In Trading Places, Stockhead analyses the week’s substantial holder filings of ASX small-caps. Substantial shareholders 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.

The Buyers

The most peculiar move this week was when German investment group Delphi Unternehmensberatung Aktiengesellschaft (AG) took a 11.83 per cent stake in gold explorer Kingston Resources (ASX: KSN). The purchase came in the company’s recent $4 million capital raising and cost Delphi $2.6 million.

While another major investor, Winchester Investments, took part, it has not crossed the substantial threshold.

As we covered earlier this week, Alliance Resources (ASX: AGS) chairman Ian Gandel bought another $1.5 million shares in the company and now owns 34 per cent of the gold explorer. His stake is now worth around $4.7 million.

Regal became a substantial holder of Prescient Therapeutics (ASX: PTX) and Family Zone Cyber Safety (ASX: FZO) spending $226,000 and $1 million respectively for 5.79 per cent and 6 per cent stakes respectively.

But only a few days after buying into Prescient, Regal’s holdings were diluted below the substantial holder threshold thanks to a capital raise.

Energy monitoring subscription service Bidenergy (ASX: BID) has skyrocketed from 5 cents to 90 cents since January 2018. Tiga Trading, a subsidiary of the Thorney Investment Group (run by Richard Pratt’s son-in-law and Collingwood president Alex Waislitz) became a substantial holder with a 5.85 per cent stake. It has bought $1.1 million this month, as well as $4.1 million in between late February and early April.

Freehill Mining (ASX: FHS) director Samuel Duddy now has a 9.29 per cent stake in the company. Duddy first bought shares in July last year and a $421,000 buy earlier this month took him over the 5 per cent line.

Spheria Asset Management took a 5.3 per cent stake in New Zealand Media & Entertainment (ASX: NZM) – the owners of the New Zealand Herald and several New Zealand radio stations. Spheria have been buying all year but in the last week its holdings became 5.3 per cent thanks to $587,000 in purchases in the last few weeks.

IOOF, through the fund co-operated with Perennial, took a 5 per cent stake in Uniti Wireless (ASX: UWL) and a 5.56 per cent stake in RedBubble (ASX: RBL). It also bought $210,000 in Otto Energy (ASX: OEL) stock but were diluted from 11.58 per cent to 10.51 per cent.

Canadian asset manager 1832 Asset Management bought $880,000 of Apollo Consolidated (ASX: AOP) shares and its holdings increased from 6.03 per cent to 7.70 per cent.

CompanyCodeMarket CapHolderStakeStatus
Family Zone Cyber SafetyFZO$31.1MRegal0.0606Becoming
Uniti WirelessUWL$78.0MIOOF (Perennial fund)0.05Becoming
IgniteIGN$6.2MAlexander Zak0.0517Becoming
NZMENZM$101.9MSpheria Asset Management0.053Becoming
Prescient TherapeuticsPTX$13.6MRegal Funds Management0.0579Becoming
Reverse CorpREF$3.1MPhoenix Portfolios0.0942Becoming
BidenergyBID$8.4MTiga Trading0.0585Becoming
Energy ActionEAX$8.3MLinda Millar & Bruce Macfarlane0.0505Becoming
Freehill MiningFHS$14.6MSamuel Duddy0.0929Becoming
Universal CoalUNV$170.0MBrasidas Investment Management0.1973Becoming
Virtus HealthVRT$317.5MDimensional Entities0.05Becoming
Apzen GroupAPZ$93.4MBrahman Pure Alpha0.0545Becoming
FlexiroamFRX$9.0MYeoh Aik Cheong0.08Becoming
Australian Finance GroupAFG$255.6MRenaissance Smaller Companies0.0502Becoming
Kingston ResourcesKSN$22.2MDelphi0.1183Becoming
3P Learning3PL$142.1MSterling Equity0.103Increasing substantial holding
Apollo ConsolidatedAOP$44.0M1832 Asset Mgmt (Bank of Nova Scotia affiliate)0.077Increasing substantial holding
BigtincanBTH$121.1MRegal0.1537Increasing substantial holding
Kalium LakesKLL$130.2MGreenstone Management0.198Increasing substantial holding
MpowerMPR$3.8MAnthony Group 0.5432Increasing substantial holding
Orion MineralsORN$67.8MTembo Capital Mining Fund0.2401Increasing substantial holding
Stanmore CoalSMR$333.7MM Resources & Matthew Latimore0.142Increasing substantial holding
Avira ResourcesAVW$3.0MGreat Southern Flour Mills0.1Increasing substantial holding
BCI MineralsBCI$69.6MWroxby, ACE & associates0.2907Increasing substantial holding
Hot CopperHOT$22.5MSomers0.225Increasing substantial holding
IgniteIGN$6.4MOC20181 Trust0.1405Increasing substantial holding
Integrated Payment TechnologiesIP1$3.7MIntegrated Administration Services0.1381Increasing substantial holding
Reverse CorpREF$3.1MMercantile Investment Company0.131Increasing substantial holding
Alliance ResourcesAGS$13.8MPhoenix Portfolios0.0787Increasing substantial holding
Calidus ResourcesCAI$36.0MAlkane Resources0.1521Increasing substantial holding
Building IQBIQ$13.7MWelas0.2778Increasing substantial holding
Building IQBIQ$13.7MRhett Morson0.0693Increasing substantial holding
Energy ActionEAX$8.3MLinda Ann Millar & Bruce Macfarlane0.054Increasing substantial holding
Roto-GroRGI$25.3MJames and Sherry Gallant0.0777Increasing substantial holding
RhinomedRNO$33.4MW. Whitney George0.2392Increasing substantial holding
Sipa ResourcesSRI$13.7MRodiv (Ervin Vidor)0.1762Increasing substantial holding
Aura EnergyAEE$13.3MAsean Deep Value Fund0.1002Increasing substantial holding
Alliance ResourcesAGS$14.3MPhoenix Portfolios0.0787Increasing substantial holding
Alliance ResourcesAGS$14.3MAbbotsleigh 0.3366Increasing substantial holding
Janison EducationJAN$57.4MIOOF0.1489Increasing substantial holding
Image ResourcesIMA$174.7MLi Huang Cheng and Vestpro0.1792Increasing substantial holding
Lustrum MetalsLRM$1.5MMerchant Funds Mgmt0.3535Increasing substantial holding
Reverse CorpREF$3.2MMercantile Investment Company0.145Increasing substantial holding
OFXOFX$363.8MRenaissance Smaller Companies0.0761Increasing substantial holding
Pure AluminaPUA$4.5MTolga Kumova and Kitara Investments0.0929Increasing substantial holding
QEMQEM$4.9MDavid Fitch0.2488Increasing substantial holding
Santa Fe MineralsSFM$7.1MCesare Michael Genivera0.1135Increasing substantial holding


