No Images? Click here 9 July 2019 Stockbrokers Briefing Lawyers over Smiles Inclusive Limited's IssuesAs reported in the Australian Financial Review of the 9th July 2019 Morgans, the stockbroker which floated Smiles Inclusive, and has had long term Morgans executive Peter Evans on its board, had been very upbeat about its prospects. As reported, several Morgans people were at the recent disputed Extraordinary General Meeting and many Morgans clients had become Smiles Inclusive investors. According to the AFR on the 7th June 2019 Morgans executive chairman Brian Sheahan and legal counsel Cameron Green wrote to Dr John Camacho and Arthur Walsh complaining about their press releases, both of which had mentioned Morgans. Given Synstrat’s commentary about the weakness we saw in Smiles Inclusive’s initial public offer document we sympathise with those who invested in it and note that on the 20th June 2019 Smiles announced that it had received binding commitments from sophisticated and professional investors to invest in 8,689,935 new shares in the company to raise $1.2 million of desperately needed cash. The shares were placed at 14 cents but we note that the company has since traded as low as 10 cents and is presently at 12.5 cents. The placement to “sophisticated and professional investors” means that no prospectus was required. There has been no stock exchange announcement as to whether the company is or is not still in breach of its banking covenants. Wild horses couldn’t drag me to invest in this company. The saga drags on. 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. |