Trading Places: Who accumulated 7.6pc of Maggie Beer owner Longtable Group?
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Want to know where fund managers are putting their money? We’ve been keeping track so you don’t have to.
Trading Places is Stockhead’s recap of the substantial holder movements among ASX small caps over the last fortnight.
Substantial shareholders are those holding 5 per cent or more of a company’s shares — these can be directors, individual investors, or institutional investors.
Shareholders are required to announce to the exchange when they cross above or below the 5 per cent threshold, as well as any change in their holdings while they remain above 5 per cent.
Accumulating a 7.6 per cent stake over the last month has been an entity called Dynasty Peak, the personal superannuation fund of financial heavyweight Geoff Wilson.
Despite COVID-19, the company last week reported strong sales throughout May and June which will result in net sales for FY20 growing on FY19.
Carbon fibre wheel manufacturer Carbon Revolution (ASX:CBR) fell last week after a negative COVID-19 trading update. But Sydney-based ECP Asset Management took the chance to buy more shares, crossing the substantial holder threshold by owning 5.17 per cent.
The latter of these companies last week announced the acquisition of Vault Intelligence (ASX:VLT) and that, despite COVID-19, its earnings would increase.
Merchant Funds Management was so confident in further success with its investment in cancer fighting biotech Race Oncology (ASX:RAC) that it made an unsolicited approach to contribute more capital. Race took up the offer and now Merchant owns 9.28 per cent.
Auckland based Pie Funds Management reduced its holdings in ReadyTech (ASX:RDY) which makes people management software for schools.