Bleeding Hearts doesn’t cut the mustard

Ex-CEO of Gold Coast dental group Smiles Inclusive Mike Timoney sellsshares for massive loss

AlisterThomson, Business Editor, Gold Coast Bulletin

May 22,2020 6:42pm

https://www.goldcoastbulletin.com.au/business/exceo-of-gold-coast-dental-group-smiles-inclusive-mike-timoney-sells-shares-for-massive-loss/news-story/d6b6a177ecc72859a6ad83b45062b95f

Excerpt:

1. “Mr Timoney confirmed to the ASX this morningthat he had sold 9.659 million shares he held in his superannuation company forjust 1.1 cents per share – a combined total of $106,249. That is just more than1 per cent of its value two years ago.”

2. “Mr Timoney told the Bulletin the financialloss from two years ago was a “tragedy”.”

3. “MrTimoney said he could not sell his shares at that point because of the escrowso he was “like a passenger to the car crash”.”

4. “It’sjust a tragedy. At its high point it (his stake) was worth $11 million.”

Point 1 –

At least he got$100 000 + of his investment back (further comment about that below), it seemsmost other investors have lost tens, if not hundreds, of thousands of dollarsinvesting in this company. He should be glad that he got back what he did, andnot complaining!

Points 2 & 4 –

Let’s put thisinto persepective. Yes it would be a tragedy, more so if Mr Timoney paid facevalue for his shares, ie $9.5 million. It’s unconfirmed, but he allegedly onlypaid a nominal amount for these shares possibly using Bartercard dollars, nothard cash. -

From a Hot Copperpost by Jonnyboy 11-05-2019:

A posterpreviously mentioned here that Mike Timoney did not pay face value for hisshareholdings, this went to question 1. of my letter to Mike. I have gone backthrough ASX announcements and found "Notice of initial substantial holderMike Timoney" (30.04.2018), this reveals that Mike paid a"nominal" amount for 9,659,000 fully paid ordinary shares….

…I have heardunconfirmed rumours as another poster mentioned of Bartercard 'trade dollars'being involved in this "nominal" amount, I have been unable toconfirm this though. I have very real concerned that given Mr Timoney does notseem to be a significant investor in the company his interests may not alignwith other shareholders.

Whoknows what this nominal amount was – it’s anyone’s guess, but getting a $100000 pay out on his shares today may mean that he has broken even on hisinvestment. Unlike everyone else that I have heard of that bought shares withhard cash and has had no return whatsoever. These are the people that are sharingthe “tragedy”. Their investment is currently only worth 3% of their outlay. MrTimoney has nothing to cry about! If the above observation is true, he is well ahead of anyone else involved inthis debacle.

Point 3 –

It seems to methat Timoney had the opportunity to “drive the car” but failed miserably andwas relegated to the passenger seat. In my opinion he set the car on the collision course andyet takes no responsibility for it.