Disgruntled dentists threaten class action over Smiles Inclusive share value slide in first year

Drilled shareholders in Gold Coast listed company Smiles Inclusive are still without pain relief as outvoted agitators threaten new legal action.

Smiles Inclusive shareholders have suffered. Photo: iStock

DRILLED shareholders in Gold Coast listed company Smiles Inclusive are still without pain relief as outvoted agitators threaten a class action.

In their latest statement about the existing board and management, dentists John Camacho and Arthur Walsh said they had doubts about the company’s solvency.

Mr Walsh said he had agreed, with “others” to support a class action against Smiles, which has lost more than 90 per cent of its market capitalisation since listing last April.

“$1 to 10 cents in 12 months,” the statement said.

“This is not a case of bad luck. We have been kept in the dark.”

Shares in Smiles rose after it announced the resignation of founding executive director Tracy Penn and appointment of Brisbane joint venture partner Peter Fuller on Thursday.

They were trading 4.17 per cent up at 12.5c by 2.45pm and closed 8.33 per cent ahead at 13c.

Dr John Camacho.

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Dr Camacho said he’d arranged to sell his shares in the company.

“I am unconvinced by the board’s assurance, given to shareholders earlier this week, that the company is solvent,” the statement said.

“The company continues to lose money at a rate of knots. Last week the company could not even pay head office staff on time.”

The Bulletin has contacted Smiles Inclusive for a response to the claims.

n April, after months of turmoil, Smiles flagged a full-year loss of “at least $4 million” and removed its founding CEO Mike Timoney.