cent to 15.1 per cent.
As Stockhead reported on Friday, Mareterram (ASX: MTM) saw Sea Harvest reach 90 per cent of the company as it prepares to fully acquire the company. Its most recent disclosure put its stake at 95.4 per cent.
The Commonwealth Bank increased its stake in Apollo Tourism and Leisure (ASX: ATL) from 7.58 per cent to 8.72 per cent.
Listed Company Code Market Cap Buyer Past Stake Present Stake ApplyDirect AD1 $6.2M Pontentate Investments 0.1151 0.4053 Altura Mining AJM $260.2M Allan Buckler 0.1031 0.1467 Apollo Tourism and Leisure ATL $157.9M CBA 0.0758 0.0872 Amaysim Australia AYS $171.9M Fidelity 0.1 0.1104 Norwood Systems NOR $4.3M Apsec Funds Mgmt 0.054 0.104 Real Energy Corporation RLE $32.5M Dang Lan Nguyen 0.0587 0.0588 Villa World VLW $280.4M Accordian Investments 0.0941 0.1045 Cokal Ltd CKA $51.8M Aahana Mineral Resources 0.1597 0.1851 Invictus Energy IVX $14.9M Scott Macmillan 0.1378 0.1825 LogiCamms Ltd LCM $14.0M CandyBlossom + Bloemhof 0.1217 0.1309 Maximus Resources MXR $2.4M Michael Ruane 0.0699 0.0822 Real Energy Corporation RLE $33.2M Dang Lan Nguyen 0.0588 0.059 Rhinomed RNO $28.4M John McBain 0.0713 0.082 Advanced Braking Technology ABV $4.2M Keith Knowles 0.0712 0.1225 Aspire Mining AKM $86.5M Tserenpuntsag Tserendamba 0.161 0.2749 Anova Metals AWV $10.2M Defender Equities 0.0701 0.0809 Meteoric Resources MEI $6.8M Tolga Kumova 0.0732 0.1065 Mareterram MTM $38.3M Sea Harvest 0.7979 0.9536 Trimantium Growthops TGO $64.0M Phillip Kingston 0.1852 0.1984 Wingara WNR $26.8M Naos Asset Mgmt 0.2186 0.2288 AIC Resources A1C $13.5M Intrepid Mines 0.387 0.557 Alliance Aviation Services AQZ $342.9M IOOF Holdings 0.0541 0.0659 BOD Australia BDA $24.0M Tribeca Investment Partners 0.0511 0.0626 Doray Minerals DRM $254.2M Morgan Stanley 0.05 0.0769 Fatfish Blockchain FFG $8.9M Arena Investors 0.0866 0.1242 Imdex IMD $388.3M IOOF Holdings 0.1065 0.1166 Memphasys MEM $12.0M Andrew Goodall 0.2452 0.246 Pacifico Minerals PMY $9.9M Villiers Qld 0.0668 0.0767 Redbubble RBU $275.4M Osmium Partners 0.071 0.082 Secos Group SES $11.3M Donald Haller 0.084 0.094 Secos Group SES $11.3M R&K Edwards Investments 0.083 0.096 Universal Biosensors UBI $35.4M Jencay Capital 0.0844 0.0947 Weststar Industrial WSI $10.9M Econ (WA) 0.1274 0.1329 Empired EPD $62.5M National Nominees 0.1414 0.1523 Marmota Ltd MEU $11.1M Colin Rose 0.1224 0.1346 Metals X MLX $165.4M Morgan Stanley 0.0792 0.0893 Mortgage Choice MOC $119.4M Spheria Asset Mgmt 0.1554 0.1663 MaxiTRANS Industries MXI $58.3M Spheria Asset Mgmt 0.0621 0.0736 Maximus Resources MXR $2.3M Michael Ruane 0.0822 0.094 Onemarket OMN $67.0M Samuel Terry Asset Mgmt 0.101 0.151 QMS Media QMS $231.5M Burgundy Asset Mgmt 0.0551 0.0653 Wellness & Beauty Solutions WNB $8.7M Thorney Investment Group 0.0979 0.1194
Listed Company | Code | Market Cap | Buyer | Past Stake | Present Stake |
---|---|---|---|---|---|
ApplyDirect | AD1 | $6.2M | Pontentate Investments | 0.1151 | 0.4053 |
Altura Mining | AJM | $260.2M | Allan Buckler | 0.1031 | 0.1467 |
Apollo Tourism and Leisure | ATL | $157.9M | CBA | 0.0758 | 0.0872 |
Amaysim Australia | AYS | $171.9M | Fidelity | 0.1 | 0.1104 |
Norwood Systems | NOR | $4.3M | Apsec Funds Mgmt | 0.054 | 0.104 |
