In this weekly column, Stockhead overviews all substantial holder filings of ASX small-caps. Substantial shareholders are those holding 5% or more and these could be directors, individual investors or institutions.

Companies are required to announce when new substantial holders have come on board, when they have ceased to be shareholders or when they change their holdings.

 

Entrances 

As Stockhead reported on Tuesday, Perth financier Merchant Group took a 5.1% stake in Hills (ASX: HIL). They are pushing to shake up the company to lift its share price, hinting at spin outs and capital management changes.

Also on Tuesday, the Commonwealth Bank bought a 5.03 per cent stake in IVE Group (ASX: IGL). On the same day Shaw & Partners rated the IVE a Buy with a price target of $2.89 (a 27% premium to its current price).

Another big trade was Ausgold (ASX: AUC). Chalice Gold Mines offloaded its 10 per cent stake on the very day Ausgold announced a $1.8m placement to advance its latest WA gold project.

Despite being plagued by the Royal Commission, NAB have forked out $26 million for a 5.6% stake in Infigen Energy (ASX: IFN). In the last week of February, JP Morgan, RBC and Canaccord all tipped the stock to rise setting target prices of 80 cents, 60 cents and 88 cents respectively.

Infigen traded at 52 cents on Wednesday having risen 23% since Christmas.

Exits

The biggest sale this week was in Donaco (ASX: DNA) with Vincent Pirina and Mitchell Mansfield taking up a 27 per cent stake previously held by the Lim family, including CEO Joey Lim.

Donaco took a punt on offering gambling in Asia (paying $360 million on the Star Vegas) that has not paid off. Only last Thursday they announced a $36.9m half yearly loss.

The company assured investors their appointment as receivers would have no impact on the operations but they conceded it may lead to its $US40m loan, owed to Mega Bank, needing to be renegotiated due to a ‘change of control’ clause in the contract.

An investor who ceased off their own accord was James Baillieu who sold his 8.6 per cent stake in Bidenergy (ASX: BID) for around $9 million. Most of this was accumulated in August 2017 when the share price as 16 per cent.

It is now 570% higher at $1.10.

Major asset management sellers this week were Adam Smith Asset Management and AustralianSuper.

Adam Smith have sold a 7.62 per cent stake in Thorn Group (ASX: TGA), a 7.78 per cent stake in Monash IVF Group (ASX: MVF), a 7.0 per cent stake in iSentia (ASX: ISD) and a 5.82 per cent stake in Cash Converters (ASX: CCV).

Collectively these were worth $25 million, nearly half of its $63 million portfolio.

AustralianSuper sold 2 major stakes, their 5.03 per cent stake in IVE Group (ASX: IGL) plus a 5.33 per cent stake in Metals X Ltd (ASX: MLX). This was despite analysts commending both, Bell Potter and Macquarie were bullish about the latter.

Their former stake was IVE bought by the Commonwealth Bank on Tuesday.

Here is a wrap of all becoming or ceasing to be substantial holder notices lodged with the ASX in the last week, among small cap companies.

Swipe or Scroll to reveal the full table. Click headings to sort.

