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Smiles facing revolt as dentists call for sacking of the board

Business

The directors of Gold Coast dental group Smiles Inclusive are facing the sack after a group of shareholders rallied enough support to call a general meeting.

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The troubled company, which has lost key staff recently and misreported revenue, told the ASX that a group of dentists had attained more than 5 per cent of votes that may be cast at a general meeting.

The group intends to call a general meeting to move a resolution to sack each director. They have not proposed who would replace them.

Smiles said that before it received the notice from the group it had been in “advanced discussions” with financiers, including senior lenders and a professional underwriter, to reduce debt and recapitalise the company.

The group of rebel dentists includes Phi Long, Philip Makepeace, Arthur Walsh, CD Dentist and Makepeace Nominees.

There was also a mention of Joao Camacho, who Smiles said appeared to be an associate of the rebelling dentists, but not a shareholder of the company. Comacho is part of an agreement between the dentists to not sell their shares to anyone outside their group before the end of the year.

“The company notes that Comacho, Makepeace and Walsh and the other requisitioning shareholders have not put forward any plan to improve the company’s balance sheet or appoint new directors,” the Smiles board statement said.

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