Real Energy Corporation | RLE | $32.5M | Dang Lan Nguyen | 0.0587 | 0.0588 |
Villa World | VLW | $280.4M | Accordian Investments | 0.0941 | 0.1045 |
Cokal Ltd | CKA | $51.8M | Aahana Mineral Resources | 0.1597 | 0.1851 |
Invictus Energy | IVX | $14.9M | Scott Macmillan | 0.1378 | 0.1825 |
LogiCamms Ltd | LCM | $14.0M | CandyBlossom + Bloemhof | 0.1217 | 0.1309 |
Maximus Resources | MXR | $2.4M | Michael Ruane | 0.0699 | 0.0822 |
Real Energy Corporation | RLE | $33.2M | Dang Lan Nguyen | 0.0588 | 0.059 |
Rhinomed | RNO | $28.4M | John McBain | 0.0713 | 0.082 |
Advanced Braking Technology | ABV | $4.2M | Keith Knowles | 0.0712 | 0.1225 |
Aspire Mining | AKM | $86.5M | Tserenpuntsag Tserendamba | 0.161 | 0.2749 |
Anova Metals | AWV | $10.2M | Defender Equities | 0.0701 | 0.0809 |
Meteoric Resources | MEI | $6.8M | Tolga Kumova | 0.0732 | 0.1065 |
Mareterram | MTM | $38.3M | Sea Harvest | 0.7979 | 0.9536 |
Trimantium Growthops | TGO | $64.0M | Phillip Kingston | 0.1852 | 0.1984 |
Wingara | WNR | $26.8M | Naos Asset Mgmt | 0.2186 | 0.2288 |
AIC Resources | A1C | $13.5M | Intrepid Mines | 0.387 | 0.557 |
Alliance Aviation Services | AQZ | $342.9M | IOOF Holdings | 0.0541 | 0.0659 |
BOD Australia | BDA | $24.0M | Tribeca Investment Partners | 0.0511 | 0.0626 |
Doray Minerals | DRM | $254.2M | Morgan Stanley | 0.05 | 0.0769 |
Fatfish Blockchain | FFG | $8.9M | Arena Investors | 0.0866 | 0.1242 |
Imdex | IMD | $388.3M | IOOF Holdings | 0.1065 | 0.1166 |
Memphasys | MEM | $12.0M | Andrew Goodall | 0.2452 | 0.246 |
Pacifico Minerals | PMY | $9.9M | Villiers Qld | 0.0668 | 0.0767 |
Redbubble | RBU | $275.4M | Osmium Partners | 0.071 | 0.082 |
Secos Group | SES | $11.3M | Donald Haller | 0.084 | 0.094 |
Secos Group | SES | $11.3M | R&K Edwards Investments | 0.083 | 0.096 |
Universal Biosensors | UBI | $35.4M | Jencay Capital | 0.0844 | 0.0947 |
Weststar Industrial | WSI | $10.9M | Econ (WA) | 0.1274 | 0.1329 |
Empired | EPD | $62.5M | National Nominees | 0.1414 | 0.1523 |
Marmota Ltd | MEU | $11.1M | Colin Rose | 0.1224 | 0.1346 |
Metals X | MLX | $165.4M | Morgan Stanley | 0.0792 | 0.0893 |
Mortgage Choice | MOC | $119.4M | Spheria Asset Mgmt | 0.1554 | 0.1663 |
MaxiTRANS Industries | MXI | $58.3M | Spheria Asset Mgmt | 0.0621 | 0.0736 |
Maximus Resources | MXR | $2.3M | Michael Ruane | 0.0822 | 0.094 |
Onemarket | OMN | $67.0M | Samuel Terry Asset Mgmt | 0.101 | 0.151 |
QMS Media | QMS | $231.5M | Burgundy Asset Mgmt | 0.0551 | 0.0653 |
Wellness & Beauty Solutions | WNB | $8.7M | Thorney Investment Group | 0.0979 | 0.1194 |
Decreasing
While Morgan Stanley bought $17.6 million, IOOF sold over $9 million of Doray Minerals (ASX: DRM) stock, reducing its stake from 12.24 per cent to 8.81 per cent. It also sold down a 9.32 per cent stake in Uniti Wireless (ASX: UWL) to 7.63 per cent.
Only hours after failing to topple the board at Factor Therapeutics (ASX: FTT), Pura Vida Energy (ASX: PVD) reduced its stake from 19.97 per cent to 12.39 per cent. It is still a substantial holder but it was a drastic action to take so fast after failing.

Midway (ASX: MWY) saw founder Greg McCormack and Nils Gunnerson reduce their stakes in the company from 41.4 per cent between them to 34.7 per cent.
