This from Mining News today
Iluka shares climb
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.
This from Mining News todayIluka shares climbMonday, June 20,...
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