SIL (ASX) Ann: Requisition under section 249D

Originally posted by japarso: ↑

On the face of it, there is no doubt SIL acquired numerous practices that they shouldn't have. Other corporates would not have touched them or perhaps already have said no to them. This does not mean that there isn't a possibility to improve them by bringing them into a structured network. They also have some really good practices.

It is clear that the 'structured network' is missing and SIL seem to be struggling to get this going. I am told that Mike has raised on numerous occasions that there needed to be more dental/healthcare know how on the Board and in Senior Management. I am lead to believe that various Board members restricted this from occurring but rather David Usasz continuing to appoint and work with friends! The auditors are known to David U, the company lawyers are known to David U, Tony MacCormak is a long term friend of David U's, Morgans are friends of David U including Peter Evans. Not sure how David U can be considered an independent director.

Mike and his faults aside, how could he have even had the opportunity to even try make things happen...Mike made it clear of his intentions in a newspaper article that he doesn't want to be CEO, but wants to see SIL have industry experience on the Board and in Management.

Not sure who told you the Tracy Penn is committed as Deputy CEO. She was stripped of the title late last year and is known as Executive Director according to the SIL website. If rumours are true, Tracy is actually working out her notice.

The biggest issue for this business is their corporate overheads. I know from running a practice that dentistry is not a complicated business - these guys are making it harder than it needs to be and hard for themselves.

Next few weeks are critical for the business - good luck to all. Lets hope SIL and the profession have a bright future.

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Very true, excellent first post.

A lot of these practices will benefit from a good corporate structure. They will perform better as part of a group that can macro-manage the broader parts of the dentist practice.

But this doesn't change the fact that the practices were over-valued and the due diligence sub-par. Timoney has to wear that I think. No one will have faith in the group-structure with the same management that over paid and wiped 80% of the value from the company.