In this weekly column, Stockhead overviews all substantial holder filings of ASX small caps.

Substantial shareholders are those holding 5 per cent or more. These could be company directors, individual investors or major 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

Right as Yowie (ASX: YOW) face a takeover offer from disgruntled shareholder Keybridge Capital (ASX: KBC), Wilson Asset Management came onboard with a 13% stake, costing nearly $2.5 million.

It is unclear whether it is looking for a quick gain (it would gain over $150,000 if the 9.2 cent per share takeover offer went ahead) or seeking to make a counter-offer. Either way, we are bound to find out soon.

UPDATE: While Wilson have not commented, the mere purchase was enough to get Keybridge suspicious. It has submitted an order to the Takeovers panel to prevent it from exercising shareholders rights (including voting) and buying more shares.

Fresh from acquiring Explarum, Rameulis Resources (ASX: RMS) have welcomed Van Eck as a shareholder, after it bought a 6.5 per cent stake for $10.9 million. Van Eck also bought a 5.57% stake in Perseus Mining (ASX: PRU) for $3.5m.

But rather than owning outright, the stake lies in Van Eck’s US$19b Junior Gold Miners ETF (NYSE: GDXJ), so while forking out over $14 million may seem big for Australian observers, the purchase is essentially loose change for them.

On Monday, Smiles Inclusive (ASX: SIL) director David Herlihy took a 17.7 per cent stake in the dental practice company and within 24 hours requested an EGM to overthrow two current board members.

Under law the company have to hold it within three weeks and it has confirmed it will. While we are yet to hear more from either party, this comes only three weeks after Smiles Inclusive’s anticipated 2019FY profit of $2m fell to a $1m loss.

Zenith Energy (ASX: ZEN) welcomed Moelis as a substantial holder with 5.10 per cent after 4 months of building its stake. Moelis is the investment bank established in 2007 by billionaire banker Ken Moelis and in Australia it’s run by Sydney Swans chairman Andrew Pridham.

New Zealand’s Accident Compensation Corporation bought a 5.16 per cent stake in Sky Network Television (ASX: SKT) – the NZ Sky Network, unrelated to the Australian or UK channels. This cost NZ$7.7m (A$7.4m) and was done through the NZX – Sky is dual listed.

Company Code Market Cap Holder Stake
Food Revolution Group FOD $48.8M SG Hiscock 0.0569
Perseus Mining PRU $498.0M Van Eck 0.0557
Ramelius Resources RMS $514.1M Van Eck 0.0654
Nexopharm NOX $51.9N Goodridge Nominees 0.0795
Zenith Energy ZEN $63.2M Moelis 0.0509
Benjamin Hornigold BHD Suspended GM Holdings 0.0724
FlexiGroup FXL $520.3M Tamorer - trustee for Wylie Family Trust 0.0518
Sky Network Television SKT $509.7M Accident Compensation Corporation 0.0516
Yowie Group YOW $19.4M Wilson Asset Mgmt 0.13
Managed Accounts Holdings MGP $40.1M Starmay Superannuation 0.0501
Uniti Wireless UWL $52.4M Cornish Group Investments 0.0763
Base Resources BSE $379.2M Fidelity 0.0519
Metro Performance Glass MPP $83.4M NAB/BNZ 0.0501
MCS Services MSG $2.4M Peter Johns 0.0501
Smiles Inclusive SIL $9.6M David Herlihy 0.1768
Petrel Energy PRL $13.2M Dennis Donald 0.1999
Petrel Energy PRL $13.2M Duncan MacNiven 0.1999
AIC Resources A1C $13.5M Intrepid Mines 0.387

 

Exits

Fidelity completely sold out of Yowie (ASX: YOW), holding 9.24 per cent immediately before its exit. The stake was accumulated between April 2016 and May 2017.

Considering Yowie’s share price was no lower than 60 cents and as high as $1 during this time, this would be represent a hefty loss.

National Veterinary Care (ASX: NVL) saw small cap fund managers Pengana Capital and Washington H Soul Pattinson depart, selling over $5 million worth of shares between them.

NZ fund manager Fisher Funds Management sold its 9.94 per cent stake in Michael Hill (ASX: MHJ), reaping $23.8 million. Bank of America Merrill Lynch halved its 7 per cent stake in pharmaceutical IDT Australia (ASX: IDT).

Resource Capital Funds sold a $3m stake in Geopacific Resources (ASX: GPR) which would have been around 17.7 per cent stake in the gold-copper explorer. Curiously, the company is currently in a trading halt pending the announcement of a capital raise.

