Smiles Inclusive: Sydney entrepreneurs Arthur Bushell and Christian Perez take another step to wind up Gold Coast company

Sydney entrepreneurs who sold their mobile dental companies to listed Gold Coast group Smiles Inclusive have taken another step towards winding it up, issuing the embattled company with a statutory demand for payment of $330,000.

Smiles Inclusive is facing a wind up threat from two Sydney entrepreneurs. Photo: iStock

SYDNEY entrepreneurs who sold their mobile dental companies to listed Gold Coast group Smiles Inclusive have taken another step towards winding it up, issuing the embattled company with a statutory demand for payment of $330,000.

Arthur Bushell and Christian Perez, the former owners of Future Care Smiles Inclusive, claim Smiles was due to pay them in April but failed to do so.

The statutory demand follows a legal letter of demand issued at the end of last month where the pair claimed Smiles was insolvent.

In response, Smiles CEO Tony McCormack yesterday said the amount claimed by Future Care was the subject of a legal dispute.

Arthur Bushell has taken another step towards winding up Smiles Inclusive. Photo: Supplied

Christian Perez has taken another step towards winding up Smiles Inclusive. Photo: Supplied

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“Smiles Inclusive believes the demand is nothing more than an abuse of legal process to exert commercial pressure on the business,” he said.

Smiles yesterday revealed it would hold its annual general meeting on November 28, but did not say where or when it would be held.

The company said shareholders would receive those details “in due course”.

Smiles is midway though an effort to raise $3.3 million from shareholders via a 5c per share entitlement offer.

Smiles is midway through an effort to raise $3.3 million. Photo: iStock

ASX ISSUES ANOTHER QUERY TO GOLD COAST DENTAL GROUP

Its directors yesterday upped their respective direct and indirect stakes, with chairman David Usasz acquiring 1.6 million shares for $80,000; Peter Fuller buying 1.91 million for $95,541 and Peter Evans buying 556,000 for $27,800.

Smiles shares finished trading yesterday up 6.52 per cent to 4.9c.

The latest drama for Smiles follows news on Wednesday that Holding Redlich, the same law firm that issued the legal letter, has agreed to play a lead role in a class action working with Smiles’ “aggrieved dentists and shareholders”.

The firm did not state on what grounds it is launching the class action.

Mr McCormack said the company is unaware of any class action and has not received any letters relating to legal proceedings.

Smiles listed in April last year at an IPO price of $1 a share with 52 clinics as part of the group.

However, it has seen its share price drop to as low as 3.5¢ amid boardroom infighting, bitter legal battles, problems integrating the clinics, and a breakdown in relationships with some joint-venture partners.

They include Dr Arthur Walsh and Dr John Camacho who earlier this week welcomed the class action.

Smiles reported a loss of $31 million the past financial year, which was impacted by goodwill impairment.