This is an interesting debate and has forced me to clarify the...

This is an interesting debate and has forced me to clarify the ONT business model. It would appear from the 2012 AR the primary function ONT provides is the infrastructure and services that enable self employed dentists to practice (see P8 2012 AR):

"1300 Smiles enables the delivery of services to patients by providing the use of dental surgeries, practice management and other services to self-employed dentists who carry on their own dental pacticwes. ... In some circumstances the company also employs qualified dentists."

So 30% generally looks high (as stated by Jimmy_C.

Also ONT would be somewhat natuurally separated and protected from a fall in revenue from the actual dental service. Granted a reduction on revenue to the practitioner dentist will reduce his capacity to pay fees to ONT but I'm not sure this directly leads to a significnat change: i.e. closure or departure.

In addition ONT appears to announce an acquisition approximately once every 12 months with the last acquisition announced in December 2011.

I suspect the recent SP weakness relates to the MCDDS program end announcement. The current SP is near my pain threshold. I own ONT and will watch the situation closely.