Ann: Change in substantial holding, page-7

according to street talk - L1 are currently pushing for a demerger of illuka's iron ore royalty...

"Mineral sands miner Iluka Resources is under pressure to spin off a valuable iron ore royalty in a move that could unlock about $2 billion for shareholders. Street Talk understands a number of high-profile fund managers including L1 Capital, Tribeca Investment Partners and Perpetual Investments believe the evergreen royalty tied to iron ore production at BHP Billiton's Mining Area C (MAC) in Western Australia is materially undervalued in the wider Iluka corporate structure.The shareholders are expected to ramp up pressure on Iluka to consider a demerger, which would separate the iron ore royalty from its wider mineral sands operations."