Smiles fade as rebel dentists get a vote on sacking board
A rebel group of dentists has won the right for extraordinary general meeting of shareholders of the Gold Coast-based Smiles Inclusive to potentially elect a new board.
Smiles Inclusive shareholders will get a vote on the make-up of the board.
The meeting follows months of controversy for the company over its reporting, financial results and loss of key people.
The rebellion has called for the sacking of the existing board and the appointment of Dr John Camacho, Dr Philip Makepeace and Dr Arthur Walsh as directors.
The resolution has been rejected by the existing board which has written to shareholders telling them to reject the bid.
“The nominee directors have a history of attempting to spill the board, risking disruption of the company’s efforts to turn around the business,” the letter said.
“The latest call for an EGM is Dr Camacho’s third attempt to remove the current directors and be appointed to the board.”
It said the group had no experience of management of a public company and the demand to replace the chief executive Michelle Aquilina did not include a replacement to lead the business.
“The requisitioning shareholders have not defined a plan to improve the performance of the business or restore the company’s balance sheet,” the letter said.
The meeting is scheduled for October 23.
