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SDI Ltd ASX:SDI

0 opened or increased1 held3 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 5 managers in total.

Position history by manager Showing 3 of 5 managersSelect a point to see the comment

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2 more managers have commented on SDIPro shows the full position history for all 5 managers.

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2026

17 Oct 2025 to today

Commentary Showing 2 of 11

DateManagerActionSummary

30 Jun 2026Cromwell Funds ManagementExitCromwell Funds Management exited its long-time holding in SDI Limited after the scheme of arrangement with an entity controlled by Shandong Sinocera Functional Material Co. Ltd became effective on 26 June 2026, at a scheme consideration of $1.40 cash per share representing a 58% premium to the undisturbed price and valuing the dental products manufacturer's equity at approximately $166m, implying close to 8 times normalised EBITDA. The manager largely sold down the position post-announcement at $1.25-$1.35 due to perceived break risk, crystallising a successful outcome after first acquiring shares in September 2020 at around 73 cents.

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30 Jun 2026Cromwell Funds ManagementReducedCromwell Funds Management sold their investment because SDI Limited was acquired by an entity controlled by Shandong Sinocera Functional Material Co. Ltd, with the scheme of arrangement becoming effective on 26 June 2026. Cromwell describes SDI as a founder-led, Melbourne-based manufacturer of dental materials, including restorative consumables, glass ionomers, composites and tooth whitening products, historically anchored by a dominant global market share in dental amalgam that has since been offset by strong growth in Aesthetics and Whitening. The fund notes the scheme price of $1.40 per share represented a 58% premium to the undisturbed price, valuing SDI at approximately $166 million and around 8 times normalised EBITDA. Cromwell largely exited its position between the announcement and the scheme's effective date at prices of $1.25-$1.35, citing perceived deal-completion risk, and held only a nominal residual position at quarter end, closing out a position first acquired in September 2020 near 73 cents per share.

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9 more comments on SDIPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 5 managers first commented on SDI.

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Articles

30 Jun 2026SDI Limited ASX SDI Fund Managers On Its Completed China Takeover
30 Jun 2026SDI Limited's 65% Premium Takeover Comes With FIRB Approval Risk

About SDI Ltd

Healthcare, Healthcare Equipment and Supplies

SDI (ASX:SDI), a Melbourne dental materials manufacturer, was acquired after a takeover that rewarded long-term holders. In June 2026, Cromwell Funds Management noted its long-time holding in SDI was acquired when the scheme of arrangement became effective. Earlier, NorthStar Impact Funds reported SDI agreed to a scheme with Beijing Guoci Kebo Technology at $1.40 per share, a 65% premium, and DMX Asset Management said the shares rose more than 40% on the announcement. SDI operates in the Healthcare sector within the Healthcare Equipment and Supplies industry, and Thesis Tracker has captured 11 comments from 5 fund managers, including Cromwell, DMX, NorthStar and Merewether. Founded in 1972 by Jeffery Cheetham and his family and headquartered in Melbourne, SDI develops, manufactures and distributes dental restorative materials, tooth whitening systems and other dental products sold in more than 100 countries, with manufacturing based in Bayswater, Victoria.

Market cap: $166m
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in SDI Ltd (ASX:SDI)?

Fund managers including Mereweather Capital, DMX Asset Management, Merewether Capital, NorthStar Impact Funds and Cromwell Funds Management have invested in SDI Ltd (ASX:SDI).

What opportunities or catalysts do fund managers highlight for SDI Ltd?

Fund managers highlight the $1.40 per share takeover by Beijing Guoci Kebo Technology at a 65% premium, delivering a successful outcome for long-term holders such as Cromwell and DMX.

What are the key risks to the SDI Ltd investment thesis, according to fund managers?

Merewether noted SDI's half-year result was disappointing, with revenue up only 3% and profit down 2% before the takeover was announced, and with the scheme now complete there is no ongoing listed exposure.

What does SDI Ltd (ASX:SDI) do?

SDI Ltd. is a Melbourne-based developer, manufacturer, and distributor of dental restorative products, tooth whitening systems, and dental materials. Founded in 1972 by Jeffery James Cheetham, Pamela Joy Cheetham, and Hendrik Strydom, the company operates globally with business segments in Australia, Europe, the USA, and Brazil. SDI Ltd. focuses on the research and marketing of specialized clinical dental solutions for international markets.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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