Trading Places is Stockhead’s weekly wrap of ASX small cap substantial holder filings. Substantial holders are defined as those holding 5 per cent or more of a company’s shares and these could be directors, individual investors or institutional investors.

Shareholders are required to announce to the exchange when their shareholding becomes substantial, when they have ceased to be substantial shareholders or any change in their holdings above 5 per cent.


While the most common institutional investors in ASX small caps are fund managers, sometimes they are fellow small caps. As we reported yesterday, lithium miner Alliance Mineral Assets (ASX: A40) now has Galaxy Resources (ASX: GXY) as its largest shareholder with 12 per cent.

This came after Galaxy invested $22 million in Alliance’s $32 million capital raising. As a result Alliance has the funds for its Bald Hill lithium project; but both company’s executives have hinted at more extensive co-operation between the two companies in the future.

Also on this week’s list was Crusader Resources (ASX: CAS) becoming substantial holders in Meteoric Resources (ASX: MEI), possessing 5.62 per cent.

While Crusader paid $1 million cash, it was compensated with 50 million Meteoric shares as well – escrowed for 12 months. If project milestones are met Crusader may consequently receive more cash or shares.  Crusader has been suspended for several months but is close to recommencing trading, in the latter stages of a capital raise.

Fund managers were also active this week. Paradice Investment Management spent $528,000 increasing its stake in industrial services provider Boom Logistics (ASX: BOL) to 7.59 per cent.

Regal Funds Management made a few purchases, the most notable being an increasing of its stake in optometry-tech company Opthea (ASX: OPT) to 9.84 per cent. It has spent $6.3 million in the last year and $767,000 in the last week on Opthea shares.

It also became substantial holders in jeweller Michael Hill (ASX: MHJ), with a 5.06 per cent stake and in Alderan Resources (ASX: AL8) with a 5.23 per cent stake. In both instances it had been shareholders for some months but just crossed the 5 per cent threshold this week.

Telstra Super are a super fund for current and former Telstra employees. Recently, it has accumulated a 5 per cent stake in MaxiTrans (ASX: MXI) due to a $2.8 million investment.

Foreign investors also made some purchases this week. Singaporean-based Silversea Asset Management bought a 10.84 per cent stake in tracer-technology stock Dotz Nano (ASX: DTZ). Toronto fund manager Burgundy Asset Management became a substantial holder in iSelect (ASX: ISU) with a 5.32 per cent stake.

Remember that Catholic university in Indiana that bought into Amaysim (ASX: AYS) in March? Since then, it’s bought even more of the company, now holding 7.67 per cent.

CompanyCodeMarket CapHolderStakeStatus
UUV AquabotixUUV$1.3MLong Hill Capital0.4207Increasing
Michael Hill InternationalMHJ$213.3MRegal Funds Management0.0506Becoming
Dotz NanoDTZ$11.8MSilversea Asset Management0.1084Becoming
iSelectISU$137.3MBurgundy Asset Management0.0532Becoming
ImmuronIMC$20.8MPeter Anastasiou0.1062Increasing
Blaze InternationalBLZ$4.2MGreat Southern Flour Mills0.0851Increasing
NanoveuNVU$8.0MInspired Asset Management0.0511Becoming
Apollo ConsolidatedAOP$39.9MYarraandoo0.1052Increasing
Experience CoEXP$130.6MViburnum Funds0.1Increasing
Red Sky EnergyROG$2.5MAbacus Enterprises0.0674Increasing
EML PaymentsEML$653.2MChallenger0.0873Increasing
Hammer MetalsHMX$7.6MZbigniew Lubieniecki0.0783Increasing
Hammer MetalsHMX$7.6MRussell Davis0.0558Increasing
Alderan ResourcesAL8$9.4MTolga Kumova0.199Increasing
Terramin AustraliaTZN$168.3MAlmond Beach Resources0.0575Becoming
Consolidated OperationsCOG$134.1MNaos Asset Management0.2364Increasing
MCS ServicesMSG$2.8MGabriel Hewitt0.071Increasing
OvatoOVT$51.2MHaanan Family0.5355Increasing
Fatfish BlockchainFFG$8.1MNyap Liou Gan0.1627Increasing
Alderan ResourcesAL8$6.2MRegal Funds Management0.0523Becoming
Boom LogisticsBOL$68.2MParadice Investments0.0759Increasing
AF Legal GroupAFL$4.1M (2017)Edward Finn0.181Becoming
UsComUCM$23.4MSmart Top Overseas0.1912Increasing
Fremont PetroleumFPL$16.7MResilient Investment Group0.0715Increasing
ArchTISAR9$9.8MMerchant Funds Management0.1226Increasing
SpicersSRS$141.9MAyersland - Robert Peterson0.0868Increasing
NZME NZM$161.0MSpheria Asset Management0.0632Increasing
MaxiTRANSMXI$53.7MTelstra Super0.05Becoming
John Lyng GroupJLG$308.7MQVG Capital0.05Becoming
EldersELD$647.9MHealth Employees Superannuation Trust0.0501Becoming
Think ChildcareTNK$113.7MMicroequities Asset Management0.0581Becoming
Meteoric ResourcesMEI$18.7MCrusader Resources0.0562Becoming
Venture MineralsVMS$12.4MRepublic Investment Management0.1447Increasing
OptheaOPT$158.4MRegal Funds Management0.0984Increasing
SkyfiiSKF$50.6MThorney Technologies0.0783Becoming
Capitol HealthCAJ$182.3MLennox Capital Partners0.0752Becoming
IMF BenthamIMF$548.4MChallenger0.0657Becoming
Alliance Mineral AssetsA40$263.8MGalaxy Resources0.1222Becoming
Norwood SystemsNOR$6.2MSG Hiscock0.0523Becoming
Invigor GroupIVO$14.2MYun Cong Ye & Min Hua Huang0.0663Becoming
Uniti WirelessUWL$161.0MCornish Investments0.1156Increasing
Battery MetalsBAT$26.4MFarjoy0.151Increasing
AmaysimAYS$219.0MUniversity of Notre Dame du Lac0.0767Increasing
Digital Wine VenturesDW8$6.2MMerchant Funds Management0.0698Increasing
Xplore WealthXPL$32.2MColin Scully & Valebark0.1208Increasing
Kingston ResourcesKSN$22.6MWinchester Investments0.1085Increasing
Kleos Space KLL$24.5MLTL Capital0.1929Increasing
BlueChiipBCT$41.7MJencay Capital0.0501Increasing