Company Code Market Cap Holder Stake Movement
Adairs ADH $312.7M Challenger 0.051 Becoming
Australian Finance Group AFG $272.8M Milford Asset Management 0.0521 Becoming
E2 Metals E2M $11.4M E2 Metals 0.1802 Becoming
IAB Holdings IAB $2.5M Blue Lake Partners 0.0762 Becoming
8Common Ltd 8CO $6.6M Lau Kok Fui 0.0522 Becoming
Acrux Ltd ACR $28.3M Lugarno Fund 6.00% Becoming
Bidenergy Ltd BID $116.7M James Baillieu 0.086 Ceasing
Cokal Ltd CKA $48.8M Aahana Mineral Resources 0.0656 Becoming
Gtn Ltd GTN $303.4M Wilson Asset Management 0.0586 Ceasing
Infigen Energy Ltd IFN $473.5M NAB 0.0558 Becoming
IVE Group IGL $333.4M Hume Partners 0.0605 Ceasing
Infinity Lithium Corporation Ltd INF $15.4M Morgan Stanley 0.05 Ceasing
Neurotech International NTI $3.5M Pyxis Holdings 0.0553 Becoming
Volpara Health Technologies VHT $192.8M Harbour Asset Mgmt 0.0503 Becoming
Adairs ADH $310.2M Lennox Capital Partners 0.0502 Becoming
BSA Ltd BSA $122.1M Wentworth Williamson Management Pty Ltd 0.05 Becoming
Capital Health Ltd CAJ $153.2M Microequities Asset Mgmt 0.0523 Becoming
Coventry Group CYG $75.1M Lanyon Asset Mgmt 0.064 Becoming
Donaco International Ltd DNA $57.7M Vincent Pirina and Mitchell Mansfield and Madison Pacific Trust 0.2725 Becoming
Wiseway Group WWG $52.1M SG Hiscock & Company 0.0578 Becoming
Ausgold Ltd AUC $13.8M Chalice Gold Mines 0.1026 Ceasing
Cash Converters CCV $129.5M Adam Smith Asset Mgmt 0.0582 Ceasing
iSentia Group Ltd ISD $51.0M Adam Smith Asset Mgmt 0.07 Ceasing
Metals X MLX $220.5M BlackRock Group 0.0594 Ceasing
National Tyre and Wheel Ltd NTD $48.3M Perpetual Ltd 0.054 Ceasing
Pureprofile PPL $2.8M FMG Holdings 0.051 Ceasing
Slater & Gordon Ltd SGH $154.4M Burlington Loan Mgmt & Associates 0.0454 Ceasing
Spectrum Metals SPX $4.2M Anthony Torresan 0.047 Ceasing
Bathurst Resources Ltd BRL $216.1M Asian Dragon Acquisitions Ltd 0.0706 Ceasing
Ignite Ltd IGN $3.9M OC20181 Trust 0.1097 Becoming
Ignite Ltd IGN $3.9M GI21 Pty Ltd 0.1097 Ceasing
Metals X Ltd MLX $217.1M Australian Super 0.0533 Ceasing
Monash IVF Group MVF $255.6M Adam Smith Asset Mgmt 0.0778 Ceasing
Pharmaxis Ltd PXS $104.5M Montoya Investments Ltd 0.0485 Ceasing
Renegade Exploration Ltd RNX $2.1M Paul Bennett 0.0501 Becoming
Australian Dairy Farms Group AHF $34.8M Australian Dairy Nutritionals 0.0573 Becoming
Australian Dairy Farms Group AHF $34.8M Jimmy Crow 0.0573 Ceasing
Hills Ltd HIL $41.8M Merchant Funds Ltd 0.0512 Becoming
IVE Group IGL $334.9M AustralianSuper 0.0503 Ceasing
IVE Group IGL $334.9M CBA 0.0503 Becoming
Pharmaxis PXS $104.5M D&A Income Ltd 0.0689 Becoming
Smiles Inclusive SIL $9.9M Poltick 0.052 Ceasing
Thorn Group TGA $72.5M Adam Smith Asset Mgmt 0.0762 Ceasing

Changers

Remember Factor Therapeutics (ASX: FTT)? The biotech that lost 97% of its value in a single second following the failure of its wound-dressing drug? It raised $417,000 in early February and a group of investors, led by Pura Vida Energy, bought 12 per cent in the company.

The group upped their stake to 14.9 per cent just a few days later and last week to 18.3 per cent, paying $137,681 for the privilege. A meeting of the company will be held on March 27 to determine its future direction and these shareholders wish to take it over.

Advertising platform GTN (ASX: GTN) saw Viburnum Funds increase their 15.8 per cent stake to 17.8 per cent and Ellerston Capital do likewise from 5.9 per cent to 7.3 per cent.

Beseiged tech company GetSwift (ASX: GSW) has been sued by shareholders and now ASIC are taking its directors to court for alleged misleading and deceiving conduct.

Two of Australia’s largest super funds have cut their stakes in the company, Australian Super from 7.37 per cent to 5.66 per cent and Industry Super Holdings from 6.6 per cent to 5.28 per cent.

