Steinepries Dejavu

What do AVZ, TAR and FRN have in common?

One was the highest gaining miner on the market last year at +1579% - AVZ
One is up 500% (last 12 months) - AVZ
One is up 400% (last 12 months) - TAR
One has an MC 1/5th and 1/70th the size of the other two - FRN
Two have had Klaus Eckhof appointed in some capacity - AVZ/TAR

But what do all three have in common?

The Steinepries family have owned significant percentages of the company prior to any key appointments or significant acquisitions. But more specifically, prior to Klaus being appointed.


AVZ and TAR aren't the only example of this pattern. There are others on the ASX right now.

I don't know if Steinepries and Eckhof are close mates, but it's as though Steinepries finds decent shells, loads up, invites Klaus to the party by dangling a big share allocation under his nose and it generally has a happy ending. Well at least it has for me on AVZ and TAR. We've also seen an Eckhof family member been appointed to the board on at least one of these (TAR), but also another if I'm not mistaken.

So what's so interesting now considering the Steinepries family started buying FRN way back in 2016? Well lately the family have been buying again, and buying in a similar manner to that of TAR; a second wave. Shortly after this second wave Klaus was appointed.



So when you compare the Steinepries visible holdings (top 20 shareholders/significant shareholder announcements) they have owned between 15-21% for all three prior to a Klaus appointment. Possibly more than this considering other non-significant/non-top 20 accounts.

TAR T20 prior to Klaus




AVZ T20 prior to Klaus, followed by one in 2016





If Klaus is appointed don't be surprised if they start selling into the news prior to acquisition. I noticed he did a similar thing with TAR, potentially derisking, but held the majority to acquisition and exited shortly after.

This is in no way a sure thing but I'm happy to take a punt here with an MC around $5.8m with $2.4m cash on hand (~EV 3.4m). Also a low cash burn with only $90k spent in the previous quarter.

AVZ and TAR both worked out well for me so I'm happy to get in earlier this time and gamble that Klaus' invite doesn't get lost in the mail. Could be a lengthy wait for any news so please keep this in mind.