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.

Company Code Market Cap Holder Stake
China Magnesium CMC $8.7M Sovran White 0.151
Flinders Mines FMS $135.9M Requisitioning shareholders 0.0603
Verdant Minerals VRM $33.1M CD Capital Natural Resources Fund 0.3343
Actinogen ACW $61.5M Fidelity 0.0504
Infomedia IFM $553.0M Selector Funds Management 0.0556
Antisense Therapeutics ANP $14.2M CityCastle 0.0615
Catalyst Metals CYL $167.1M Gina Rinehart, Hancock Prospecting 0.11
RedHill Education RDH $82.5M Acorn Capital 0.0506
RuralCo Holdings RHL $465.4M UBS 0.0582
Windlab WND $75.7M Rhodium Capital 0.0767
Atmos AMS $158.04M IOOF 0.0647
Anova Metals AWV $9.0M Defender Equities 0.0701
NTM Gold NTM $16.1M DGO Gold 0.1214
DE Mem DEM $8.1M Andreas Hendrik De Wit 0.0567
Pensana Metals PM8 $23.0M Fidelity 0.0503

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.

Company Code Market Cap Holder Stake
QANTM IP QIP $196.9M Renaissance Smaller Companies 0.0542
Calix CXL $78.4M Washington H Soul Pattinson 0.0515
EML Payments EML $457.0M Tribeca Investment Partners 0.05
National Tyre & Wheel Ltd NTD $51.3M Perpetual 0.05
MCS Services MSG $2.8M Peter Johns 0.093
Ovato OVN $47.5M Lazard 0.0532
Tritanium Growthops TGO $56.0M Tritanium International 0.0571
Infomedia IFM $553.0M Pendal Group 0.0501

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 Company Code Market Cap Purchasor Past Stake Present Stake
Argent Minerals ARD $6.6M Marc Harding 0.0512 0.0686
Fleetwood Corp FWD $174.0M IOOF Holdings 0.0715 0.0834
Gage Roads Brewing GRB $105.2M IOOF Holdings 0.0538 0.0649
Isentia ISD $43.0M Spheria Asset Mgmt 0.1025 0.1296
Kasbah Resources KAS $10.3M Pala Investment 0.2434 0.3424
Northern Minerals NTU $100.4M Liu Xiaohua 0.0654 0.0777
White Energy Company WEC $38.2M Prudential 0.166 0.1983
Embelton EMB $26.0M George Embelton 0.4348 0.4647
KGL Resources KGL $76.8M Pegasus CP One 0.0627 0.0693
Mortgage Choice MOC $126.3M Spheria Asset Mgmt 0.1275 0.1554
Swift Networks SW1 $33.0M Robert & Wendy Sofoulis 0.221 0.307
Japara Healthcare JHC $374.0M Pendal Group 0.0744 0.0913
Logicamms LCM $18.2M TIGA Trading 0.1636 0.1791
Maximus Resources MXR $2.3M Michael Ruane 0.0538 0.0699
Syrah Resources SYR $371.1M Regal Funds Mgmt 0.0739 0.0939
Antisense Therapeutics ANP $16.4M National Nominees 0.1812 0.1996
Antisense Therapeutics ANP $16.4M Platinum Investment Mgmt 0.0568 0.0857
CML Group CGR $101.6M First Samuel 0.1701 0.1813
Frontier Digital Ventures FDV $137.3M Smallco Investment Manager 0.0749 0.0896
Megaport MP1 $488.0M Capital Group Companies 0.0851 0.106
Thorn Group TGA $71.7M Somers Ltd 0.0687 0.081
VillaWorld VLW $272.9M Accordian Investments 0.0761 0.0941
Dateline Resources DTR $15.2M Mark Johnson 0.1806 0.2097
Aeon Metals AML $150.0M OCP Asia (HK) 0.3277 0.4163
Chant West Holdings CWL $7.2M Carnethy Evergreen 0.1868 0.1975
Medibio MEB $4.2M Fidelity 0.0999 0.1627
Mareterram MTM $37.5M Sea Harvest International 0.5628 0.6349
Listed Company Code Market Cap Purchasor Past Stake Present 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 Company Code Market Cap Seller Past Stake Present Stake
Aeris Environmental AEI $29.6M Maurie Stang 0.128 0.1128
BlackEarth Minerals BEM $4.6M Lithium Australia 0.181 0.1631
CommsChoice CCG $12.0M Grant Ellison 0.2009 0.1832
Cougar Metals CGM $1.1M Randal Swick and Savvy Capital Management 0.4238 0.4237
Duxton Broadacre Farms D2O $171.5M Global Agricultural Land & Opportunities Fund 0.2737 0.2634
GetSwift GSW $34.9M Fidelity 0.0732 0.0619
Kasbah Resources KAS $10.3M Lion Selection 0.1317 0.103
White Energy Company WEC $38.2M Ilwella 0.1589 0.1466
White Energy Company WEC $38.2M Gaffwick 0.1675 0.1545
Aguia Resources AGR $13.8M Sulliden Mining Capital 0.1213 0.0648
Quickstep QHL $48.5M Brickworks 0.1581 0.1298
Embelton EMB $26.0M Elizabeth Montgomery 0.2169 0.187
Megaport MP1 $476.1M Bevan Slattery 0.23 0.1803
Austral Gold AGD $35.8M Allan Gray 0.1745 0.1614
EML Payments EML $457.0M IOOF Holdings 0.081 0.065
Oliver's Real Foods OLI $8.0M IOOF Holdings 0.15 0.1225
New Age Exploration NAE $5.3M Resource Capital Fund 0.2062 0.1651
Sunbridge Group SBR $2.0M Jiayin Xu 0.5495 0.3197
Salmat Ltd SLM $109.8M Celeste Funds Mgmt 0.0653 0.0533
Crusader Resources CAS Suspended Copulos Group 0.2086 0.1803
Cervantes CVS $2.0M Nuzeno Holdings 0.1005 0.067
Audinate Group AD8 $343.8M AustralianSuper 0.0837 0.072
Ava Risk Group AVA $29.5M Pandon Holdings 0.1996 0.153
CrowdMedia CM8 $3.0M Collins St Asset Mgmt 0.0854 0.0665
Leigh Creek Energy LCK $124.4M China New Energy Group 0.3011 0.2739
Peet Ltd PPC $469.0M Ellerston Capital 0.0712 0.0529
Tritanium Growthops TGO $56.0M Phillip Kingston 0.2248 0.1852
Tritanium Growthops TGO $56.0M Pattani Private Capital 0.1594 0.1267
Tritanium Growthops TGO $56.0M Forci Alternative Strategies 0.1538 0.1223
Tritanium Growthops TGO $56.0M Asia Selagnor Investments 0.1969 0.1573