No Images? Click here November 2018 Smiles Inclusive - Embroiled in legal dispute over dental vansAs reported in the Australian Financial Review of 27th November 2018, Smiles Inclusive is embroiled in a legal dispute concerning a mobile dental surgery business it acquired for $7 million in April but six months later has terminated the services of the operators and seized five mobile vans. Two from Bella Vista premises in Sydney, one from Lilydale High School in Victoria, one from Gunnedah High School in New South Wales and the fifth from another school in Victoria. The mobile dental business traded under the Smiles on Site banner under former owners, the Olivier family and had been fined $198,000 by a NSW court concerning nine counts of employees taking X-rays of schoolchildren’s mouths without holding a radiation licence. The former owners of the business, led by Jeremias Olivier are alleging in the NSW Supreme Court that they have suffered substantial financial damage after Smiles inclusive shut down the business on 26th October 2018. The Olivier family had kept operating the mobile vans after it was acquired by Smiles Inclusive and had reinvested $2.8 million of its $7 million sale price back in the business for a 40% stake. The article noted that Smiles Inclusive had recently traded on the ASX at a price of 38.5 cents compared with its $1.00 IPO subscription. It is expected that Smiles Inclusive and the Olivier family is listed for a directions hearing in the NSW Supreme Court on February 15. 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. |