Increasing interest in NextDC
Increasing interest in NextDC. Bennelong Funds Management have continued to build their substantial position in NextDC and now hold over 8% of the stock. NextDC is an operator of physical and cloud based data centres. Shares in the Company came under pressure from short sellers early in the year with the market apparently concerned around the prospect of a material capital raising and rumour that founder Bevan Slattery was looking to exit his position. In the period since early July multiple directors have been buying stock on market and Slattery has also increased his holding from around 8% up to 10%. The stock has rallied 30% since a recent low in July, Jeremy Bendeich from Avoca Asset Management says that concerns about the companies sales performance were unwarranted and expects a positive sales result in 1HFY15 ((VIEW LINK). In the absence of a capital raising, with directors buying on market any guidance given at the NextDC AGM on the 14th of November will be worth keeping an eye on.