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.


German investor Delphi had an 18 per cent stake in Northern Territory-focused base metals explorer PNX Metals (ASX: PNK). Now it owns over 40 per cent after forking out $4.2 million in a placement. Of this, $3.2 million was a shortfall.

Everyone’s looking for the next big tech stock and perhaps San Francisco Bay-area investor Osmium Partners believe it will be Redbubble (ASX: RBL). It’s bought $2.7 million in Redbubble shares in the last seven weeks and now holds a 9.2 per cent stake.

While two of Base Resource’s (ASX: BSE) directors were selling shares, Fidelity was buying. This month it bought 11.8 million shares for $2.8 million.

Small cap fund manager Regal Funds Management spent over $9 million in Evolve Education’s (ASX: EVO) placement, taking its stake from 16 per cent to 26 per cent. It also became substantial holders in market place lender Wisr (ASX: WSR), taking a 5.23 per cent stake after $1.6 million in net buys.

Spheria Asset Management made several purchases this week. It became substantial holders in Asaleo Care (ASX: AHY) and paid $11.56 million. It topped up its stakes in SMSF software provider Class (ASX: CL1), GBST Holdings (ASX: GBT), Mortgage Choice (ASX: MOC) and Horizon Oil (ASX: HZN). Between these four companies, Spheria paid out over $5.7 million.

Retiree-focused investment manager Challenger increased it stakes in Adairs (ASX: ADH) and A2B Australia (ASX: A2B), while listed investment company Thorney Opportunities (ASX: TOP) did the same with its stake in iSelect (ASX: ISU).

Nero Resource Fund bought a 5.37 per cent stake in Capricorn Metals (ASX: CMM), costing it $1.1 million and Dimensional Entities became substantial holders (with a 5 per cent stake) in Japara Healthcare (ASX: JHC) after buying $1.26 million in shares this year.

Company Code Market Cap Holder Stake Status
Whitebark Energy WBE $6.3M Grand Gulf Energy 0.1987 Becoming
Empire Resources ERL $5.0M Michael Ruane 0.1997 Increasing
GBST Holdings GBT $176.6M Spheria Asset Mgmt 0.1074 Increasing
Axiom Mining AVQ $21.0M InCoR Holdings 0.0555 Becoming
Seafarms SFG $172.0M Nippon Suisan Kaisha 0.1473 Increasing
Aura Energy AEE $12.1M Asean Deep Fund 0.141 Increasing
Secos Group SES $15.2M Richard Tegoni 0.05 Becoming
Pro-Pac Packaging PPG $113.5M Bennamon & Kin Group 0.496 Increasing
Capricorn Metals CMM $84.3M Nero Resource Fund 0.0537 Becoming
Redhill Education RDH $63.1M Acorn Capital 0.0622 Increasing
Central Petroleum CTP $99.8M Troy Harry 0.0645 Increasing
iSelect ISU $138.3M Thorney International 0.0656 Increasing
Galilee Energy GLL $144.4M Copulos Group 0.0664 Increasing
Asaleo Care AHY $497.0M Spheria Asset Mgmt 0.0573 Becoming
Mortgage Choice MOC $99.4M Spheria Asset Mgmt 0.1778 Increasing
Horizon Oil HZN $162.8M Spheria Asset Mgmt 0.1073 Increasing
City Chic Collective CCX $334.5M Spheria Asset Mgmt 0.1006 Increasing
Caravel Minerals CVV $8.2M Copulos Group 0.0554 Becoming
Adairs ADH $274.5M Challenger 0.0617 Increasing
Class CL1 $175.3M Spheria Asset Mgmt 0.1922 Increasing
Capitol Health CAJ $186.1M Challenger 0.0927 Increasing
A2B A2B $225.2M Spheria Asset Mgmt 0.1491 Increasing
Adairs ADH $274.5M Lennox Capital Partners 0.0614 Increasing
Wisr WZR $108.9M Regal Funds Management 0.0523 Becoming
Cannpal Animal Therapeutics CP1 $14.4M Merchant Funds Management 0.1961 Increasing
Alexium International Group AJX $48.4M Stuart Phillips 0.0508 Becoming
Eureka Group EGH $61.0M Salt Funds Management 0.062 Increasing
Golden Rim Resources GMR $7.1M Capital Drilling 0.118 Becoming
Adslot ADJ $38.6M Peter & Diana Diamond Super Fund 0.0901 Increasing
Base Resources BSR $285.8M Fidelity 0.0722 Increasing
Speciality Metals SEI $19.8M Whitfords Holdings Investments 0.062 Becoming
Spirit Telecom ST1 $54.3M Peter & Diana Diamond Super Fund 0.199 Increasing
Redbubble RBL $292.0M Osmium Partners 0.092 Increasing
Mobecom MBM $12.1M Lakeba Ventures 0.1787 Increasing
Boom Logistics BOL $67.2M Castle Point Funds Mgmt 0.0502 Becoming
1st Group 1ST $15.7M Focus Asset Management 0.0676 Becoming
White Cliff Minerals WCN $2.4M Ryan Rowe 0.0544 Becoming
Japara Healthcare JHC $374.2M Dimensional Entites 0.05 Becoming
MCS Services MCS $3.2M Gabriel Hewitt 0.06 Becoming
Secos Group SES $16.8M R&K Edwards Investments 0.129 Increasing
PNX Metals PNX $7.6M Delphi 0.4061 Increasing
Lindian Resources LIN $3.8M Futurity Private 0.0574 Becoming
Resources & Energy Group REZ Suspended Gaffwick Pty Ltd - Campbell Duncan 0.2269 Increasing
Evolve Education EVO $64.6M Regal Funds Management 0.2678 Increasing
Bigtincan BTH $146.9M Australian Ethical Investments 0.13 Increasing
Empired EPD $43.6M Westoz Funds Management 0.0562 Increasing
Imdex IMD $416.8M Yarra Funds Management 0.081 Increasing
Wingara WNR $28.9M NAOS Asset Management 0.2426 Increasing
Uniti Wireless UWL $125.8M Cornish Group Investments 0.1145 Increasing
Tesserent TNT $9.7M Geoffrey Lord 0.118 Increasing
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This week only one substantial holder sold all their shares in their company. America hedge fund manager Och-Ziff sold out of neuroscience play Total Brain (ASX: TTB) for $1.3 million.

