Trading Places is Stockhead’s weekly recap of substantial holder movements focusing on fund managers.

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.


The regular buyers were on holidays, but a few new ones appeared

As with small cap directors, many regular names were absent in recent days. However, there were still a handful of fascinating transactions.

Troy Resources (ASX:TRY) had a tough 2019 with shareholders trying to slash executive pay and operations at its Guyana gold mine grinding to halt for a couple of months following the death of an employee.

It’s begun 2020 with $4m from each of Ruffer and M&G Investments, which both own nearly 25 per cent of Troy between them.

Some ASX stocks are just holding companies for well known firms such as HGL (ASX:HNG), which owns brands such as 185-year-old hat maker Mountcastle (one of Australia’s largest companies).

Last month HGL made a foray into school uniforms as well with another acquisition and this week David Constable’s Supervised Investments took its stake to 26.5 per cent. Constable is a director of the company but is also a financial industry veteran having begun as a stock exchange member in 1961.

Taking an 8.61 per cent stake in brewer Broo (ASX:BEE) was GEM Syndication, which appears to be a private investment company for Melbourne real estate agent Adrian Siah.

Two firms topped up their holdings in nuclear medicine play Cyclopharm (ASX:CYC). First, Karst Peak Capital and second Australian Ethical Investment. The two firms hold over 20 per cent between them.


Helping people go to court

Another couple of firms bought into one of the few small caps involved in the legal space, Lawfinance (ASX:LAW).

This company provides litigation funding solutions. The buyers were Sydney-based EGP Capital, which poured $1.8m into the stock, and Melbourne-based Lucerne Asset Management.

While the latter’s change of substantial holder notice did not reveal how much it paid, it nearly quintupled its holdings from 12.8 million shares to 59.5 million shares.

Company Code Market Cap Holder Stake Status
Arrow Minerals AMD $5.9M GenGold Resource Capital 14.46% Increasing
Arrow Minerals AMD $5.9M Thomas McKeith 15.30% Increasing
Arrow Minerals AMD $5.9M Baltia Family Super Fund 15.18% Increasing
Troy Resources TRY $60.1M Ruffer 10.66% Increasing
Cyclopharm CYC $104.5M Australian Ethical Investment 10.34% Increasing
Cyclopharm CYC $104.5M Karst Peak Capital 10.86% Becoming
Alexium International Group AJX $32.3M Wentworth Williamson Management 10.44% Increasing
Speedcast SDA $231.4M DS Investments 9.11% Increasing
Lawfinance LAW $35.3M EGP Capital 12.25% Increasing
Lawfinance LAW $35.3M Lucerne Asset Management 10.60% Increasing
Fitzroy River Corporation FZR $14.7M Moontide Investments 9.10% Increasing
Oilex OEX $13.2M Republic Investment Management 12.66% Increasing
HGL HNG $23.2M Supervised Investments Australia 26.50% Increasing
Grand Gulf Energy GGE $2.3M Thomas Zdun 5.02% Becoming
Broo BEE $14.9M GEM Syndication 8.61% Becoming
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