I am concerned that some of the practices were structured as a business comprising [mainly] of goodwill and a lease - this would mean lower EBITA and buy-out prices.
In the event of cash-strapped liquidation I'd assume;
A) Leases are breached B) Goodwill is destroyed
So there may be less than market cap in realisable assets.
As to your point 2,
Isn't the "out-clause" for the dentist partners a non-viable option as;
A) there are probably restraints of trade restrictions B) the buy-out process in these share-equity business purchase contracts takes many months to calculate the value of the buy-out price, which could be zero if not trading profitably?
DYOR for anyone who reads this obviously
SIL Price at posting:
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