Trading Places: Slattery dumps $39 million of Megaport shares
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Trading Places is Stockhead’s semi-regular, pretty damn fascinating recap of the latest red flag buying and selling of ASX small 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 an individual’s trade in a company’s stock crosses the 5% threshold.
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%.
Here’s the form to get you started, if reading this makes you twitchy.
Smart cloud connectivity company Megaport (ASX:MP1) founder and chairman Bevan Slattery offloaded 3 million shares in a trade via the UBS equities desk. The stock changed hands at $13.05 a share, which was a 4.2% discount to the five-day VWAP, amounting to ~$39 million in Slattery’s pocket.
The trade takes Slattery’s stake in the company to ~5% mark with ownership still of ~8 million shares. He also retains his spot as the company’s largest individual investor.
In an announcement Slattery said he remains committed to Megaport, which he founded in 2013 and listed on the ASX in 2015.
“I have no intention of selling shares within the next six months and am committed to ensuring the company’s success as it continues to scale up and scale out,” Slattery said.
He’s believed to have sold the shares to fund other investments, but the news initially didn’t go down well with investors with shares in Megaport sinking ~6% since Slattery’s sale to ~$12.89.
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For the half year ended 31 December 2021, Superloop added more than 110k consumer and business customers from Exetel to its existing base.
Its customer revenue saw the biggest growth, up by 303.4 per cent to almost $60 million, while the business unit’s revenue grew by 124.5 per cent to $35 million.
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COD announced last year that its first diamond drillhole at Emmie Bluff Deeps target had intersected 200m of intense IOCG (iron oxide copper gold) alteration, including ~50m of copper sulphides. IOCG discoveries — while often super deep — are considered super rare and lucrative.
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