Ann: Half year results, management changes and guidance, page-33

There’s a very important detail that needs to be reiterated.  Vendors sold their entire practice (not 60%) and bought back a right to 40% of EBIT of the practice.  They don’t have 40% ownership as they don’t have any rights to any of the assets but they have exposure if it goes down because either SIL buys it back based on the change in EBIT or if they sell elsewhere they will be paying on that EBIT.

The dentists don’t have a call option to get bought out either so SIL doesn’t have to sell them their rights back and they can ask SIL to buy them out but it’s dependent on SIL having cash which they don’t have.