SDL 0.00% 0.6¢ sundance resources limited

good guess

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    This is old news but uncanny the way that the 12 month predicted share price would get to 66 often do they get it right?

    We should ask stonebridge securities what the next 12 months has in store for us.

    SHARES in Sundance Resources fell after the iron ore explorer emerged from a month-long trading halt called after the death of its entire board in a plane crash in Africa.

    Sundance shares closed down 1?, or 7.69 per cent, at 12? after hitting a low of 10.5? in intraday trade, with 65.8 million shares changing hands, making it the most traded stock by volume yesterday.

    But analysts were expecting a bigger drop.
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    ''The drop wasn't too bad in the context of a falling market,'' the IG Markets strategist Ben Potter said.

    A research analyst with Shaw Stockbroking, Geoff Mures, said Sundance had held up quite well given iron ore mining stocks had been weak in the past month amid softer spot prices for the bulk commodity. The broker StoneBridge Securities last month set a ''buy'' recommendation and a 12-month target price of 66? on Sundance.

    Mr Mures said Sundance could be seen as a takeover target and therefore a buying opportunity. ''Someone may seek to take advantage of the [share price] weakness and rather than do a [joint venture] deal, take over the company.''

    The shares were suspended after the Sundance board's plane went missing on the way to Mbalam on June 19 and the news of their deaths broke on June 22, when the wreckage was found in the Republic of Congo.

    Shareholders will vote on August 16 on whether to appoint as board members: George Jones, the reinstated Sundance chairman; Michael Blakiston, a commercial lawyer; Adam Rankine-Wilson, an investment banker; Barry Eldridge, a mining industry figure; and Fiona Harris, a former KPMG partner.

    Sundance said on Friday that it was in talks with potential strategic partners with an interest in building, operating and financing key project infrastructure.
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