Ann: Acquisition Adelaide CBD , page-7

King_Gee, i suspect part of the rise in the share price is due to confirmation that ONT is back on the growth path after having sat out of the acquisitions market for a few years. This was their first purchase outside of Queensland (they had managed a practice in WA in the past but to my knowledge didn't own it) and Holmes is doing what he said he'd do - wait for the dust to settle post CDDS, then get back on the acquisitions path with a view to getting practices on the cheap. ONT has been carrying excess cash ($10m cash and no debt at 31 Dec 2012) so there's quite a bit of accretive earnings growth to come if they can acquire practices at decent prices - admittedly, at $6.50, that growth is well and truly priced in.

FY13 results should be in within a fortnight, so that will tell an interesting story, particularly the 1H vs. 2H comparison. If the impact of the CDDS removal is as significant as ONT were making out, i'd expect a decent pullback in the share price.