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21 January 2020
Morgans’ Role in Smiles Inclusive’s Directors’ Election
Today’s Financial Review, Monday 20 January 2020, carries an article headed “Morgans’ dual role in dental spat revealed”. The article by Liam Walsh claims to have seen internal documentation of stock broking firm Morgans advising its client advisors with clients invested in Smiles Inclusive to encourage clients to support the re-election of Mr Peter Evans a former senior member of Morgans. The article points out that Smiles Inclusive – backed by Morgans has been a disaster.
According to the article Morgans is under the spotlight in litigation in which a former client who backed failed funds manager Blue Sky Alternative Investments has complained about incentives for raising funds.
The Financial Review last year revealed the internal email showing Brisbane based Morgans corporate office had been “concerned” that advisers were not taking up shares in a float of Smiles Inclusive which Morgans had been backing.
The $35 million float in 2018 of Smiles Inclusive has been a disaster for investors. Shares issued at $1 in 2018 closed at 4.8 cents on Friday 17 January 2020.
Synstrat Management Pty Ltd pointed out at the time that it did not believe that the forecast shown in the prospectus were achievable
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.
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