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The Brisbane-based Flight Centre group must surely rank as one of the great ASX share price collapses in recent years. From a high point of $28.50 in July 2002, this former sharemarket darling led by Graham Turner plunged to a low of $9.06 on September 5 last year. It closed at $10.30 on Friday.
What happened? Flight Centre's full service travel outlet chain was hit hard by the internet. Moreover, the stock had clearly run too far, too fast. Now, the bargain hunters led by Lazard Funds Management are trickling back.
Lazard has been accumulating stock in Flight Centre since June 2005. At that point, it held just 6.62% of the company. Since then it has acquired another 5.83%, including the 2.46% parcel announced last Thursday, May 4.
Fund managers Perpetual and Paradice Investment Services have taken contrarian positions on the property management group S8. Perpetual announced on May 1 that it had been trading in S8 for a net sale of 950,000 shares, lightening its holding from 6.6% to 5.33%.
On May 2, Paradice bought 745,000 shares, or 5.02% of the company. After announcing a partnership with Virgin Holidays for a long-awaited push into Britain on May 3, S8 entered a trading halt pending another announcement.
Barclay’s Global Investors Australia has ceased to become a substantial shareholder in rocketing resources company Oxiana. Barclay’s announced on May 4 and 5 that it had sold 15 million shares in Oxiana over two days for about $39 million. Oxiana was trading for 86¢ this time last year; it closed on Friday at $3.54.
There was an interesting play with stockfeed company Ridley Corporation last week. Value managers MIR Investment Management announced that it had sold 4.8 million of the stock on May 1. The following day Investors Mutual announced it had bought 4.35 million shares.
Perigana Holdings announced that it had picked up 2.3 million shares in Reckson’s New York Property Trust. Perigana became a substantial shareholder in the process and now holds 7.8% of the listed property trust: one of 58 LPTs on the ASX.
Last week we mentioned MM&E’s purchase of SDS Corporation shares, increasing its holding from 5.6% to 7.7%. This week we can announce that it has bought another $2.2 million worth of SDS, increasing its holding to 10.10%.
| MBIG DEALS | ||||||
| Date/Period | Company |
Code
|
Shareholder |
Holding
|
Purchase/Sale
|
New Holding
|
|
1/05/2006
|
SDS Corporation Ltd |
SDS
|
Sandvik AB |
11.80%
|
1,247,609
|
13.14%
|
|
1/05/2006
|
S8 Ltd |
SEL
|
Perpetual Ltd |
6.60%
|
– 950,000
|
5.33%
|
|
1/05/2006
|
Ridley Corporation Ltd |
RIC
|
MIR Investment Management Ltd |
NA
|
– 4,868,453
|
<5.00%
|
|
2/05/2005
|
Ridley Corporation Ltd |
RIC
|
Investors Mutual Ltd |
15.30%
|
232,143
|
16.58%
|
|
2/05/2005
|
S8 Ltd |
SEL
|
Paradice Investment Management Pty Ltd |
NA
|
745,528
|
5.02%
|
|
3/05/2006
|
SDS Corporation Ltd |
SDS
|
MM&E Capital Pty Ltd |
7.74%
|
2,195,688
|
10.10%
|
|
3/05/2006
|
SDS Corporation Ltd |
SDS
|
Sandvik AB |
13.14%
|
1,148,384
|
14.37%
|
|
4/05/2006
|
Oxiana Ltd |
OXR
|
Barclays Global Investors Australia Ltd |
6.08%
|
– 13,716,155
|
5.07%
|
|
4/05/2006
|
SDS Corporation Ltd |
SDS
|
MLP Investments (Caymans) Ltd |
0.00%
|
6,170,496
|
5.56%
|
|
4/05/2006
|
Reckson NY Property Trust |
RNY
|
Perigana Holding Pty Ltd |
NA
|
2,300,467
|
7.81%
|
|
4/05/2006
|
Flight Centre Ltd |
FLT
|
Lazard Asset Management Pacific Co |
9.99%
|
2,699,699
|
12.45%
|
|
5/05/2006
|
Oxiana Ltd |
OXR
|
Barclays Global Investors Australia Ltd |
5.07%
|
– 2,221,220
|
<5.00%
|
Data supplied by News Bites, www.newsbites.com.au.
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