Personally I doubt they would try to acquire something listed,...

Personally I doubt they would try to acquire something listed, at least not until the market tanks.

I think they will target specific assets and try to JV with someone who has a resource and is struggling to raise cash.

they have a good enough portfolio to work with already - any additions should just be to complement the existing portfolio or to increase short to medium term cash flows.

Cash is king at the moment. I hope they hold on to it and wait for the clever opportunities when they arise.