Australian Super also reduced their stake in Propel Funeral Partners (ASX: PFP) from 9.26 per cent to 7.85 per cent.

A major buyer this week was IOOF Holdings who topped up their holdings by nearly $25 million. The companies they upped their stake in included PWR Holdings (ASX: PWH)Primero Group (ASX: PGX), Mint Payments (ASX: MNW), Otto Energy (ASX: OEL) and SRG (ASX: SRG).

IOOF also increased their stake in copper miner Metals X (ASX: MLX) from 7.35 per cent to 9.93 per cent.

Metals X also saw Mitsubishi and Morgan Stanley hike their 6.2 per cent stakes to 7.9 per cent following the exit of BlackRock and AustralianSuper.

This week Metals X released their half yearly and while Metals X are generating revenue from a West Australian near Rio Tinto operations they did lose $36 million.

Infrastructure provider Decmil Group (ASX: DCG) announced solid results including earnings of over $9 million. This did not stop the Commonwealth Bank cashing out, selling 3.1 million shares in a sale that reduced their 10.8 per cent stake to 9.5 per cent and would have netted nearly $2.7 million.

Presumably some of this was spent on the extra 0.98 per cent in SRG (ASX: SRG) they bought, taking their holding to 6.7 per cent. The transaction would have taken over $1.4 million from their coffers.

Lazard reduced its 14.9 per cent stake in Ridley Corporation (ASX: RIC) to 13.83 per cent. Ridley is up 8 per cent this year and the sale would have netted Lazard over $4 million although they are still the 2nd largest shareholder.

This came only days after their US equities head Ron Temple warned investors to brace for more volatility.

The share price of Indoor Skydive (ASX: IDZ) has lived up to its name these last two weeks falling over 50 per cent after a half-yearly where legal fees ate into its profits.

Following this, Challenger reduced their 10.1 per cent stake to 7.9 per cent and Greencape Capital cutting their stake from 6.5 per cent to 5.3 per cent.

 

Here is a wrap of all changes substantial holder notices lodged with the ASX in the last week, among small cap companies.

Swipe or Scroll to reveal the full table. Click headings to sort.

