Portman Limited

By Intelligent Investor · 30 Mar 2005

By Intelligent Investor ·
30 Mar 2005

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Portman Limited - PMM

Current price

$21.22 at 16:10 (11 November 2008)

Price at review

$3.85 at (30 March 2005)

All Prices are in AUD ($)

Takeover bids can be a nail-biting affair for the bidder, especially when investor sentiment towards the sector is optimistic, to say the least. American iron ore pellet producer Cleveland-Cliffs only managed to move to control of target Portman Mining by increasing its bid to $3.85 a share. The bid is unconditional, with Cleveland now holding 67% of Portman, and is due to close by 5 April although it may yet be extended. We thought the stock was expensive when the original $3.40 bid was announced at the time of our last review in issue 167/Jan 05 (HOLD—$3.46). We think it is even more expensive now. In other words, ACCEPT OFFER.

IMPORTANT: Intelligent Investor is published by InvestSMART Financial Services Pty Limited AFSL 226435 (Licensee). Information is general financial product advice. You should consider your own personal objectives, financial situation and needs before making any investment decision and review the Product Disclosure Statement. InvestSMART Funds Management Limited (RE) is the responsible entity of various managed investment schemes and is a related party of the Licensee. The RE may own, buy or sell the shares suggested in this article simultaneous with, or following the release of this article. Any such transaction could affect the price of the share. All indications of performance returns are historical and cannot be relied upon as an indicator for future performance.

Portman Limited

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Portman Limited

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