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

This week’s list of entrances truly proves substantial holders can be anyone. The most notable was a Catholic university in Indiana which bought 5 million shares in Amaysim’s (ASX: AYS) placement. They already held 10 million but this buy made them a substantial holder with 5.9 per cent.

However there were conventional asset managers on the list including Perpetual, which spent around $2.7m for 5.4 per cent of National Tyre and Wheel (ASX: NTD).

Vinva Investment Management spent over $25m on a 5 per cent stake in Infomedia (ASX: IFM). Infomedia aren’t the only SaaS (software as a service) provider but one of the few that are profitable with $7.9m NPAT.

In some cases, companies need the cash and rare earths producer Northern Minerals (ASX: NTU) received over $3m from investor Liu Xiohua, who now has a 5.2 per cent stake.

Trinidad-based oil explorer Range Resources (ASX: RRS) got $1.8m from Landocean Energy Services in return for a 17 per cent stake. The move was approved by shareholders in the previous week.

Company Code Market Cap Holder Stake
Pacific Smiles Group PSQ $182.4M Australian Ethical Investment 0.0543
Amani Gold ANL $7.0M Okapi Resources 0.084
Hotel Property Investments HPI $469.0M CBA 0.0508
Indoor Skydive IDZ $2.2M Parry Capital Management 0.0563
Northern Minerals NTU $69.5M Liu Xiohua 0.0516
Range Resources RRS $10.2M Landocean Energy Services 0.1698
Whitehawk WHK $8.8M RiverFort Global Opportunities 0.1181
Amaysim Australia AYS $133.9M CLS/University of Notre Dame du Lac 0.0586
Nuheara NUH $66.7M Jamore Ltd (Danshe Super Fund 0.0529
White Cliff Minerals WCN $3.2M Denman Income Ltd 0.0657
Pureprofile PPL $2.7M FMG 0.0533
National Tyre & Wheel NTD $49.8M Forager Funds 0.0516
Infomedia IFM $515.0M Vinva Investment Mgmt 0.0501
Maca Ltd MLD $251.9M Dimensional Entities 0.05
National Tyre & Wheel NTD $49.8M Perpetual 0.0544

Exits

AustralianSuper ceased to be a holder in six companies. Five of them Dacian Gold (ASX: DCN), IMF Bentham (ASX: IMF), Jaxsta (ASX: JXT), Stemify (ASX: SF1) and Betmakers Holdings (ASX: TBH).

But this was not because they sold their stakes. Rather, their voting power in Industry Super Holdings (the industry alliance) fell below 20 per cent.

Clearly they still hold these stocks but have fallen below the 5 per cent threshold. Yet they still submitted ceasing to be substantial holder forms without noting their present stakes.

AustralianSuper did sell out of one holding, Apiam Animal Health (ASX: AHX) which netted over $2 million.

Speaking of super companies, Health Employees Super Trust (HEST), sold a 5 per cent stake in Australis Oil and Gas (ASX: ATS) for nearly $12 million.

The takeover of Xenith IP (ASX: XIP) is imminent in spite of a competing bid. But even though the takeover price of $2.01 is 20 cents higher than its most recent price, Adam Smith Asset Management wouldn’t wait, selling their 5.7 per cent stake.

Small cap asset manager QVG sold nearly 2 million shares in Adairs (ASX: ADH). They still hold 4.7 per cent in the company but took $4m out of the sale that pulled them under the threshold.

Company Code Market Cap Holder Stake
Adairs ADH $311.8M QVG Capital 5.9%
Dacian Gold DCN $580.1M AustralianSuper 7.9%
GetSwift GSW $42.4M Industry Super Holdings 7.37%
Indoor Skydive Australia IDZ $1.1M Greencape Capital 5.3%
IMF Bentham IMF $583.1M AustralianSuper 6.1%
Jaxsta JXT $18.0M AustralianSuper 6.6%
People Infrastruvture PPE $155.1M Nambawan Investments 5.03%
Perseus Mining PRU $430.6M Van Eck 6.1%
Stemify SF1 $2.2M AustralianSuper 5.8%
Betmakers Holdings TBH $8.5M AustralianSuper 13.25%
Xenith IP Group XIP $142.8M Adam Smith Asset Mgmt 5.69%
Australis Oil and Gas ATS $235.2M Health Employees Super Trust 5.00%
Capricorn Metals CMM $58.5M Nero Resource Fund 5.28%
Apiam Animal Health AHX $48.4M AustralianSuper 5.00%
Maca Ltd MLD $250.6M Celeste Funds Mgmt 5.1%
Sunland Group Ltd SDG $222.9M Celeste Funds Mgmt 5.25%
Data#3 DTL $260.2M Cat Rock Capital 8.13%
Indoor Skydive Australia IDZ $2.2M CBA 5.67%

Increasing

Lombard Odier are probably one of the lesser known Swiss private banks in Australia. But they held 8.73 per cent of Salt Lake Potash (ASX: SO4) and now they hold 11.6%. This would have cost over $3 million.

