Top 20 reveals significant buyer

The top 20 published in today’s annual report has certainly shown itself to be extremely revealing.

Whilst most of the Top 20 from last year are still in the top 20 (In fact many have increased their positions) with the most notable exceptions being Canvalate’s debut in to the top 20 and the apparent sell down from Alastair Pty Ltd who was the original founder of the Mouthguards business who resigned from the board back in 2019.

The name that has caught my attention is Footprint Capital Pty Ltd <Poswell Family A/C> who has emerged in the number 5 position with a total of 18.2 million shares or 2.39% of the company.

I’ve done a bit of background work into that entity and it is controlled by Glenn Darren Poswell. If you google that name you will find that he is the founder and manager of investment group Gannet Capital.

Doing a bit more digging also revealed he was the founder of Ellerston Capital which managed in excess of $4 billion but most noteably was established to manage the Packer Family money.

Lastly and what I find of potential significance to IHL is that he is an advisory board member and member of the investment committee for Marcy Venture Partners (MVP) - which was co-founded by Shawn Carter aka JAY-Z. MVP has made some significant investments into the cannabis sector in the United States.

This brings me to the fact that along with Footprint there has been a major accumulation of stock in one of the custodian accounts being CS Third Nominees. This account is now the number 2 shareholder with a total of 30.9 million shares which is 4.06% of the company.

I suppose the question is, who is hiding behind that account. Surely this is related to Poswell?

I’ll continue my digging but I think its becoming clear that we’ve got some serious interest from pros.

Ted.