A major run of buying and selling of Enero Group shares

Chris Pash
By Chris Pash | 22 August 2019
 

Key shareholders in the marketing and communications network Enero have this week sold down their stakes and new players have bought in.

Major fund manager Wilson Asset Management bought 6.2% of the marketing and communications network Enero, the owner of BMF, Hotwire, Frank PR and the leading Edge.

At Wednesday's closing price, the holding would have cost around $9.6 million. 

At the same time, foundation shareholder RG Capital announced it had sold 5.6 million shares which would be worth, at the closing price yesterday of $1.795, about $10 million.

Enero is trading near its 52 week high of $1.85.

The parcel represented about a quarter of RG Capital's holding.

Enero last week posted a 40.9% rise in revenue to $230.03 million in the year to June. Profit was down by a third to $5.66 million but net profit after tax before significant items was up more than half to $12.1 million.

RG Capital Holdings says it remains the single largest shareholder in the Enero Group and doesn't intend to sell down any further.

"As one of the foundation shareholders of Enero, we are totally supportive of the Management and the Board of Enero and completely aligned with the direction of the Group," says Susan McIntosh, RG Capital's managing director.

"Matthew Melhuish who has served as Chief Executive Officer and Executive Director of Enero Group Ltd since January 2012 together with his executive team has done an amazing job of transforming the Group as evidenced by this year's excellent financial results.

"We feel confident that Enero will continue to build successfully on the momentum that has been created and feel very positive about the Enero Group's future."

In the 2018 annual report, RG Capital was listed as the biggest shareholders with 20,823,268 shares. 

In other share changes, boutique fund manager Forager sold down its stake, going from 14.19% to 11.21%. 

And earlier in the week Australian specialist funds manager NAOS Asset Management cut its holding to 14.4% from 17.17%. 

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