March 2019

Smiles Inclusive

Yesterday, Smiles Inclusive made a statement to the stockmarket concerning its half year financial year 2019 results.  At 12.55pm today 1 March 2019 its share price had collapsed to 13.5 cents!

At the bottom of the last paragraph of its ASX announcement yesterday it indicated that:-

“It is working with its principal bank, National Australia Bank, which is considering a request for a covenant waiver as a result of significant events affecting this first six months performance”.

This means that it has breached conditions (covenants) which it had agreed to having placed on its financial facilities provided by the bank.  The share market has collapsed as investors in what is a thinly traded stock rushed for the exits.

This informtion is for general advice.  Readers should take appropriate professional advice of their own.

Best Wishes,

GRAHAM MIDDLETON

Prepared by Synstrat Management Pty Ltd for clients of the Synstrat Group.

Synstrat Management Pty Ltd is the holder of Australian Financial Services

Licence number 227169.

 The Synstrat Group consists of two companies, Synstrat Accounting Pty Ltd and Synstrat Management Pty Ltd.  The two companies are owned in parallel by the Synstrat partners who are directors of both companies.

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.