Very interesting thoughts re PEX loc; makes perfect sense,...

Very interesting thoughts re PEX loc; makes perfect sense, particularly when you look at how RED makes a much more integrated pickup for SBM (disc: I hold RED). A holding in PEX would be a good strategic move for us, though I don’t think there is any need to rush. AIS could yet fall over re CSA, either at purchase or one the next couple of years servicing debt (I have picked up some AIS anyway as I think CSA will surprise to the upside because of Glencore’s lack of fiscal transparency, but even so it was a bit pricey imo).