The sellers

It has been a year to forget for Blue Sky Alternative Investments (ASX: BLA) and its investors. In March last year, Fidelity’s 9.42 per cent stake was worth up to $85 million with the share price $11.75.

But now the share price is only 21 cents and Fidelity has sold net 700,000 shares this year. After its most recent sales it now owns an 8.37 per cent stake that is worth only $1.3 million.

While billion dollar businesses are usually beyond the scope of Stockhead, it was only a few weeks ago Zip Co (ASX: Z1P) was a small cap.

Regal first bought in late last year buying 20 million shares for $16 million between August and December, then another $12.8 million in the first quarter of this year. It built up a 7.79 per cent in the company worth over $88 million.

But across the month of April it sold around 5 million shares, reducing its stake to 6.21 per cent, netting it over $11 million.

Fidelity ceased to be substantial holders in Starpharma (ASX: SPL). It held a 5.95 per cent stake but after selling $218,000 worth of shares it was left with a 4.97 per cent stake.

CompanyCodeMarket CapHolderStakeStatus
Centrepoint AllianceCAF$12.2MAdam Smith Asset Mgmt0.0579Ceasing
Reverse CorpREF$3.0MDefender Equities0.0892Ceasing
MCS ServicesMSG$3.2MPeter Matthew Johns0.074Ceasing
AIC ResourcesA1C$10.5MNordane; BPM Capital0.2Ceasing
Valor ResourcesVAL$11.4MMark Sumner0.0568Ceasing
Twenty SevenTSC$3.6MLindsay Murray Carther0.055Ceasing
Zip CoZ1P$1.2BRegal0.0621Change - Decreasing
Bellevue GoldBGL$253.6MBank of Nova Scotia (1832 Asset Mgmt)0.1123Change - Decreasing
Otto EnergyOEL$122.6MIOOF (Perennial fund)0.1051Change - Decreasing
Kalina PowerKPO$15.2MHarrington Global Opportunities Fund0.1303Change - Decreasing
Intrepid MinesIAU$4.7MBrahman Capital management0.0844Change - Decreasing
Redhill EducationRDH$71.1MPengana0.0681Change - Decreasing
Blue Sky Alternative InvestmentsBLA$18.3MFidelity0.0837Change - Decreasing


The diluted

Here are all the substantial holders whose holdings changed because of dilutions – meaning their stakes decreased because new shares were issued. In some cases they may have actually bought more shares, but newer companies buying in reduce their share of the firm.

CompanyCodeMarket CapHolderStakeStatus
Otto EnergyOEL$122.6MIOOF (Perennial fund)0.11580.1051
Kalina PowerKPO$15.2MHarrington Global Opportunities Fund0.15980.1303
Intrepid MinesIAU$4.7MBrahman Capital management0.1550.0844
BigtincanBTH$121.1MLai Sun Keane0.11670.1014
Kalium LakesKLL$130.2MBozden Super Fund (Brett & Tanya Hazelden)0.08050.0615
IodmIOD$15.5MChristopher Rogers0.14170.1172
Otto EnergyOEL$122.6MMolton Holdings0.13740.1243
PPK GroupPPK$104.1MEquipment Company of Australia0.13450.1189
PPK GroupPPK$104.1MWavet Fund0.19210.1698
PPK GroupPPK$104.1MIgnition Capital0.06190.0548
Prescient TherapeuticsPTX$17.7MNational Nominees0.15240.112
Catalyst MetalsCYL$140.1MSt Barbara0.160.141
Northern MineralsNTU$148.8MHutai Mining0.11050.0892
PPK GroupPPK$104.1MMcNamara Super Group0.06250.0564
MpowerMPR$3.8MKV Management0.07080.0572
MobilicomMOB$27.0MYossi Segal0.1430.121
FlexiroamFRX$9.0MKenn Tat Ong0.2180.201
FlexiroamFRX$9.0MTat Seng Koh0.0860.079
FlexiroamFRX$9.0MThian Choy Ong0.2160.198
MarmotaMEU$10.7MColin Rose0.13460.123
Northern MineralsNTU$143.1MColglin Yue0.13420.1044
MobilicomMOB$27.0MOren Elkayam0.17170.1459
Building IQBIQ$13.7MSiemens Venture Capital0.14570.1254