difficult to see why?

With equity of $25m and goodwill of $35m, GXL's fundamentals at 31/12/09 would have stretched one of the institutional analysts' parameters for a 'good' investment, and now the company has just acquired another group practice, no doubt also acquiring further goodwill.

I am bullish re GXL despite the inherent risk in having to amortise those intangibles.

Even with a moratorium on sales of shares, it is highly likely that vendors of businesses to GXL will wish to cash-in some of their shares, and given the rate of acquisitions such divesting could take years!