As Factor Therapeutics (ASX: FTT) edge closer to determining their future, Pura Vida & their allies bought more of the company, taking them to 19.4 per cent. While under law they cannot cross 20 per cent without launching a formal takeover offer, their intentions are becoming clear.

Regal Funds increased their holdings in outdoor advertiser QMS (ASX: QMS). Yet the only news out of the company was a new general sales manager. They also topped up their 11.2 per cent stake in Apiam Animal Health (ASX: AHX) to 13.3 per cent.

AustralianSuper bought more of Mod Resources (ASX: MOD), taking them to 11.8 per cent. Perpetual now hold 10.7 per cent of Korvest (ASX: KOV).

UBS bought another 1 per cent of Posedion Nickel (ASX: POS), a West Australian nickel explorer who are at ‘crunch time’. Their most recent quarterly reported they have confirmed mineralisation and identified the plunge direction.

Listed Company Code Market Cap Purchaser/Seller Past Stake Present Stake
Universal Biosensors UBI $37.2M CVC Ltd 0.1241 0.1345
FBR FBR $139.0M FIL 0.0786 0.0983
Orion Metals ORM $3.4M Excellence Holdings 0.674 0.6965
Posedion Nickel POS $133.5M UBS Group 0.0536 0.0641
The Reject Shop TRS $76.6M Allensford, Bennamon and Kin Groups 0.071 0.1899
GBST Holdings GBT $120.2M Australian Ethical Investment 0.1134 0.1289
Apiam Animal Health AHX $49.0M Regal Funds Mgmt 0.1115 0.1325
Kibaran Resources Ltd KNL $29.1M CBA 0.1078 0.1266
Indoor Skydive Australia IDZ $2.2M CVC 0.077 0.1114
Fleetwood Corporation Ltd FWD $166.4M IOOF Holdings 0.06 0.0715
People Infrastructure PPE $150.6M IOOF Holdings 0.0954 0.1337
Northern Minerals NTU $69.5M Liu Xiaohua 0.0516 0.0654
QMS Media Ltd QMS $236.3M Regal Funds Mgmt 0.0712 0.089
Salt Lake Potash SO4 $113.5M Lombard Odier Asset Mgmt 0.0873 0.1155
DataDot Technology DDT $6.5M Bradley Kellas 0.087 0.0974
LogiCamms LCM $14.4M Forager Funds Mgmt 0.1127 0.1307
Flagship Investments FSI $44.1M Emmanuel Pohl 0.388 0.389
Kasbah Resources KAS $10.4M Pala Investments 0.2159 0.2434
K&S Corporation KSC $195.8M Linfox Australia 0.1605 0.1705
Mod Resources MOD $97.2M AustralianSuper 0.104 0.1176
TPI Enterprises TPE $79.5M Wentworth Williamson Mgmt 0.0601 0.0715
Somnomed SOM $109.9M Australian Ethical Investment 0.0748 0.0865
Eon NRG E2E $4.6M Merchant Holdings 0.064 0.0675
Flamingo AI FGO $6.7M Declan McEvoy 0.0628 0.1077
Sandon Capital IDT $36.7M Sandon Capital 0.066 0.078
Korvest Ltd KOV $30.8M Perpetual 0.0898 0.1072
Millennium Services Group MIL $8.3M Tomi-Sasha Holdings 0.1274 0.1445
Select Harvests Ltd SHV $553.7M Perpetual 0.0741 0.0943
8common 8CO $6.3M Lau Kok Fui 0.0522 0.0674
Factor Therapeutics FTT $5.2M Pura Vida & associates 0.1828 0.1944
Goldfields Money GMY $56.9M Calvin Ng 0.1022 0.1035
Impelus IMS $7.6M Brendan Birthistle 0.2043 0.23
McPhersons MCP $117.8M Investors Mutual 0.1008 0.1109

Decreasing

A few weeks ago we reported Comm Bank reduced their stake in Mortgage Choice (ASX: MOC). Well, they’ve done it again reducing what was an 18.5 per cent stake to 17.5 per cent.

