this piece in AFR yesterday afternoon might explain recent rise....

this piece in AFR yesterday afternoon might explain recent rise.

"When the private equity sector meets in Sydney this week at Asian Venture Capital Journal's Private Equity and Venture Forum, the focus is likely to be on buying rather than selling.
Private equity firms are tipped to be ready to spend some $5.5 billion in capital in 2016, as acquisitions replace exits as the sector's main game.
Not only are the private equity firms themselves ready to spend, but in the wake of reporting season, investment banks have subtly started shopping around some companies that had less than sparkling first half results.
One company that could fit the bill is theme park, gym, 10-pin bowling and video arcade operator Ardent Leisure.
The group posted a 20 per cent increase in half-year net profit to $22.6 million on February 18, driven mainly by the expansion in its United States-based Main Event arm.
But investors were less than impressed, sending its shares down to $1.75, the lowest since July 2013.
While the US division is now on an equal footing with the group's theme park division in terms of earnings contribution, some in the market reckon that Ardent isn't the natural owner of the business.
And with Ardent also seen as a potential seller of its DreamWorld theme park to Chinese giant Wanda, a break-up play could emerge as a live option.
With a market capitalisation of around $867 million [just above fellow sponsor target Greencross], it's a size that would be digestible for private equity. But who is ready to jump on the rollercoaster?
It's understood Citi would be drafted in should a sponsor or strategic break from the sidelines.
Street Talk can also reveal Ardent has hired Market Eye, a specialist investor and media relations advisory firm, to talk with investors in the coming weeks about their views on the company's management, strategy and performance.
It's understood that this is seen as an offensive move from Ardent rather than a defensive one - these conversations are designed to give management the ammunition to remind investors why the stock is undervalued.
Ardent's shareholders may well have some more pointed suggestions about the company's future."

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