Trading Places: After three years of suspension, this tin company raised $20 million

Link copied to
clipboard

In this week’s recap of substantial holders, a Dubai executive bought into Prospect Resources (ASX: PSC), Salt Funds Management sold $8.3 million of Monash IVF (ASX: MVF) and a tin company raised $20 million to save itself from the ‘three-year suspension’ axe.

Substantial shareholders are shareholders holding 5 per cent or more of a company’s shares and these can be directors, individual investors or institutional investors.

Shareholders are required to announce to the exchange when they cross above or below the 5 per cent threshold and any change in their holdings while they remain above 5 per cent.

Buyers

Any stocks that have been suspended for three years are removed by the ASX. Consolidated Tin (ASX: CSD) was facing the axe but raised $19.95 million just in the nick of time. Although this was almost their entire market capitalisation pre-suspension, this investment will only give the investors 5.64 per cent.

The investor is a private Hong-Kong domiciled company called Wealth Pointer. Perhaps the Hong Kong protests really are forcing investors to move money out of the territory.

African-focused explorer Prospect Resources (ASX: PSC) is another stock that welcomed an international substantial holder. A Dubai-based company called ‘Lord of Seven Hills Holdings’ bought a 10.98 per cent stake for nearly $4.4 million.

The person behind this company is Guarav Gupta; not the Indian fashion designer, rather the managing director of commodity trader Global Natural.

Vango Mining (ASX: VAN) director Shengqiang Zhou nearly doubled his holdings having bought $5.4 million to take an 8.64 per cent stake.

Late last week, the Woolworths-Marley Spoon (ASX: MMM) partnership became official, with the grocery giant investing $4 million on a 5.52 per cent stake. All up it will invest $30 million, with most of the funds commercial notes.

Among the fund manager trades this week, troubled dental stock Smiles Inclusive (ASX: SIL), raised $1.2 million thanks to 2020 Asset Management buying an 8.71 per cent stake for $861,000. New York based fund manager Bonafide Wealth Management increased its stake in Clean Seas Seafood (ASX: CSS) to 8.8 per cent, buying $642,000 in shares.

Spheria Asset Management increased its stake in Gage Roads Brewing (ASX: GRB), GBST Holdings (ASX: GBT) and Austin Engineering (ASX: ANG). All up Spheria spent $10 million on these three stocks. The latter is most noteworthy because Spheria doubled its stake from 5.12 per cent to 11.22 per cent.

Regal Funds Management bought into Midway (ASX: MWY) with an 8.03 per cent for $10.2 million and topped up its stake in Stanmore Coal (ASX: SMC) by $6.8 million to 10.95 per cent.

Sellers

Auckland-based Salt Funds Management were the most notable seller – selling $8.6 million Monash IVF (ASX: MVF) shares. They are no longer substantial holders but still hold 4.6 per cent.

Sydney-based Candence Asset Management sold $4.4 million in its Noni B (ASX: NBL) stake consequently taking it to only 4.12 per cent.

Other substantial holders completely sold out of their holdings. While a Catholic university in Indiana are investors in Amaysim (ASX: AYS), Challenger are not anymore because it completely sold out. Similarly, Force Commodities sold out of Marquee Resources (ASX: MQR).

• Subscribe to our daily newsletter
• Join our small cap Facebook group
• Follow us on Facebook or Twitter

Brisbane-headquartered Discovery Asset Management had made few moves in the last months but sold $2.7 million in its Austin Engineering (ASX: ANG) stake taking it to 0.94 per cent. It also decreased its stake in RPMGlobal Holdings (ASX: RUL).

Fidelity reduced its stake in IVE Group (ASX: IVE) to 5.59 per cent by selling $3.6 million.

Altura Mining (ASX: AJM) saw Shaanxi completely sell out. But while some companies may be concerned when a large holder sells out, it welcomed the move. Another Chinese substantial holder, Ningbo Shanshan, a battery materials supplier, bought those shares and it now owns 11.8 per cent.

share

• 
• 
• 
• 

Link copied to
clipboard

SUBSCRIBE

Get the latest Stockhead news delivered free to your inbox.

Name*

Email*

Hidden

Email Lists

Morning Update

Lunch Update

Market Close Update

Weekend Update

It's free. Unsubscribe whenever you want.

By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.