Company Code Market Cap Holder Stake
Celsius Resources CLA $15.0M Gecko Namibia 0.05
Food Revolution Group FOD $48.8M Bill Nikolovski 0.077
ImpediMed IPD $85.4M Fidelity 0.055
Liquified Natural Gas LNG $271.6M Valinor Management 0.0735
National Veterinary Care NVL $123.0M Pengana Capital 0.0642
Bell Financial Group BFG $248.6M Ahmed Fahour/Equitas Nominee 0.0679
Infomedia IFM $512.1M Yarra 0.0572
Michael Hill MHJ $265.4M Fisher Funds Mgmt 0.0994
National Veterinary Care NVL $123.0M Pengana Capital Management 0.065
Quickstep Holdings QHL $57.2M Deakin 0.0484
Atomos AMS $185.4M Common Sense Computing 0.0845
Eclipx Group ECX $238.1M Pendal Group 0.067
Geopacific Resource GPR $22.9M Resource Capital Funds 0.177
IDT Australia IDT $35.5M Bank of America Merill Lynch 0.07
KYCKR Ltd KYK $7.7M IOOF Holdings 0.0719
Immutep Ltd IMM $115.0M Altium Growth GP 0.074

 

Increasing

Pura Vida Energy (ASX: PVD) and its associates have continued to accumulate stock in Factor Therapeutics (ASX: FTT).

Factor was worth $60 million before being wiped out in a second following a clinical trial that showed no commercial benefit compared to existing treatment methods.

Pura Vida now holds 19.97% in the company and it looks it will launch a takeover bid, reaching the 20% threshold. But it took no action at yesterday’s EGM.

The ASX has been addicted to buy-now-pay-later stocks, with investors buying en-masse despite none of the stocks being profitable and at risk of legal regulation. But users have been signing up at a frenetic pace and seemingly that’s good enough.

Regal Funds Management bought another 1 per cent in one of these companies Zip (ASX: Z1P), taking its holdings to 7.79 per cent.

Its most recent purchasing spree last December, which made it substantial holders, saw it buy 9.6 million shares for $10.2m. Since then the share price has spiked from $1.06 to $1.70, making that purchase now $16.3m. Clearly it wants more.

Zip Co (ASX: Z1P) shares over the last 6 months.

Heron Resources (ASX: HRR) saw Minneapolis-based mining fund manager Castlelake increase its 22.31 per cent stake to 25.31 per cent. This was conducted off-market between Castlelake and fellow mining investor Pala.

IOOF increased its 6.09 per cent stake in KYCKR (ASX: KYK) to 7.19 per cent and the Commonwealth Bank hiked its 10.71 per cent stake in GR Engineering Services (ASX: GNG) to 11.97 per cent.

Listed Company Code Market Cap Purchaser Past Stake Present Stake
Blackstone Minerals BSX $9.8M Deutsche Balaton Aktiengesellschaft 0.1018 0.1192
Eildon Capital EDC $46.5M Joseph Ross 0.0652 0.0753
Mach7 Technologies M7T $25.9M JM Financial 0.0849 0.1058
Mareterram MTM $37.9M Sea Harvest International 0.6349 0.6567
MaxiTrans Industries MXI $60.2M Spheria Asset Mgmt 0.0516 0.066
Myer MYR $468.1M Wilson Asset Mgmt 0.0546 0.0669
CML Group CGR $100.6M Naos Asset Mgmt 0.1849 0.1953
Cokal CKA $52.6M Aahana 0.0656 0.1597
Factor Therapeutics FTT $4.1M Pura Vida & associates 0.1944 0.1997
Integral Diagnostics IDX $403.7M Vibumum Funds 0.0614 0.0743
Mareterram MTM $37.9M Sea Harvest 0.6567 0.6783
Mercantile Invesment Company MVT $43.5M Geoff Wilson 0.096 0.126
Spectrum Metals SPX $25.2M Anthony Barton 0.075 0.086
Tambla Ltd TBL $9.9M Kestrel Growth 0.3041 0.3132
TerraCom TER $250.1M OCP 0.1873 0.1892
UsCom UCM $22.0M Smart Top Overseas 0.1688 0.1788
White Cliff Minerals WCN $2.4M Denman Income 0.0657 0.1071
Chant West Holdings CWL $7.2M Carnethy Evergreen 0.1975 0.1985
Great Southern Mining GSN $8.3M Terpu Group 0.3804 0.3885
Heron Resources HRR $163.1M Castlelake LP 0.2231 0.2531
Middle Island Resources MDI $7.3M Twynam Investments 0.0647 0.0931
Mercantile Investment Company MVT $43.5M Phoenix Portfolios 0.0627 0.0764
Thorn Group TGA $71.7M Somers 0.081 0.106
TPI Enterprises TPE $85.9M Thorney Opportunities 0.14 0.1701
Angel SeaFood AS1 $23.7M Bonafide Wealth Mgmt 0.147 0.16
Bass Metals BSM $30.7M Rookharp Investments 0.0599 0.0654
ERM Power EPW $502.1M Trevor Charles St Baker 0.2584 0.269
Metro Performance Glass MPP $83.4M Accident Compensation Corporation 0.0504 0.0652
Marreterram MTM $38.6M Sea Harvest 0.6783 0.7079
Virtus Health VRT $327.2M Allan Gray 0.0509 0.0611
White Cliff Minerals WCN $2.8M Denman Income Ltd 0.1071 0.1215
Angel SeaFood AS1 $23.7M Bonafide Wealth Mgmt 0.147 0.16
Bass Metals BSM $30.7M Rookharp Investments 0.0599 0.0654
ERM Power EPW $502.1M Trevor Charles St Baker 0.2584 0.269
Metro Performance Glass MPP $83.4M Accident Compensation Corporation 0.0504 0.0652
Marreterram MTM $38.6M Sea Harvest 0.6783 0.7079
Virtus Health VRT $327.2M Allan Gray 0.0509 0.0611
White Cliff Minerals WCN $2.8M Denman Income Ltd 0.1071 0.1215
ADX Energy ADX $6.0M Jetosea 0.0925 0.117
GR Engineering Services GNG $163.5M CBA 0.1094 0.1197
Healthia HLA $57.6M Glen Frank Richards 0.0687 0.0734
KYCKR Ltd KYK $7.7M IOOF Holdings 0.0609 0.0719
Jiancheng International Group JCI $26.0M Guopin Investment 0.0856 0.1051
Mareterram MTM $38.2M Sea Harvest 0.7079 0.7979
Thorney Technologies TEK $57.9M Thorney Holdings 0.2218 0.2319
Zip Co Z1P $583.2M Regal Funds Mgmt 0.0673 0.0779

