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Man with the golden touch: Midas Slattery turns a $2.5m punt into $27m fortune

Business

Bevan Slattery is gaining a reputation for having a Midas touch when it comes to stock picking and his latest foray into the market will reinforce that image.

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The Brisbane-based IT guru who started companies including NEXTDC, Superloop and Pipe Networks, took a 50 million-share stake in Perth based 3D mapping company Pointerra.

Slattery jumped at a placement of 50 million shares at 5 cents each, worth $2.5 million, on July 14.

At yesterday’s market close Pointerra had rocketed to 54 cents making Slattery’s punt worth $27 million.

Over at Novonix, things haven’t gone quite so well. Once something of a market darling, the company’s shares have been plummeting since Tesla’s battery day when it was anticipated that there would be announcements favouring the Novonix battery.

However, Elson Musk disappointed.

Novonix shares have almost halved since then, falling from $1.99 to $1.08 at yesterday’s close. That wiped about $320 million from the market value of Novonix and slashing $55 million from the value of the 17 per cent stake held by Trevor St Baker which was worth $119 million at the recent peak.

Corporate Travel Management founder and biggest shareholder Jamie Pherous yesterday said he could not afford to take part in the company’s $375 million entitlement offer to raise funds for its purchase of US-based Travel & Transport.

Pherous said he didn’t receive a big income from his job and instead used the dividends from his shares as income. However, dividends have been slashed this year.

But Pherous’s existing 21 million shares in the company grew in value by $37 million when the company’s shares rocketed 11 per cent on the ASX today.

 

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