They are still a significant holder but it seems they wanted to share the spoils from the stocks’ recovery.

Perpetual sold $40 million of small caps stakes this week, while remaining substantial holders including Estia Health (ASX: EHE), Select Harvests (ASX: SHV) and Nick Scali (ASX: NCK).

Australian Super nearly halved their stake in Xref (ASX: XF1), and this would have cost over $4 million.

Despite participating in DGO Gold’s rights offer (ASX: DGO), the holdings of 4 company directors decreased from 46 per cent to 40 per cent between them.

A similar fate befell Nexus Minerals (ASX: NXM) Greame Kirke who despite purchasing shares in a rights issue, saw its stake fall from 12.4 per cent to 9.5 per cent.

Lazard reduced its stake in Ovanto (ASX: OVT) from 6.46 per cent to 5.31 per cent. While $12,500 of this was presumably bought by the Hannan family, they won’t be buying more anytime soon.

Small cap asset manager Paradice Investment Management reduced its 9 per cent stake in construction engineering firm Decmil (ASX: DCG) to 6.45 per cent which would have reaped over $5 million in proceeds.

Listed Company Code Market Cap Purchaser/Seller Past Stake Present Stake
Northern Minerals NTU $111.4M Huatai Mining 0.1462 0.1237
Andromeda Metals ADN $8.1M Buratu Ltd 0.1343 0.1151
Estia Health Ltd EHE $599.4M Perpetual 0.1394 0.1104
Electro Optic Systems Holdings EOS $248.0M Industry Super Holdings 0.0767 0.0666
Indoor Skydive Australia IDZ $1.1M Challenger Ltd 0.079 0.0658
Paringa Resources PNL $64.2M AustralianSuper 0.1277 0.1117
Select Harvests Ltd SHV $564.2M Perpetual 0.0932 0.0741
Visioneering Technologies VTI $23.4M Kinetic Investment Partners 0.0666 0.0529
Xref XF1 $79.5M AustralianSuper 0.1127 0.0604
Duxton Broadacre DBG $62.8M 2 King William St 0.1793 0.14
Bigtincan Holdings BTH $88.9M Australian Ethical Investment 0.1507 0.1403
Boart Longyear BLT $52.6M Ares Management 0.0974 0.085
Duxton Broadacre DBG $62.8M Claraville Station 0.1547 0.0783
Decmil Group Ltd DCG $203.6M Paradice Investment Management 0.0898 0.0765
Northern Minerals NTU $69.5M Conglin Yue 0.185 0.1443
Wattle Health Australia WHA $173.1M Industry Super Holdings 0.0704 0.0602
Australian Whisky Holdings AWY $70.1M Christopher Malcolm 0.1759 0.095
Mortgage Choice MOC $109.4M CBA 0.1846 0.1745
Centuria Capital CNI $531.2M Ellerston Capital 0.0867 0.0505
DGO Gold DGO $6.7M Eduard Eshuys 0.1072 0.0935
DGO Gold DGO $6.7M John Barlow 0.1246 0.1084
DGO Gold DGO $6.7M Lion Nominees 0.1461 0.145
DGO Gold DGO $6.7M Ginga Ltd 0.209 0.1815
Engage: BDR Ltd EN1 $7.0M First Round Capital 0.1999 0.1528
Engage: BDR Ltd EN2 $7.0M Kurtis Rintala 0.1272 0.0973
Eden Innovations EDE $75.8M Noble Energy 0.4049 0.3759
Nexus Minerals NXM $6.5M Greame Kirke 0.1243 0.095
Ovato Ltd OVT $48.5M Lazard 0.0646 0.0531
Altura Mining AJM $256.2M Shaanxi J&R Optimum Energy 0.1614 0.1513
Decmil Group DCG $203.6M Paradice Investment Mgmt 0.0765 0.0645
Elementos Ltd ELT $9.2M Andrew Greig 0.2061 0.1957
Nick Scali NCK $477.9M Perpetual 0.1353 0.1136
Real Energy RLE $30.2M Dang Lan Nguyen 0.068 0.0587
Real Energy RLE $30.2M Scott Brown 0.087 0.078