News that the recruitment franchise company has bought Lester Australia for a maximum consideration of about $3.1 million has done nothing for the stock as it hovers close to its lowest level since listing in February last year. Careers Multilist believes the acquisition will have a “materially positive" earnings per share impact in 2011-12, with the deal largely funded from existing resources and expected cash flows. Lester, which is primarily a contractor management and migration company, has been operating for 13 years and generates an earnings before interest and tax (EBIT) of about $1 million. This could put the deal on a relatively attractive EBIT multiple. The offer price includes a potential earn-out of up to $1.6 million due in March next year. The illiquid stock has performed poorly since listing and has fallen about 60 per cent. Careers Multilist traded at 10¢ on September 8, the last time it traded. It retested its low of 9¢ a month ago.