Ann: Acquisition of Scanmedics, page-3

This market is loony in my opinion. Here is another transformatory acquisition that will go largely unnoticed my the market.

First no-one seems to be prepared to add an extra six months for the January acquisitions of L&R etc. Plus you have to add back the acquisition costs and the integration expenses.

No-one seems to understand that they have disclosed that the 201 4 EBITDA was $1,78 million but that had the acquisitions made in january been there for the full year it would have been $2,8 million thats a $1million or 56% improvement if the acquisitions had been account for for the full year.

I would presume that seeing that they are based in NSW that that would add to paragon being able to have a presence directly in NSW with feet on ground at little or no added cost. That must be a huge plus as is the ability of Scanmedics to have access to Paragon's based in Victoria.

Integrated back office and admin systems will be good as well. This from their results presentation : "PGC has acquired and integrated 7 businesses into 1 platform from June 2009 to June 2014"

Thats a huge plus because it has always been an issue in putting together a larger group.

This is one company where management has done the right things and will have to wait a lot longer for the market to reward them for it.