Trading Places: Which investors want forex, aviation and suspended mining stocks?

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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.

Buyers

When your stock is suspended from the ASX it is considerably difficult to buy or sell. Unless it’s a capital raise that will get you re-listed – and Crusader Resources (ASX: CAS) is raising $4 million.

Buying into Crusader was Chris Retzos who now has a 13.34 per cent stake in the company, spending $700,000 for the privilege. However, the stock won’t relist until July.

FIFO flight provider Alliance Aviation (ASX: AQZ) has Qantas as a 20 per cent stakeholder and this week it welcomed Perpetual who have spent $5 million since February on a 5.11 per cent stake.

International payments company OFX Group (ASX: OFX) saw Health Employees Super Fund accumulate a 5 per cent stake in the company.

The major small cap fund managers were active this week. IOOF became a substantial holder in metal detector manufacturer Codan (ASX: CDA) with a $3.9 million buy last Thursday.  It also increased its holdings in Primero Group (ASX: PGX), KYCKR (ASX: KYK) and Calix (ASX: CXL).

Wilson Asset Management has accumulated a 5.60 per cent sake in construction stock Johns Lyng Group (ASX: JLG), topping it off with a $1.9m buy last week. It also topped up its stake in Myer (ASX: MYR), buying $7 million in the last three months.

Naos Asset Management increased its holdings in MNF Group (ASX: MNF) to nearly 20 per cent and in BTC Health (ASX: BTC) to 18.5 per cent.

Spheria Asset Management increased its stake in GR Engineering Services (ASX: GNR) to 10.43 per cent. It has bought $4.2 million in the last fortnight.

Australian Ethical Investment has made some fascinating moves in recent weeks. This week it became a holder in renewable energy stock Infigen Energy (ASX: IFN). It spent $12 million in the last two months to accumulate this stake.

When a company lists, pre-IPO shareholders inevitably become substantial holders. Tech stock Powerwrap (ASX: PWL) listed last week and SG Hiscock and private investor Nelcan became substantial holders. On the day it listed, May 23, Regal Funds Management bought a 6.89 per cent stake for $1.1 million.

Sellers

Two ‘sell-outs’ occurred this week. First UUV Aquabotix (ASX: UUV) saw New York-based Eagles’ View Partners sell out. It spent $2.4 million during its IPO and a capital raising some months later.

But thanks to the substantial drop, it’s sold all its stake for a total of $444,000 – $118,000 last July and $326,000 last Thursday.

The other sell-out happened to investment company Lion Selection Group (ASX: LSX). Select Investments sold its entire stake for $3.3 million.

Industry Super Holdings were significant sellers this week, ceasing  to be substantial holders in cannabis play Bod Australia (ASX: BDA) and tech play Xref (ASX: XF1). Wilson Asset Management decreased its stake in City Chic Collective (ASX: CCX), selling $1.6 million in the last week. This was a fair gain but it did not quite reap as much as Nigel Evans.

IOOF decreased its stakes in Adairs (ASX: ADH), Redbubble (ASX: RBL) and Oliver’s Real Foods (ASX: OLI). It netted $4 million, $1 million and $81,000 respectively. Its Oliver’s sale was timed… unfortunately.

On the other hand, it was good timing for Regal which sold more shares in Zip Co (ASX: Z1P), bringing $12.8m to its coffers. At the start of this year such a sale would have only reaped $4 million and had it done it this week it would have netted less as the stock has begun to fall from its all time highs.

Dilutions

These shareholders sat out of capital raisings and saw their shares in the company decline accordingly.

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