A shareholder bloc rapidly building a stake in Yowie is still buying — now controlling 19.998 per cent of the chocolate maker.

Bentley Capital (ASX:BEL) controls that stake via direct shareholdings and by owning 20.2 per cent of Keybridge Capital.

Keybridge Capital (ASX:KBC) today said it had lifted its stake to 15.985 per cent, via direct shareholdings and by purchases through its 30.89 per cent stake in HHY Fund.

HHY Fund is managed by Aurora Funds Management.

Bentley Capital director William Johnson says they identified Yowie as a good, but undervalued brand, and it’ss their habit to take strategic positions and board representation in companies they buy into.

“Our feeling is that the market has overreacted and it’s provided a good buying opportunity for us,” he told Stockhead.

Mr Johnson would not comment on the possibility of Yowie being a takeover target, given the trio now own just under the 20 per cent share acquisition limit. Acquirers can only buy more than 20 per cent if they have an exception – a takeover being one of these.

“Through holdings held by Bentley, Keybridge and HHY we’ve built a position to be the largest shareholders in the company. I’ve had a couple of discussions as to how we can assist the company, because we do tend to be actively involved in companies we take a strategic position in.”

Yowie has both been contacted for comment.

The investors began buying up Yowie stock when its shares hit historic lows in January not seen since when it backdoor listed onto the market in late 2012.

Yowie shares (ASX:YOW) over the past six months.
Yowie shares (ASX:YOW) over the past six months.

Yowie shares traded just after listing for a period around 13c-17c, before heading sharply upwards.

By midday on Tuesday those shares had jumped 10 per cent to 11c. This month they fell as low as 9.8c.