45m War Chest

So the company has 45m and has made no announcements yet on how they intend to spend it. Presumably this would be on more acquisitions?

So, based on past transactions purchases have been between 1.44m and 6m cash and at EBIT of up to 4.5 times.

Taking the average of all transaction prices of around 3m we can expect something like 10 - 15 purchases in the next FY?

Have only found a buy of a Victorian company called Auto Innovations so far (not yet announced) so the delay makes me think that another purchase will be announced at the same time and they are waiting for it to complete before they update the market.

Any other thoughts about how the 45m will be used and future prospects?