In this weekly column, Stockhead overviews all substantial holder filings of ASX small caps. Substantial shareholders are those holding 5 per cent 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

At the end of last week, Gina Rinehart spent $13m on a 11% direct stake in Victorian gold exporer Catalyst Metals (ASX: CYL). This came only a few days after Catalyst came across its largest ever prospect of 1m at 1,380g/t.

Visible gold panned from 89m depth grading 1380g/t . Pic: Catalyst
Visible gold panned from 89m depth grading 1380g/t. Pic: Catalyst

While Gina Rinehart was the richest person to appear this week, the richest institution was UBS which took a 5.82% stake in RuralCo Holdings (ASX: RHL). UBS been trading RuralCo shares all year but its purchase of 2 million shares for over $9 million last Wednesday took its holdings to 6.1 million – 5.82%.

Fidelity bought 5% stakes in Pensana Metals (ASX: PM8) and Anctinogen (ASX: ACW) which would have cost over $4 million all up.

Selector Funds Management, the best performing long-only Australian fund last year, bought a 5.56% stake in Infomedia (ASX: IFM).

China Magnesium (ASX: CMC) issued a 15.1% stake to a Singaporean real estate investor Sovran White, controlled by former MP Peh Chin Hua. While its core business is lithium in Northern China, it formed an agreement with Sovran to provide consulting services as Sovran’s seek to export fruit grown at its plantations in China.

CompanyCodeMarket CapHolderStake
China MagnesiumCMC$8.7MSovran White0.151
Flinders MinesFMS$135.9MRequisitioning shareholders0.0603
Verdant MineralsVRM$33.1MCD Capital Natural Resources Fund0.3343
ActinogenACW$61.5MFidelity0.0504
InfomediaIFM$553.0MSelector Funds Management0.0556
Antisense Therapeutics ANP$14.2MCityCastle0.0615
Catalyst MetalsCYL$167.1MGina Rinehart, Hancock Prospecting0.11
RedHill EducationRDH$82.5MAcorn Capital0.0506
RuralCo HoldingsRHL$465.4MUBS0.0582
WindlabWND$75.7MRhodium Capital0.0767
AtmosAMS$158.04MIOOF0.0647
Anova MetalsAWV$9.0MDefender Equities0.0701
NTM GoldNTM$16.1MDGO Gold0.1214
DE MemDEM$8.1MAndreas Hendrik De Wit0.0567
Pensana MetalsPM8$23.0MFidelity0.0503

Exits

The strangest ‘Exiter’ was digital agency Trimantium Growthops (ASX: TGO) which on Monday sold a $5.5m stake in…itself. But the previous Friday, the company announced a share buyback program to begin at the end of the month.

The ‘bought back’ shares represent capital set aside for potential acquisitions which have not yet materialised. But this did not stop the sale and subsequent disclosure to the ASX. Despite the name Titantium International and different office to the GrowthOps firm, it is the same one it gave to the ASX when it listed in 2017.

Chemical technology company Calix (ASX: CLX) farewelled Australian investment house Washington H Soul as a substantial holder – it sold 3 million shares for $2.2 million.

Despite IPH’s persistance, it seems QANTM IP (ASX: QIP) will be the ones to acquire Xenith IP (ASX: XIP). Yet there will be more background noise to come before the vote on the takeover and small cap investor Renaissance clearly doesn’t want to wait. Renaissance sold its 5.42% stake in QANTM – selling 1.8m shares after selling 1.2m earlier in the month.

Just five days after National Tyre and Wheel (ASX: NTD) welcomed Perpetual as a substantial shareholder with just over 5%, it lost the mantle with a sale of $700,000 shares – although it still owns 3.5%. It’s unclear why it would come and go so quickly.

The only news that came from the Brisbane based company was Forager becoming a substantial holder, as we reported two weeks ago. Yet it would seem odd that just one holder joining would be enough to leave.

CompanyCodeMarket CapHolderStake
QANTM IPQIP$196.9MRenaissance Smaller Companies0.0542
CalixCXL$78.4MWashington H Soul Pattinson0.0515
EML PaymentsEML$457.0MTribeca Investment Partners0.05
National Tyre & Wheel LtdNTD$51.3MPerpetual0.05
MCS ServicesMSG$2.8MPeter Johns0.093
OvatoOVN$47.5MLazard0.0532
Tritanium GrowthopsTGO$56.0MTritanium International0.0571
InfomediaIFM$553.0MPendal Group0.0501

Increasing

Considering Australia’s property downturn, Accordian Investments’ topping up of its 7.6 per cent stake in VillaWorld (ASX: VLW) to 9.4 per cent is eyebrow raising. Perhaps it thinks property developers will still gain or its perhaps anticipates it will deliver another hefty dividend, like last years’ $1.67 per share.

One sector that was facing a downturn but now faces upside is mortgage broking. Spheria Asset Management has increased its stake in Mortgage Choice (ASX: MOC) from 12.75% to 15.54%.

Antisense Therapeutics (ASX: ANP) completed a $1.6m placement. National Nominees and Platinum Investment both participated as their stakes went from 18.1 per cent to 20 per cent and from 5.7 per cent to 8.6 per cent respectively.

Regal Funds sunk its teeth into more of Syrah Resources (ASX: SYR), increasing its stake from 7.4 per cent to 9.4 per cent. While it had been several months since it last updated the ASX, it had been on a buying spree recently, purchasing $4.8 million of Syrah shares last Wednesday (the 13th) alone.

Fidelity increased its 10 per cent stake in Medibio (ASX: MEB) to 16.3 per cent and Prudential increased its 16.6 per cent stake in White Energy (ASX: WEC) to 19.8 per cent.