Listed Company Code Market Cap Purchaser/Seller Past Stake Present Stake
Celamin Holdings CNL $8.7M Polo Investments 0.2053 0.184
Coventry Group CYG $56.2M Sandon Capital 0.061 0.071
Factor Therapeutics FTT $4.7M Pura Vida, Scott Day & related parties 0.1487 0.1828
FlexiGroup FXL $578.3M Renaissance Smaller Companies 0.0786 0.0916
Gtn Ltd GTN $298.9M Viburnum Funds 0.158 0.1781
Hansen Technologies HSN $628.6M FMR Investments 0.0699 0.1
Mod Resources MOD $98.8M Mod Resources 0.125 0.1048
Neurotech International NTI $3.5M SG Hiscock 0.0886 0.0706
Southern Gold Ltd SAU $11.9M Ilwella Pty Ltd 0.0699 0.0837
Capitol Health CAJ $153.2M National Nominees Ltd 0.0506 0.0659
Ambertech Ltd AMO $3.7M Appwam 0.2841 0.3145
Indoor Skydive Australia Ltd IDZ $1.9M Challenger 0.1008 0.079
Cobalt Blue Holdings Ltd COB $20.6M Hill Family Group 0.0706 0.0562
Coventry Group CYG $57.6M Viburnum Funds 0.261 0.3076
Danakali CNK $208.9M Capital Group Companies 0.0679 0.0568
Gtn Ltd GTN $303.4M Ellerston Capital 0.0591 0.0734
Mint Payments MNW $20.4M IOOF Holdings 0.125 0.135
Otto Energy OEL $125.6M IOOF Holdings 0.0677 0.082
SRG Global Ltd SRG $169.6M IOOF Holdings 0.1137 0.1486
Kangaroo Island Plantation Timbers KPT $111.7M Samuel Terry Asset Mgmt 0.247 0.236
Mach 7 Technologies M7T $26.54M Oceania Capital Partners 0.0879 0.0762
Mareterram Ltd MTM $37.9M Sea Harvest 0.559 0.583
Propel Funeral Partners PFP $289.6M Industry Super Holdings 0.0943 0.0785
Silver City Minerals SCI $2.9M Gavin Wates & Upsky Equity 0.0504 0.0646
Bellevue Gold BGL $283.8M Bank of Nova Scotia 0.1114 0.1227
Donaco Ltd DNA $57.7M OCP Asia (Singapore) 0.0935 0.37
FBR FBR $130.4M Mark Pivac (Placement dilution) 0.1536 0.1359
GIBB River Diamonds GIB $10.4M Mercantile Investment Company 0.064 0.053
Metals X Ltd MLX $220.5M IOOF Holdings 0.0735 0.0993
IVE Group IGL $336.4M FIL Ltd 0.067 0.0781
Metals X Ltd MLX $220.5M Morgan Stanley 0.0619 0.0792
MotorCycle Holdings Ltd MTO $92.9M Naos Asset Mgmt 0.069 0.0794
Orinoco Gold Ltd OGX $7.1M Joseph Pinto 0.1123 0.0641
Onemarket OMN $61.0M Samuel Terry Asset Mgmt 0.09 0.101
Pureprofile PPL $2.8M ERM Growth Fund 0.152 0.1995
Pivotal Systems Corp PVS $157.6M LHC Capital Partners 0.0882 0.129
PWR Holdings PWH $365.0M KPW Property Holdings 0.3437 0.2987
Rhinomed Ltd RNO $21.3M W. Whitney George 0.218 0.2292
The Reject Shop TRS $78.3M Allensford, Bennamon and Kin Groups 0.0474 0.0573
Capitol Health Ltd CAJ $157.1M Australian Ethical Investment 0.0506 0.0659
SRG Global SRG $149.7M Commonwealth Bank 0.0574 0.0672
Centuria Capital CNI $517.7M BlackRock 0.0544 0.0684
Coventry Group CYG $79.8M Spheria Asset Mgmt 0.1128 0.0773
Fleetwood Corp FWD $167.9M IOOF Holdings 0.05 0.06
Ironbark Zinc IBG $19.9M Toronga Pty Ltd & Dulyne Pty Ltd 0.1002 0.1127
Indoor Skydive Australia IDZ $1.2M Greencape Capital Pty Ltd 0.0648 0.0531
PWR Holdings PWH $355.0M IOOF Holdings 0.0803 0.1131
Primero Group PGX $62.8M IOOF Holdings 0.1034 0.1174
Kleos Space KSS $17.1M LTL Capital 0.1198 0.144
Metals X Ltd MLX $217.1M Mitsubishi UFJ 0.0619 0.0792
Ruralco Holdings RHL $467.5M Perpetual 0.12 0.0951
RXP Services RXP $82.2M Regal Funds Management 0.0621 0.0518
Thorn Group TGA $73.3M Somers 0.0518 0.0667
Weebit Nano WBT $28.6M 102 Capital Management 0.0676 0.0572
3P Learning 3PL $152.6M Viburnum Funds 0.1802 0.1974
Decmil Group DCG $210.8M CBA 0.108 0.095
Flagship Investments Ltd FSI $42.8M Emmanuel Clive Pohl 0.387 0.388
GetSwift GSW $45.3M Industry Super Holdings 0.0664 0.0528
GetSwift GSW $45.3M AustralianSuper 0.0737 0.0566
Incentiapay INP $21.8M New Gold Coast Holdings 0.1492 0.1998
K2fly K2F $9.3M Paul Cozzi 0.0672 0.0784
Katana Capital KAT $30.7M Romano Sala Tenna 0.1147 0.1247
MCS Services MSG $2.4M Peter Johns 0.0774 0.0954
Propel Funeral Partners PFP $302.3M AustralianSuper 0.0926 0.0785
Ridley Corporation RIC $420.2M Lazard 0.1489 0.1383
Terracom TER $264.0M OCP Asia 0.1767 0.1873
The Reject Shop TRS $78.1M Allensford, Bennamon & Kin 0.0573 0.071