Harold I won't claim to know Paradice's investment strategy or...

Harold I won't claim to know Paradice's investment strategy or performance history but, at a guess, I'd say its a top down investment decision where KAR is then chosen as the best O&G exploration exposure available. My feeling is the appointment of Mackenzie at BHP will signal a refocusing on O&G there while the energy security story is just growing in importance and (IMHO) there will be lots of corporate activity in the sector over the next 3 years. PTRs interest is just the final 'press the button' indicator that KAR is in an ideal spot to take advantage of this. My guess is some of these fund managers are crunching numbers based on a SP near $10 with a potential t/o premium up to $13-15. This may not eventuate (obviously!) but it things snowball in the 2H 2013 it could happen fairly quickly - perhaps within 12 months.