No, not entirely. When a new COO takes over they often want all the bad news written off against the old guard (inflate provisions, write-off anything, so they new guard does not get blind sided. If the auditors do not agree, then it gets reversed in a subsequent period). So, Mr. Babcock gets a starting point free of old baggage, and if he produces he looks like more of a hero because the old regime got stuck with all the write offs.
The other driver is the hope that gold will take out the $1,900 barrier and go to $2,000+ in FY 2013. Lots of folks would rather play ETF's rather than equities, and given that most of the seniors are well priced, some folks are taking a stab at Jaguar in the hopes they can get going without too much extra cash requirements. Again, just my opinion. This was really cheap at .75 based on current conditions and sentiment. The worm has turned, but be careful.