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.

Company Code Market Cap Holder Stake Status
UUV Aquabotix UUV $1.3M Long Hill Capital 0.4207 Increasing
Michael Hill International MHJ $213.3M Regal Funds Management 0.0506 Becoming
Dotz Nano DTZ $11.8M Silversea Asset Management 0.1084 Becoming
iSelect ISU $137.3M Burgundy Asset Management 0.0532 Becoming
Immuron IMC $20.8M Peter Anastasiou 0.1062 Increasing
Blaze International BLZ $4.2M Great Southern Flour Mills 0.0851 Increasing
Nanoveu NVU $8.0M Inspired Asset Management 0.0511 Becoming
Apollo Consolidated AOP $39.9M Yarraandoo 0.1052 Increasing
Experience Co EXP $130.6M Viburnum Funds 0.1 Increasing
Red Sky Energy ROG $2.5M Abacus Enterprises 0.0674 Increasing
EML Payments EML $653.2M Challenger 0.0873 Increasing
Hammer Metals HMX $7.6M Zbigniew Lubieniecki 0.0783 Increasing
Hammer Metals HMX $7.6M Russell Davis 0.0558 Increasing
Alderan Resources AL8 $9.4M Tolga Kumova 0.199 Increasing
Terramin Australia TZN $168.3M Almond Beach Resources 0.0575 Becoming
Consolidated Operations COG $134.1M Naos Asset Management 0.2364 Increasing
MCS Services MSG $2.8M Gabriel Hewitt 0.071 Increasing
Ovato OVT $51.2M Haanan Family 0.5355 Increasing
Fatfish Blockchain FFG $8.1M Nyap Liou Gan 0.1627 Increasing
Alderan Resources AL8 $6.2M Regal Funds Management 0.0523 Becoming
Boom Logistics BOL $68.2M Paradice Investments 0.0759 Increasing
AF Legal Group AFL $4.1M (2017) Edward Finn 0.181 Becoming
UsCom UCM $23.4M Smart Top Overseas 0.1912 Increasing
Fremont Petroleum FPL $16.7M Resilient Investment Group 0.0715 Increasing
ArchTIS AR9 $9.8M Merchant Funds Management 0.1226 Increasing
Spicers SRS $141.9M Ayersland - Robert Peterson 0.0868 Increasing
NZME NZM $161.0M Spheria Asset Management 0.0632 Increasing
MaxiTRANS MXI $53.7M Telstra Super 0.05 Becoming
John Lyng Group JLG $308.7M QVG Capital 0.05 Becoming
Elders ELD $647.9M Health Employees Superannuation Trust 0.0501 Becoming
Think Childcare TNK $113.7M Microequities Asset Management 0.0581 Becoming
Meteoric Resources MEI $18.7M Crusader Resources 0.0562 Becoming
Venture Minerals VMS $12.4M Republic Investment Management 0.1447 Increasing
Opthea OPT $158.4M Regal Funds Management 0.0984 Increasing
Skyfii SKF $50.6M Thorney Technologies 0.0783 Becoming
Capitol Health CAJ $182.3M Lennox Capital Partners 0.0752 Becoming
IMF Bentham IMF $548.4M Challenger 0.0657 Becoming
Alliance Mineral Assets A40 $263.8M Galaxy Resources 0.1222 Becoming
Norwood Systems NOR $6.2M SG Hiscock 0.0523 Becoming
Invigor Group IVO $14.2M Yun Cong Ye & Min Hua Huang 0.0663 Becoming
Uniti Wireless UWL $161.0M Cornish Investments 0.1156 Increasing
Battery Metals BAT $26.4M Farjoy 0.151 Increasing
Amaysim AYS $219.0M University of Notre Dame du Lac 0.0767 Increasing
Digital Wine Ventures DW8 $6.2M Merchant Funds Management 0.0698 Increasing
Xplore Wealth XPL $32.2M Colin Scully & Valebark 0.1208 Increasing
Kingston Resources KSN $22.6M Winchester Investments 0.1085 Increasing
Kleos Space KLL $24.5M LTL Capital 0.1929 Increasing
BlueChiip BCT $41.7M Jencay Capital 0.0501 Increasing
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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.

Company Code Market Cap Holder Current Stake Status
Immuron IMC $20.8M Empery Asset Management 0.0152 Ceasing
Nick Scali NCK $587.3M Airlie Funds Management 0.0604 Decreasing
Firstwave Cloud Technology FCT $89.9M Alium Alpha Fund 0.0468 Ceasing
Pharmaxis PXS $104.5M BVF Partners 0.2061 Decreasing
PWR Holdings PWR $395.0M Tribeca 0.0776 Decreasing
EML Payments EML $653.2M IOOF 0.0129 Ceasing
Firstwave Cloud Technology FCT $89.9M Scott & Katherine Lidgett 0.0677 Decreasing
DroneShield DRO $28.4M Brian Hearing 0.0657 Decreasing
Indoor Skydive Australia IDZ $2.6M Parry Capital Management 0.0476 Ceasing
McGrath Holding Company MEA $47.9M Perpetual 0.0748 Decreasing
Whitehawk WHK $22.7M Darren Carter 0.0713 Decreasing
Olivers Real Foods OLI $7.8M IOOF 0.0295 Decreasing
Axiom Mining AVQ $13.3M Incor Holdings 0.0475 Ceasing
Donaco International DNA $74.1M OCP Asia 0.2725 Decreasing
Senex Energy SXY $421.4M Paradice Investments 0.0536 Decreasing
Neurotech NTI $1.8M Adrian Trevisan 0 Ceasing
Jupiter Mines JMS $679.8M Pallinghurst Consolidated 0.0372 Ceasing
RuralCo Holdings RHL $451.7M Perpetual 0.0227 Ceasing
Zip Co Z1P $1.0B Regal Funds Management 0.049 Ceasing
People Infrastructure PPE $174.7M IOOF 0.1223 Decreasing
Eagle Health Holdings EHH $74.4M Zhang Mingwang 0.282 Decreasing
Adairs ADH $341.7M Yarra Funds Management 0.047 Ceasing
Kogi Iron KFE $46.3M Leadenhall Australia 0.0844 Decreasing
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