No Images? Click here 4 June 2019 Morgan's Smiles Inclusive Limited DisasterMorgan’s the Brisbane stock broker who brought corporate disaster Blue Sky to the market, also fed Smiles Inclusive Limited to its clients. According to the Australian Financial Review dated 4 June 2019, Smiles Inclusive Limited which projected cash outflows of $12.7 million this quarter and has only $641,000 in the bank, is continuing the bitter battle for control with ex director Mike Timoney who lost the vote at the recent Extraordinary General Meeting disputing the result. Timoney is claiming that the vote of an undisclosed large shareholder was electronically changed. Another Extraordinary General Meeting has now been requested, and at this stage denied. Remember it was Morgan’s that floated Smiles Inclusive Limited in an initial public offering at $1 in April 2019 for which it pocketed $2 million and propped it up after its Senior Analyst and Smile Shareholder Scott Power wrote a report indicating a valuation of $1.40. Yesterday it was down to 14.5 cents. Smiles director Peter Evans who chaired the recent Extraordinary General meeting spent decades as a Morgan’s executive, and according to the Australian Financial Review no less than six people with Morgan’s affiliations attended the recent Smiles Extraordinary General Meeting, a rather extraordinary turn out for a company whose capitalised market value is down to $6.7 million. The voting process was supervised by the company’s share registry, Link Market Services, so is likely to prove to be above board. How much longer can this farce continue? What Synstrat said about Smiles Inclusive Limited’s Prospectus Forecast – Refer www.synstrat.com.au Publications March 2018. “The pro forma financials of page 33 of the prospectus contain forecasts which stretch credibility ……” And we said “Avoid this Investment Our advice to dentists is to steer well clear of this float. White it has the support to raise its target capital, being underwritten, and may list at a margin to subscription price, unless it has the systems and management in place to create strong performance, it will in our opinion, languish well behind its major competitors and behind many well run privately owned and conducted dental practices.”…… Best wishes to all Dentists, GRAHAM MIDDLETON Disclaimer: The information contained herein is of a general nature and no specific action should be taken without individual advice. Speak with Synstrat staff as appropriate. Prepared by Synstrat Management Pty Ltd for clients of the Synstrat Group. Synstrat Management Pty Ltd is the holder of Australian Financial Services Licence No. 227169. ABN 57 006 295 325 The Synstrat Group provides Accounting, Financial Services, Business Advice, and Financial Advice. Prepared by Synstrat Management Pty Ltd for clients of Synstrat Group. 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. |