Some analysis of recent events:Ausbil Dexia is an equities...

Some analysis of recent events:
Ausbil Dexia is an equities manager that operates approx 10 share funds on behalf of superfunds, institutions etc. Paul Xiradis is the boss and is a bit of a legend in the industry. Ausbil purchased their BCI stake in their Micro Cap Fund and it is currently that funds #1 holding (5.57%). They purchased some 1.2M shares on 12/12/2012 and the balance on 18/1/2013 which would indicate that they bought from the Regent bookbuild. Ausbil Dexia Micro Cap managers review @ 31/12/2012:

Fund Review:
Our performance for the month was driven by a smart acquisition from BC Iron, a remarkable profit upgrade from Ainsworth and a recapitalisation from Vision Eye Institute. BC Iron’s main asset is a 50/50 joint venture with Fortescue in the Nullagine Iron Ore Project. During the month BCI announced the acquisition of a further 25% of the joint venture from Fortescue for $195m. They also announced the JV would increase production to 6mt from 5mt p.a. effectively increasing BC Iron’s attributable production 80% from 2.5mt to 4.5mt p.a. BC Iron is one of a select few small producing Iron Ore stocks and benefits from operating margins in excess of $50 per tonne, not to mention honest and capable management.

These guys and this purchase of BCI shares does not have a link to Macquarie Bank (in my opinion) other than the following:

FYI: Macquarie Capital (Australia) Limited acted as Sole Lead Manager, Underwriter and Bookrunner to the Placement. Argonaut and Octa Phillip Securities Limited each acted as broker to the Placement. Azure Capital Limited acted as BC Iron’s independent corporate adviser on the Transaction and its financing.

i.e. Ausbil may have bought shares in the 15.6M share placement that was run by MQG.

Tribeca Investment Partners popped up with just over 5% in January 2013. Kylie Osgood is Direct of Client & Corporate Services, signed the substantial notice, and honed her skills via Macquarie Bank. They started their big buy in on 29/11/2012, just 7-10 days prior to the trading halt & announcement about the move to 75% of the JV. Interesting. Macquaries' underwriting of the SPP would have been established at that stage but Tribeca's buying appears to have started prior to the bookbuild.

Regent Pacific Group disposed of 24,002,698 shares in BC Iron Limited (20.1%) to a range of domestic long only funds by way of a book build completed on Tuesday evening 16 January 2013. This range of companies, with the exception of those that have filed notices, are either all under the 5% limit or have chosen to split their holding to avoid publicity.

Given we have broader insto support than previously and we should be looking at a better half to June 2013, I remain sceptical of anyone talking about BC going private or scuttlebut concerning Directors selling.

These boutique fund managers that have come on board are there for one reason and I suspect it is the same reason you guys are still holding and taking the time to come and read these posts.

Hope I am right!

Chow.