GXL has now picked up a practice in Caloundra and about half of the Babtec owned clinics (the Melbourne half) that they were said to be acquiring earlier. Price looks fair, although some are not full equity, so it is not clear whether the EBITDA figures are equity accounted or assume 100%. However, based on logical reading, would suggest constant-operation result of $3.7m NPAT for FY11, or forward PE of 5.5 at current price (69cps) and presuming minimal dilution from the recent spp, but inclusive of 3.85m placement.

Taking all placement/dilution/acquisition/potential additional borrowing into account, I still figure these should be trading closer to $1/share.

Interestingly, a SSH was also filed today from small institutional buyer, JM Financial. Not sure how they managed to acquire 5% in about 3 weeks without moving the price, but well done to them anyway (there haven't been any SSH sellers disclosing, but perhaps a good chunk came from placement).