A number of fund managers’ sales appear to be profit taking because of substantial spikes this year. Regal Funds Management ceased to be substantial holders of buy now pay later stock Zip Co (ASX: Z1P).

Its latest round of sales, of around 600,000 shares in the last week, took it below 5 per cent. This would have netted it over $1.8 million because of its current share price above $3.

Another was Airlie Funds Management which decreased its holdings in Nick Scali (ASX: NCK) to 6.04 per cent. Airlie sold nearly $7 million of shares in recent weeks.

Despite the financial situation of Oliver’s Real Foods (ASX: OLI) appearing rosier; IOOF now only hold 2.95 per cent when earlier this year it held as much as 15 per cent. It began selling out when Oliver’s was in dire straits, but have continued to sell even after last week’s good news.

It also sold holdings in EML Payments (ASX: EML) and People Infrastructure (ASX: PPE).

The Coalition’s election win has pundits suggesting the property market slump has ended but Perpetual sold $668,000 of its stake in real estate agency McGrath (ASX: MEA), now holding 7.48 per cent.

Paradice Investment Management cut its stake in Queensland oil explorer Senex Energy (ASX: SXY) to 5.36 per cent having sold $4.3 million this year.

The biggest seller this week was Eagle Health Holdings (ASX: EHH) director Zhang Mingwang. On Monday he sold $7.5 million of his stake in the company going from 38 per cent to 28 per cent.

CompanyCodeMarket CapHolderCurrent StakeStatus
ImmuronIMC$20.8MEmpery Asset Management0.0152Ceasing
Nick ScaliNCK$587.3MAirlie Funds Management0.0604Decreasing
Firstwave Cloud TechnologyFCT$89.9MAlium Alpha Fund0.0468Ceasing
PharmaxisPXS$104.5MBVF Partners0.2061Decreasing
PWR HoldingsPWR$395.0MTribeca0.0776Decreasing
EML PaymentsEML$653.2MIOOF0.0129Ceasing
Firstwave Cloud TechnologyFCT$89.9MScott & Katherine Lidgett0.0677Decreasing
DroneShieldDRO$28.4MBrian Hearing0.0657Decreasing
Indoor Skydive AustraliaIDZ$2.6MParry Capital Management0.0476Ceasing
McGrath Holding CompanyMEA$47.9MPerpetual0.0748Decreasing
WhitehawkWHK$22.7MDarren Carter0.0713Decreasing
Olivers Real FoodsOLI$7.8MIOOF0.0295Decreasing
Axiom MiningAVQ$13.3MIncor Holdings0.0475Ceasing
Donaco InternationalDNA$74.1MOCP Asia0.2725Decreasing
Senex EnergySXY$421.4MParadice Investments0.0536Decreasing
NeurotechNTI$1.8MAdrian Trevisan0Ceasing
Jupiter MinesJMS$679.8MPallinghurst Consolidated0.0372Ceasing
RuralCo HoldingsRHL$451.7MPerpetual0.0227Ceasing
Zip CoZ1P$1.0BRegal Funds Management0.049Ceasing
People InfrastructurePPE$174.7MIOOF0.1223Decreasing
Eagle Health HoldingsEHH$74.4MZhang Mingwang0.282Decreasing
AdairsADH$341.7MYarra Funds Management0.047Ceasing
Kogi IronKFE$46.3MLeadenhall Australia0.0844Decreasing