 

Decreasing

Last week we reported IOOF sold a stake in Oliver’s Real Foods (ASX: OLI) that it had bought four months earlier – losing 62%. Since then, it sold another block of shares and lost 68%.

The $105,274 it netted from the sale of 2.9 million shares was well short of the $329,261 it would have cost at 11 cents per share in November. It has now sold two thirds of the shares it bought but still hold 11% in the company.

IOOF also reduced its stake in Uniti Wireless (ASX: UWL) from 15.4 per cent to 10.6 per cent. There has been some deal of saga surrounding its board.

Also this week, one new director bought nearly $1 million of stock.

Collins Street Asset Management, whose value fund was ranked by Morningstar as No 1 in Australia, reduced its stake in microcap Crowdmedia (ASX: CM8) from 6.7 per cent to 5.6 per cent.

Jupiter Asset Management cut its 8.3 per cent stake in Sky TV (ASX/NZX: SKT) from 8.3 per cent to 7.2 per cent. Perpetual reduced its stake in Rural Co (ASX: RHL) from 9.5 per cent to 8.4 per cent.

National Tyre and Wheel (ASX: NTD) boss Terence Smith saw his stake fall from 39.5 per cent to 31.3 per cent. This was due to a release of shares from escrow, a dilution and also a gift of his share to employees.

Listed Company Code Market Cap Seller Past Stake Present Stake
AVZ Minerals AVZ $102.7M Huayou International Mining 0.112 0.0949
Hotel Property Investments HPI $511.4M Investors Mutual 0.1281 0.1152
Oliver's Real Food OLI $8.0M IOOF 0.1225 0.1106
Uniti Wireless UWL $49.1M IOOF 0.1538 0.1062
Altura Mining AJM $256.2M Shaanxi J&R Optimum 0.1513 0.1397
Alliance Aviation AQZ $334.7M Kiowa Two Thousand Corporate Trustee 0.1058 0.0699
Atrum Coal ATU $91.1M Lenark 0.1211 0.0961
Bowen Coking Coal BCB $13.3M Area Coal 0.0946 0.0801
CropLogic CLI $8.6M Managed Account Holdings 0.0899 0.0733
Lakes Oil LKO $32.8M Gina Rinehart 0.1119 0.0984
National Tyre and Wheel NTA $53.4M Terence Smith & Sussane Smith 0.395 0.3134
Sky TV (NZ) SKT $505.9M Jupiter Asset Mgmt 0.0828 0.0719
Boss Resources BOE $85.6M Davey Management 0.112 0.0921
Uniti Wireless UWL $49.1M IOOF 0.1062 0.0932
CropLogic CLI $8.3M Managed Accounts 0.0733 0.0531
Ruralco RHL $461.2M Perpetual 0.0951 0.084
Venturex VXR $62.1M Regent Pacific Group 0.1552 0.1432
Bowen Coking Coal BCB $11.1M Cape Coal/Redel Resources/Gerhard Redelinghuys 0.1769 0.1494
Actinogen Medical ACW $62.6M BVF Partners 0.199 0.1943
Citadel Group CGL $357.6M Jakeman Holdings 0.152 0.14
FlexiGroup FXL $528.5M Abercrombie Group 0.2405 0.2301
Jaxsta JXT $72.0M Jaxsta 0.4222 0.4076
Liontown Resources LTR $28.6M Timothy Goyder 0.2049 0.1899
Megaport MP1 $522.1M Capital Group 0.106 0.096
Northern Minerals NTU $108.4M Conglin Yue 0.1443 0.1342
Bardoc Gold BDC $46.2M P&J Buttigieg Nominees 0.0774 0.064
Crowd Media Holdings CM8 $3.7M Collins St Asset Mgmt 0.0665 0.0561
Galan Lithium GLN $28.8M Hongze Group 0.1406 0.1182
Total Brain TTB $17.9M Och-Ziff Holding 0.089 0.071
Zip Co Z1P $583.2M Westpac 0.1716 0.1571