In this weekly column, 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 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.

Becoming substantial

Last week, Cotton On founder Nigel Evans, through his private investment company NAAH Pty Ltd, sold a $46.5 million stake in City Chic Collective (ASX: CCX). In December 2017, such a stake would only have been $3.4 million – with a share price of 11 cents.

Evans sold at $1.50 per share, representing a whopping 1,263 per cent gain.

Who took this stake? Celeste Funds Management bought a 5.78 per cent stake and Pendal Group took a 5.74 per cent stake. Additionally, existing substantial holder Spheria Asset Management, increased their 6.14 per cent stake to 8.24 per cent.

Speaking of Spheria Asset Management, it bought a 6.81 per cent stake in Geopacific Resources (ASX: GPR) for $1.5 million. This came only four months after Geopacific released a Definitive Feasibility Study for its Papua New Guinea project and one month after it attained 100 per cent control.

Entreprenuers Guy King and Bevan Clark each received 5 per cent stakes in Buddy Platform (ASX: BUD) following Buddy’s acquisition of its venture Lifix.

One of Canada’s largest asset managers, 1832 Asset Management, joined the register of Exore Resources (ASX: ERX) by taking a 5.84 per cent stake.

Ceasing to be substantial

Fidelity were substantial holders in GetSwift (ASX: GSW) but fell from 5.05 per cent to 4.74 per cent after selling 553,000 shares for $130,000.

After Nigel Evans’ sale of his City Chic Collective (ASX: CCX) stake the next substantial holder change to catch Stockhead’s eye was Anchor Resources (ASX: AHR) losing a shareholder, China Shandong Jinshunda Group, which held 96.54 per cent of the company.

This was a result of the forecoming acquisition of Anchor by Phoenix Bridge. As part of the deal, Phoenix agreed to assume China Shandong’s debt – they were owed $15.5m by Anchor.

Paradice Investment Management ceased to be substantial holders in Beacon Lighting (ASX: BLX). While it had been buying and selling shares over the last 18 months, its sale of 1.5 million shares for $1.6 million dragged it below the threshold.

After only becoming substantial holders in Regional Express (ASX: REX) in September, Double Bay-based private equity firm Anacacia Capital lost the mantle with $872,000 of sales across March and April.

Resource investors Sprott sold its 10 per cent stake in Predictive Discovery (ASX: PDI). While the sale of 28 million shares occurred back in February, the notice was only lodged last week.

Small cap fund manager Regal Funds Management ceased to be holders in Prescient Therapeutics (ASX: PTX). While much of this was a dilution due to a capital raising, it did sell $92,000 of Prescient shares in March and bought no more – so it seems they sat out of it.


Despite selling $19,000 in Silver Lake Resource (ASX: SLR) shares, Paradice Investment Management’s stake actually increased from 5.25 per cent to 6.91 per cent.

This is because it previously owned Doray Minerals shares until Doray was acquired by Silver Lake and was granted shares in Silver Lake.

Leaving a company can sometimes be an excuse to sell out of a company. But former Servcorp (ASX: SRV) executives, Alf and Taine Moufarrige, through their private company Sovori, actually increased their stake from 51.2 per cent to 53.0 per cent, buying nearly $1.9m million this year.

Some years ago, Sovori was noted the Liberal party’s biggest donor giving $300,000 in 2006. However, since the 2016 election they have only donated $22,500, so buying shares in a company you recently left is hardly a good sign you’ll be giving them more money this election campaign.

Intrepid Mines (ASX: IAU) continued to acquire AIC Resource (ASX: A1C), going from 57.55 per cent to 80.38 per cent in the last week. The bid was first launched last September so it’s fair to say it has been a long time coming.

Online retailer Kogan (ASX: KGN) saw two substantial holders lift their stakes, Challenger (5.39 per cent to 6.45 per cent) and Greencape Capital (from 5.20 per cent to 6.37 per cent ).

Five weeks since Longtable Group (ASX: LON) bought the rest of Maggie Beer’s food business and launched a $15m capital raise, IOOF (through a fund co-operated with Perennial) bought another $2.1m. This increased its stake from 14.98 per cent to 15.61 per cent .

Viburnum Funds increased its 19.02 per cent stake in environmental services company, HRL Holdings (ASX: HRL) to 20.76 per cent and Fidelity increased its stake in Think Childcare (ASX: TNK) from 9.04 per cent to 10.09 per cent.


Energo Group (ASX: EGG), a holding company for multiple marketing and PR agencies, saw Naos Asset Management reduce its 24.42 per cent stake to 17.17 per cent stake. With a share price up over 40 per cent in the last year and net profit of over $6 million perhaps it decided it was time to share the spoils.

Mining financier Taurus had its 12.68 per cent stake in Hot Chilli (ASX: HCH) reduced to 9.20 per cent – despite receiving more shares in lieu of interest due to the company.

While the substantial holder notice did not mention any deal, this possibly came from an April 2017 deal where Hot Chilli gave Convertible Notes which had an annual coupon rate of 8 per cent paid quarterly. While the stock has been volatile in recent months, it is currently at 3 cents.

Buddy Platform’s (ASX: BUD) acquisition of Lifix and a capital raising meant CEO David McLauchlan’s stake fell from 15.23 per cent to 7.22 per cent. .