Listed CompanyCodeMarket CapPurchasorPast StakePresent Stake
Argent MineralsARD$6.6MMarc Harding0.05120.0686
Fleetwood CorpFWD$174.0MIOOF Holdings0.07150.0834
Gage Roads BrewingGRB$105.2MIOOF Holdings0.05380.0649
IsentiaISD$43.0MSpheria Asset Mgmt0.10250.1296
Kasbah ResourcesKAS$10.3MPala Investment0.24340.3424
Northern MineralsNTU$100.4MLiu Xiaohua0.06540.0777
White Energy CompanyWEC$38.2MPrudential0.1660.1983
EmbeltonEMB$26.0MGeorge Embelton0.43480.4647
KGL ResourcesKGL$76.8MPegasus CP One 0.06270.0693
Mortgage ChoiceMOC$126.3MSpheria Asset Mgmt0.12750.1554
Swift NetworksSW1$33.0MRobert & Wendy Sofoulis0.2210.307
Japara HealthcareJHC$374.0MPendal Group0.07440.0913
LogicammsLCM$18.2MTIGA Trading0.16360.1791
Maximus ResourcesMXR$2.3MMichael Ruane0.05380.0699
Syrah ResourcesSYR$371.1MRegal Funds Mgmt0.07390.0939
Antisense TherapeuticsANP$16.4MNational Nominees0.18120.1996
Antisense TherapeuticsANP$16.4MPlatinum Investment Mgmt0.05680.0857
CML GroupCGR$101.6MFirst Samuel0.17010.1813
Frontier Digital VenturesFDV$137.3MSmallco Investment Manager0.07490.0896
MegaportMP1$488.0MCapital Group Companies0.08510.106
Thorn GroupTGA$71.7MSomers Ltd0.06870.081
VillaWorldVLW$272.9MAccordian Investments0.07610.0941
Dateline ResourcesDTR$15.2MMark Johnson0.18060.2097
Aeon MetalsAML$150.0MOCP Asia (HK)0.32770.4163
Chant West HoldingsCWL$7.2MCarnethy Evergreen0.18680.1975
MedibioMEB$4.2MFidelity0.09990.1627
MareterramMTM$37.5MSea Harvest International0.56280.6349
Listed CompanyCodeMarket CapPurchasorPast StakePresent Stake

Decreasing

IOOF decreased its holdings in EML Payments (ASX: EML) and Oliver’s Real Foods (ASX: OLI). To say the latter was a poor investment would be an understatement – it cost $680,000 but returned only $260,000.

GetSwift (ASX: GSW) has been plagued by problems such as misconduct allegations made by ASIC and a declining share price for several months. Fidelity had a 7.32% stake in the company but now it stands at 6.19%.

Tritanium Growth (ASX: TGO) saw three fund managers (Pattani, Forci and Asia Selagnor) see their stakes decline due to a placement in which they remained idle. Managing director Phillip Kingston did participate, buying 900,000 shares, but he lost 20% of his stake, which fell from 22.48% to 18.52%.

AustralianSuper cut its stake in Digital AV firm Audinate Group (ASX: AD8) from 8.4 per cent to 7.2 per cent. Small cap investor Celeste Fund Management reduced its stake in marketing communications company Salmat (ASX: SLM) from 6.5 per cent to 5.3 per cent.

Listed CompanyCodeMarket CapSellerPast StakePresent Stake
Aeris EnvironmentalAEI$29.6MMaurie Stang0.1280.1128
BlackEarth MineralsBEM$4.6MLithium Australia0.1810.1631
CommsChoiceCCG$12.0MGrant Ellison0.20090.1832
Cougar MetalsCGM$1.1MRandal Swick and Savvy Capital Management0.42380.4237
Duxton Broadacre FarmsD2O$171.5MGlobal Agricultural Land & Opportunities Fund0.27370.2634
GetSwiftGSW$34.9MFidelity0.07320.0619
Kasbah ResourcesKAS$10.3MLion Selection0.13170.103
White Energy CompanyWEC$38.2MIlwella0.15890.1466
White Energy CompanyWEC$38.2MGaffwick0.16750.1545
Aguia ResourcesAGR$13.8MSulliden Mining Capital0.12130.0648
QuickstepQHL$48.5MBrickworks0.15810.1298
EmbeltonEMB$26.0MElizabeth Montgomery0.21690.187
MegaportMP1$476.1MBevan Slattery0.230.1803
Austral GoldAGD$35.8MAllan Gray0.17450.1614
EML PaymentsEML$457.0MIOOF Holdings0.0810.065
Oliver's Real FoodsOLI$8.0MIOOF Holdings0.150.1225
New Age ExplorationNAE$5.3MResource Capital Fund0.20620.1651
Sunbridge GroupSBR$2.0MJiayin Xu0.54950.3197
Salmat LtdSLM$109.8MCeleste Funds Mgmt0.06530.0533
Crusader ResourcesCASSuspendedCopulos Group0.20860.1803
CervantesCVS$2.0MNuzeno Holdings0.10050.067
Audinate GroupAD8$343.8MAustralianSuper0.08370.072
Ava Risk GroupAVA$29.5MPandon Holdings0.19960.153
CrowdMediaCM8$3.0MCollins St Asset Mgmt0.08540.0665
Leigh Creek EnergyLCK$124.4MChina New Energy Group0.30110.2739
Peet LtdPPC$469.0MEllerston Capital0.07120.0529
Tritanium GrowthopsTGO$56.0MPhillip Kingston0.22480.1852
Tritanium GrowthopsTGO$56.0MPattani Private Capital0.15940.1267
Tritanium GrowthopsTGO$56.0MForci Alternative Strategies0.15380.1223
Tritanium GrowthopsTGO$56.0MAsia Selagnor Investments0.19690.1573