The Game's A'foot

The Prospector always takes particular interest in the dealings of MM&E Capital. It is a takeover specialist, so any signs of share accumulation by this operation could mean a takeover is in the wind.
Last Monday, MM&E announced it had increased its holding in SDS Corporation from 5.6% to 7.7% at a cost of about $2.2 million. SDS, a mining services company, jumped 12% on April 7, from $1.00 to $1.12. This time last year, SDS was trading for 65¢.

Separately, the Myer Family Corporation, which recently launched a joint venture with Newbridge Capital to buy the troubled Myer department store, has purchased 6.9% of Australian Renewable Fuels. The purchase represents an investment of about $8 million in alternative fuels for the family corporation, well known for their philanthropy.

Meanwhile, the powerful Hong Kong-based investment house Sun Hung Kai & Company is clearly optimistic about the future for iron ore price negotiations, SHK increased its stake in the Mt Gibson iron ore exploration group from 9.6% to 10.6%, at a cost of $3.5 million.

Value manager Peter Hall, at Hunter Hall International, has been actively trading in Orion, a telecommunications company operating in Australia, Ireland, Spain and the United Kingdom. Hunter Hall announced it had sold 2.4 million shares but bought 3.3 million. This resulted in a net gain of 885,000 or alternatively, it increased its holding from 14.1% to 15.2%.

Another value manager, Maple-Brown Abbott, has been offloading shares in the Spotless Group, lightening its load from 9.6% to 8.5% of the logistics company and picking up $6.7 million in the process. Spotless was trading for $5.90 in August last year and is now $4.95.

Data supplied by News Bites. For more information, go to: www.newsbites.com.au