• Gold aspirant Cavalier Resources announces its new substantial shareholders following IPO
  • Gold stocks in demand as investors seek the traditional inflationary hedge
  • Hard hit health and e-commerce stocks continue to lose substantial shareholders

Trading Places is Stockhead’s semi-regular, pretty damn fascinating recap of the latest red flag buying and selling of ASX small and mid cap shares.  It is here that the rubber really hits the road for fund managers, stakeholders, distant (and not-so-distant) relatives and other famous or infamous investors.

Specifically, Trading Places tracks substantial shareholder movements – namely when a trade in a company’s stock crosses or falls below the 5% threshold.

Substantial shareholders are usually directors, individual investors, institutional investors… or their distant (and not-so-distant) relatives, which they will refer to as listed related bodies corporate or something similar. You can see in detail these listed bodies on the company’s ASX announcement.

Shareholders are required by basic human decency (and the law) to publicly declare via the exchange when their personal stake goes below or above 5%, and from there, every movement in their holdings while owning above 5%.

The becoming and ceasing to be a substantial shareholders are the ones we think are worth noting, where a trade takes an investor over the 5% threshold or has them drop back below.

Here’s the form to get you started, if reading this makes you twitchy.

Fortnight overview

Markets have continued to remain turbulent during the final month of the Australian 2022 financial year. The local bourse had its worst session on Tuesday, June 14 since March 2020.  The S&P ASX 200 has fallen more than 8% in the past month with all sectors bar energy and consumer staples in the red for the month.

The familiar tune of 2022 continues to play with investors nervous on the back of rising inflation, hawkish central banks and slowing economies.

Whether it’s routine re-balancing of portfolios at EOFY, trying to grab a bargain or prevent future losses, the last fortnight of June has been some large buys and sell-offs on the ASX. Resources stocks seem in high demand, particularly gold, while hard hit tech and health stocks have experienced sell-offs.

In fact, Emma Davies just today has listed the biggest tech losers at the FY close. In case you were wondering.

Buyers – Becoming

Code Company Market Cap Date of change Holder Stake
SLR Silver Lake Resources $1.15B 16/6/2022 First Sentier Investors Holdings & listed related bodies corporate 5.06%
CVR Cavalier Resources $8.39M 17/6/2022 Daniel Tuffin 6.92%
CVR Cavalier Resources $8.39M 17/6/2022 PG Mining Pty Ltd 24.12%
CVR Cavalier Resources $8.39M 17/6/2022 Ranko Matic 10.91%
CXO Core Lithium $1.70B 22/6/2022 State Street Corporation & subsidiaries named 5.51%
OZL OZ Minerals $5.94B 23/6/2022 State Street Corporation & subsidiaries named 5.38%
LNK Link Administration Holdings $1.95B 23/6/2022 State Street Corporation & subsidiaries named 5.46%
WGX Westgold Resources $563.30M 27/6/2022 First Sentier Investors Holdings & listed related bodies corporate 6.10%
SBM St Barbara $628.52M 27/6/2022 First Sentier Investors Holdings & listed related bodies corporate 6.05%
PSC Prospect Resources Limited $431.15 23/6/2022 Credit Suisse Holdings (Australia) on behalf of Credit Suisse Group AG & affiliates 6.32%
CHN Chalice Mining $1.42B 23/6/2022 Credit Suisse Holdings (Australia) on behalf of Credit Suisse Group AG & affiliates 5.94%
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Gold aspirant Cavalier Resources ASX:CVR)  executive chairman Ranko Matic and executive technical director Daniel Tuffin became substantial shareholders in the company when it listed on the ASX on June 17.

It is the second successful IPO in just six months for Matic and Daniel Tuffin, who together rang the bell for nickel, cobalt and gold explorer Panther Metals (ASX:PNT) in December 2021.

Private company PG Mining, which specialises in equipment for the mining industry, including patented spring suspension clips to use in rock bolting, has also become a substantial shareholder.

CVR has three projects ranging from near term mining to early stages exploration.

US financial service giant State Street Corporation (NYSE:STT) has been buying into Australian resources stocks including Core Lithium (ASX:CXO) and Oz Minerals (ASX:OZL)

State Street also took the opportunity to buy into embattled Link Administration Holdings (ASX:LNK). The company has seen its share price plummet recently on the back of the ACCC not looking favourably on a takeover bid. 

Sellers – Ceasing

Code Company Market Cap Date of change Holder
PRN Perenti Global $472.83M 27/5/2022 Mitsubishi UFJ Financial Group
PRN Perenti Global $472.83M 27/5/2022 Morgan Stanley & listed subsidiaries
JRV Jervois Global $927.67M 30/5/2022 Citigroup Global Markets Australia & related bodies corporate in Citigroup of companies worldwide
JRV Jervois Global $927.67M 1/6/2022 Koboltti Chemicals Holdings & each person listed
VRT Virtus Health $710.84M 3/6/2022 Evergreen BidCo Pty Ltd (CapVest BidCo)
BEX BikeExchange $8.58M 30/5/2022 SG Hiscock & Company Ltd
LBY Laybuy Group $5.38M 1/6/2022 Bombora Investment Management as trustee for Bambora Special Investment Growth Fund
KGN Kogan.com $325.06M 6/6/2022 JPMorgan Chase & Co & affiliates
MP1 Megaport $965.06M 6/6/2022 UBS Group AG & related bodies corporate
PDI Predictive Discovery $262.06M 7/6/2022 Franklin Resources & its affiliates
IPD ImpediMed $127.80M 9/6/2022 Allan Gray Australia Pty Ltd & related bodies corporate
BNO Bionomics $69.47M 13/6/2022 William Blair & Company, L.L.C.
BNO Bionomics $69.47M 13/6/2022 Evercore Group L.L.C
OPY Openpay Group $24.58M 6/6/2022 Credit Suisse Holdings (Australia) on behalf of Credit Suisse Group AG & affiliates
CUV Clinuvel Pharmaceuticals $681.86M 9/6/2022 JPMorgan Chase & Co & affiliates
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Several ASX health stocks saw investors ceasing to be substantial shareholders. The S&P/ASX 200 healthcare index has felt more than a little off colour with this year’s volatility, falling more than 13% year to date.

Wound care company Polynovo (ASX:PNV), one of Australia’s largest full line pharmacy wholesalers Sigma Healthcare (ASX:SIG) and personal protective equipment provider Ansell (ASX:ANN)  have all seen sell-offs by substantial shareholders.

The ecommerce space has felt recent sell-offs in growth stocks with several companies seeing substantial shareholders bailing out.
Disclosure: The author held shares in Link Administration Holdings (ASX:LNK) at the time of writing this article.

At Stockhead, we tell it like it is. While Panther Metals is a Stockhead advertiser, it did not sponsor this article.