Presented below is a summary of movements between 26Aug 2021 and 5 Sept 2022 within the top 20 holders of the Shares, and also theOptions [AN1OA expiring 1 Apr 2023], according to the tables presented in the two AnnualReports.
SHARES -
I have marked in the table where there has beenmovement in a holding of greater than 500,000 shares.
Within the current top 20 holders any such movementhas been a positive one.
The only possible negative movements of this magnitudewould relate to the 3 holders who do not now appear within the top 20 list,however, with a cutoff point of 1,578,927 in order to enter the current tableeach of the 3 holders indicated may still have a holding that does notconstitute a sale of more than 500,000 during the year.
Any message of sentiment therefore seems to be apositive one.
The obvious major change has been the entry of HGL Ltdwho now hold 32,786,885 (14.83%) in that name. Also, the associated, and newly formed,H&G High Conviction Ltd hold a further 5,632,548 (2.55%), giving a total of38,419,433 (17.38%).
The Hancock & Gore website provides the followingdescription of H&G High Conviction Limited -
“H&G High Conviction Limited is an investmentcompany with a focus on risk adjusted returns through constructing a highconviction portfolio of microcap ASX-listed companies.
Our History
In June 2022, H&GHigh Conviction Limited was formed and acquired its initial investmentportfolio of cash and ASX-listed securities in exchange for shares in H&GHigh Conviction Limited.
H&GHigh Conviction Limited has appointed H&G Investment Management Ltd as itsinvestment manager and adopted the investment strategy described below.
OurStrategy
The companyinvests its capital in companies with a significant discount in the share pricerelative to perceived inherent value. These companies have superior fundamentalprospects, yet negative external events have attracted a flight of investors.The company seeks to assist investee companies to demonstrate, grow and realisetheir inherent value.”
OPTIONS
I have marked in the table where there has beenmovement in a holding of greater than 200,000.
There have been 2 new entries with a significantholding.
The most significant change however is the holding ofIQ Global Asset Partners Pty Ltd (shown as ‘IO’ in the 2022 Report). They haveincreased their holding from 1,475,107 (4.56%) to 7,482,299 (23.12%). They held1,473,924 at 1 April 2021 when these options were issued.
There have been a total of 10.7mil trades of the Options during period so the accumulation by IQ Global would represent 60% of trades.
Like the shares then, the options have seen atransition during the year to a circumstance of one new very large holdertogether with a couple of new entries with a significant holding.
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