As often happens when directors sell major stakes, the company put out a market announcement declaring they still were committed to the company.
However, they declared the purchase reflected “a desire of the Board of Directors to broaden and deepen the shareholder base in the Company and increase trading liquidity“.
They also promised they would not sell further shares at prices below the sell-down level until 1st half FY2020 results were released.
Listed Company Code Market Cap Seller Past Stake Present Stake Altura Mining AJM $260.2M Maxwell Smith 0.0977 0.0869 Doray Minerals DRM $248.6M IOOF 0.1224 0.0881 Uniti Wireless UWL $52.4M IOOF 0.0932 0.0763 Renascor Resources RNU $19.6M Kabinige nominees - David Clarke 0.1498 0.1324 Trimantium Growthops TGO $63.3M North Ridge Partners 0.0816 0.0649 CropLogic CLI $7.7M Managed Accounts Holdings 0.0531 0.0494 Liontown Resources LTR $28.6M Timothy Goyder 0.1899 0.1797 BlackEarth Minerals BEM $2.5M Lithium Australia 0.1609 0.1333 Factor Therapeutics FTT $3.7M Pura Vide Energy 0.1997 0.1239 Midway MWY $307.2M Gunnerson Trust 0.2879 0.238 Midway MWY $307.2M Greg McCormack 0.1316 0.109 Rameulis Resources RMS $556.4M Ruffer 0.1024 0.0774 Tesserent TNT $8.7M Grand Floridian 0.133 0.12 Zenith Energy ZEN $62.2M Thorney Oppotunities 0.0883 0.0686 Memphasys MEM $12.0M Alison Coutts 0.1621 0.1458 Northern Minerals NTU $121.7M Huatai Mining 0.1237 0.1105 Sunstone Metals STM $55.9M Darren Carter 0.0876 0.0728 AIC Resources A1C $13.5M Intrepid Mines 0.557 0.5755 Energy Action EAX $8.2M Microequities Asset Mgmt 0.1998 0.1839 Mach7 Technologies M7T $27.4M Oceania Capital Partners 0.0762 0.0626 Novatti NOV $35.9M Brayter 0.2993 0.2794 Property Connect PCH $1.1M David Nolan 0.0656 0.0653
Listed Company | Code | Market Cap | Seller | Past Stake | Present Stake |
---|---|---|---|---|---|
Altura Mining | AJM | $260.2M | Maxwell Smith | 0.0977 | 0.0869 |
Doray Minerals | DRM | $248.6M | IOOF | 0.1224 | 0.0881 |
Uniti Wireless | UWL | $52.4M | IOOF | 0.0932 | 0.0763 |
Renascor Resources | RNU | $19.6M | Kabinige nominees - David Clarke | 0.1498 | 0.1324 |
Trimantium Growthops | TGO | $63.3M | North Ridge Partners | 0.0816 | 0.0649 |
CropLogic | CLI | $7.7M | Managed Accounts Holdings | 0.0531 | 0.0494 |
Liontown Resources | LTR | $28.6M | Timothy Goyder | 0.1899 | 0.1797 |
BlackEarth Minerals | BEM | $2.5M | Lithium Australia | 0.1609 | 0.1333 |
Factor Therapeutics | FTT | $3.7M | Pura Vide Energy | 0.1997 | 0.1239 |
Midway | MWY | $307.2M | Gunnerson Trust | 0.2879 | 0.238 |
Midway | MWY | $307.2M | Greg McCormack | 0.1316 | 0.109 |
Rameulis Resources | RMS | $556.4M | Ruffer | 0.1024 | 0.0774 |
Tesserent | TNT | $8.7M | Grand Floridian | 0.133 | 0.12 |
Zenith Energy | ZEN | $62.2M | Thorney Oppotunities | 0.0883 | 0.0686 |
Memphasys | MEM | $12.0M | Alison Coutts | 0.1621 | 0.1458 |
Northern Minerals | NTU | $121.7M | Huatai Mining | 0.1237 | 0.1105 |
Sunstone Metals | STM | $55.9M | Darren Carter | 0.0876 | 0.0728 |
AIC Resources | A1C | $13.5M | Intrepid Mines | 0.557 | 0.5755 |
Energy Action | EAX | $8.2M | Microequities Asset Mgmt | 0.1998 | 0.1839 |
Mach7 Technologies | M7T | $27.4M | Oceania Capital Partners | 0.0762 | 0.0626 |
Novatti | NOV | $35.9M | Brayter | 0.2993 | 0.2794 |
Property Connect | PCH | $1.1M | David Nolan | 0.0656 | 0.0653 |
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