No Images? Click here Smiles Inclusive Limited (SIL) - Produces Audited Financials
SIL finally advised the ASX on the 30th September 2019 of its audited fully financial report for the year ending 30th June 2019. This followed a number of queries to the company by the ASX. Key features of the financials were:-
Capital Raising Smiles is currently in the process of raising approximately $3.3 million net of costs of $250,000 through the issue of 66,179,501 new shares of which 13,166,000 had been issued under an accelerated offer mainly to directors, “sophisticated investors” and institutions. The offer was underwritten by Morgan Corporate Limited and sub-underwritten by Directors David Usasz, Peter Evans and Peter Fuller. The reference to “sophisticated investors” is interpreted as being self protection by brokers/advisors. Given that at the initiation of this process SIL was a company without audited financials and which had had a series of “please explains” from the ASX it would therefore be extremely difficult to advise a retail investor who was not already a shareholder of the company to take up stock in such a risky venture. It is apparent that SIL desperately needed the $3.33 million less costs of $250,000 ie. $3.08 million from this offer, and indeed, it almost certainly need more capital but it is restrained by its very low share price. At the time of writing this its share price was 4.7 cents per share ie. below the entitlement offer of 5 cents per share. There is a possibility a significant portion of the issue will pass to the underwriter and in due course to the sub-underwriters ie. the directors. It is possible that at the conclusion of this issue control of the company will rest with the directors unless other shareholders take up their entitlement in significant numbers. It is generally understood that effective control of a company is achieved at around 40% shareholding as some shareholders rarely attend annual meetings or appoint proxy’s. Best wishes to all Dentists, GRAHAM MIDDLETON The Synstrat Group are Australia's most experienced Dental practice business advisers, accountants, practice valuers and licensed financial advisers. The information contained herein is of a general nature and no specific action should be taken without individual advice. Synstrat Management Pty Ltd P. 03 9843 7777 ABN 57 006 295 325 If you are not the intended recipient of this communication please delete and destroy all copies of this message and telephone Synstrat on +61 3 9843 7777 immediately. If you are the intended recipient of this communication you should not copy, disclose or distribute this communication without the authority of Synstrat. Any views expressed in this communication are those of the individual sender, except wh ere the sender specifically states them to be the views of Synstrat. If you do not wish to receive this email in future, please reply to the sender requesting termination of service. |