Monday, June 20, 2005 SHARES in Iluka Resources headed strongly onwards and upwards in morning trade today following the revelations late last week that high profile Australian business identities had bought a strategic stake in the mineral sands major.
The stock went through the $8 per share mark (to a high of $8.03) almost immediately upon the market opening, after closing last week at $7.31.
The Kerry Packer, Robert Champion de Crespigny, Ron Walker, Mark Carnegie, John Wylie, and Buka Minerals combination, collectively called Kolsen, is understood to have bought its 7.25% stake (as of last Wednesday) over the last few months at an average $6.50/share.
According to The Australian Financial Review, Packer, who owns half of Kolsen, has given the go-ahead for a formal bid for Iluka to be made.
Recent analyst profit forecasts for Iluka for the years ahead include $98 million, $142 million, $132 million respectively for 2005-07 (Deutsche), and $101 million and $133 million for 2005 and 2006 respectively (ABN Amro).
Shares in Iluka were up 62c to $7.93 in early afternoon trade.
ILU Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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