Ann: Investor Roadshow Presentation, page-4

DSD - very much agree. I hold DLS because its the best of the Australia mid cap producers (although because of the brutal sell down, who knows exactly what mid even means).

It just happens that DLS is a natural fit for BPT. I think now that DLS has a new MD, who is hungry to build DLS into something more, that a T/O is not a done deal any more. Especially if the POO stays low. DLS has a good 12-14 months with its hedges before it starts to hurt. BPT does not have that luxury.