Buru reveals Andrew Forrest is now a shareholder; what other small caps does Twiggy own?
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The ASX often inquires into companies that have significant price rises when they have had no news. Yesterday it did so with WA energy stock Buru Energy (ASX: BRU).
Buru’s explanation? The discovery by West Australian media that an entity associated with Andrew “Twiggy” Forrest had bought in.
Forrest Family Investments, as trustee for a company called Peepingee Trust, owns 18 million shares in Buru, which is 4.18 per cent.
Being under the 5 per cent threshold, this did not have to be disclosed as a substantial holding so it is not yet known when he bought in.
But evidently any “buy in” by a person such as the Fortescue chairman is noteworthy, as the stock increased nearly 50 per cent in two days.
Buru also attributed the release of its most recent company presentation on May 16, arguing shareholders were only just taking note more than a week on. But there’s no doubt Forrest’s purchase was critical here.
Forrest would be the fourth largest shareholder of Buru. Ahead of him are Perth businessman Michael Hodgson’s Birkdale Enterprises (with 8.1 per cent), Coogee Chemicals-owned Chemco (with 7.71 per cent) and Buru chairman Eric Streitberg (with 4.91 per cent).
Easily Forrest’s biggest stake is in iron ore exporter Fortescue Metals (ASX: FMG). According to Bloomberg his stake in Fortsecue is $6.5 billion – 35 per cent of the company.
He has a 4.9 per cent stake in nickel explorer Poseidon Nickel (ASX: POS), worth $12.8m as well as an 11.79 per cent stake in uranium play Vimy Resources (ASX: VMY), worth $2.1m.
While annual reports of Admedus (ASX: AHZ) have shown him as a holder, he appears to have sold sometime in the last several months.