SELLING Terragen Holdings (ASX code TGH) as part of the Punter's great June sell-off was probably a mistake.
While the market as a whole has been wobbling like a drunk on a tightrope, TGH has been inching steadily forwards.
In part that is no doubt because Hong Kong-based hedge fund operator Scobie Dickinson Ward has continued to build a stake in the agri biotech company.
He first declared a substantial holder in April, with 6.1 per cent of the shares.
By July 7, he had increased his stake to 8.75pc.
Also helping the share price was appointment late last month of a new chief executive, Jim Cooper, and the simultaneous statement the company "continues to achieve strong sales growth".
The change seems to have gone smoothly.
Cooper's predecessor, Justus Homburg, is continuing "work closely with the company as a consultant".
Terragen is currently selling two microbial products here and in New Zealand, the Mylo feed supplement and a microbial soil conditioner, Great Land.
It is also developing a teat conditioner and mastitis treatment for dairy cows.
The Punter sold his shares in June at 17 cents, to lock in a tiny profit, hoping to buy back lower when the market fell.
The last time he looked, the market hadn't collapsed and TGH was selling for 23c. Ouch.
Terragen sales are growing strongly but from a small base - net sales in the March quarter were about $1.1 milion.
The shares are still below the 25c at which they were first sold to the public last November.
However, that float brought in $20m, and at the end of March TGH still had more than $17m cash.
The Punter is buying back into TGH, ahead of a promised market update "early in the new financial year".
He paid $2310 for 10,000 shares.
Meanwhile, his order for Clean TeQ (CLQ) at 12c was filled last week.
- The Punter has no financial qualifications nor links to the financial services industry. He owns shares in a number of companies featured in this column.
Have you signed up for The Land morning briefing? You can register below. Each weekday morning you'll receive the latest in NSW agriculture.
