No end in sight to Smiles boardroom battle
OUSTED Smiles Inclusive CEO Mike Timoney has denied claims he has withdrawn support for a second shareholder meeting, as the boardroom brawl continues at the dental roll-up.
Yesterday management for the Gold Coast company, which last month defeated an attempt by Mr Timoney and his allies to overthrow the board, issued a statement that Mr Timoney had withdrawn his support for a second EGM to vote on composition of the board.
“The shareholding entities associated with Mr Timoney have now formally withdrawn their support for the second EGM,” the statement reads.
“(Timoney ally Dr John) Camacho and his other associates hold less than five per cent of the shares and therefore have insufficient votes to call the second EGM under the Corporations Act.”
However, the claim was denied by a spokesman for Mr Timoney, who said the former director had withdrawn his application for a second meeting, but still backed Dr Camacho and Dr Arthur Walsh in their quest for a another EGM.
Dr Camacho and Dr Walsh yesterday issued a statement following Smiles’ ASX announcement stating they were pressing ahead with a second meeting. The pair are seeking representation of dentists on the board.
“A 2nd EGM will be convened in 10 days’ time if the current behind-the-scenes diplomatic discussions do not result in a different way forward,” they said.
“We are disappointed that the company has decided to issue today’s release. It is regrettable. For now we will continue the diplomatic path. We will update the market no later than June 24.”
Mr Timoney, along with former chair David Herlihy, was dumped as a director of Smiles last month after twothirds of shares were voted in favour of removing him.
Mr Timoney failed to have current chair David Usasz removed nor executive director Tracy Penn.
Paediatric dentist Dr Camacho failed to be voted on to the board, despite shareholder support for representation of dentists.
“We seek a dentist/JVP led diplomatic solution,” Dr Camacho and Dr Walsh said yesterday.
“Failing this, we, along with other disgruntled shareholders beyond Mr Timoney, will table an alternative scenario and choice for shareholders to vote on. A choice different to the one portrayed by the company previously at the first EGM. The status quo is not an option.”