Only six months ago Och-Ziff held 97 million shares – an 18 per cent stake – but sold half its stake in December then was diluted twice. It sold the rest of its stake this week.

Two financial firms in the headlines for wrong reasons were Getswift (ASX: GSW) and Blue Sky Alternative Investments (ASX: BAS), and the latter went into administration this week. Fidelity sold $191,000 in Blue Sky shares while Regal’s latest substantial holder notice for GetSwift showed it’d sold $1.4 million in the last 12 months. Yet both remained substantial holders.

IOOF sold another parcel of Oliver’s Real Foods (ASX: OLI) shares, this one only $50,000, which would undoubtedly be far less than what it bought it for.

The Hill Family Group ceased to be substantial holders in Cobalt Blue (ASX: COB) right as the company launched a capital raising. While there is a Cobalt Blue director who shares the surname, they do not appear related entities – a different ‘Mr Hill’ signed the substantial holder form.

Company Code Market Cap Holder Current Stake Status
Havilah Resources HAV $35.0M Melissa Kate Johnson 0.0035 Ceasing
Cobalt Blue Holdings COB $19.3M Hill Family Group 0.0476 Ceasing
Getswift GSW $30.2M Regal Funds Management 0.0796 Decreasing
Blue Sky Alternative Investments BAS $5.2M Fidelity 0.0564 Decreasing
THC Global THC $62.0M Jason Colquhoun 0.0497 Ceasing
Eureka Group EGH $61.0M Adam Smith Asset Mgmt 0.0564 Ceasing
Orthocell OCC $45.5M Stone Ridge Ventures 0.0681 Decreasing
Uniti Wireless UWL $125.8M IOOF 0.0457 Ceasing
Total Brain TTB $21.8M Och-Ziff 0 Ceasing
Jatenergy JAT $47.1M Anthony Crimmins 0.0061 Ceasing
Olivers Real Foods OLI $6.3M IOOF 0.0942 Decreasing
Iodm IOD $18.0M Damian Arena 0.105 Decreasing
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Sitting out of capital raisings will mean your holding goes down and you may lose your ‘substantial holder’ crown. Two Speciality Metals (ASX: SEI) investors, Bodie Investments and Covenant Holdings, had this happen to them this week.

Major shareholder in 1st Group (ASX: 1ST), John Plummer, saw his stake fall from 37 per cent to 30 per cent.

Although Adslot (ASX: ADJ) director Geoffrey Dixon bought nearly $500,000 in Adslot shares in recent months, his stake went from 7.72 per cent to 6.02 per cent.

Company Code Market Cap Holder Past Stake Present Stake
Cougar Metals CGM $1.1M Randal Swick 0.4237 0.3689
Golden Rim Resources GMR $6.5M Acorn Capital 0.0713 0.0546
Capricorn Metals CMM $85.2M Centrepeak Resources Group 0.1046 0.0794
Speciality Metals SEI $19.8M Bodie Investments 0.0523 0.0454
Speciality Metals SEI $19.8M Covenant Holdings 0.0505 0.0475
Mobecom MBM $12.1M Hotazel Holdings 0.126 0.1081
Mobecom MBM $12.1M Christopher Lawrence 0.0883 0.0757
1st Group 1ST $15.7M John Plummer; Gold Tiger Investments 0.3704 0.296
Tribune Resources TBR $238.7M General Energy Holdings 0.1231 0.1109
Carpentaria Resources CAP $14.6M SG Hiscock & Company 0.0756 0.0548
Syndicated Metals SMD $3.2M Washington H. Soul Pattinson 0.2881 0.2743
Adslot ADJ $43.8M Geoffrey Dixon 0.0772 0.0602
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